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Medallion Financial Corp. (Nasdaq:TAXI), a specialty finance company with a leading position servicing the taxicab industry and other niche markets, announced that earnings, or net increase in net assets resulting from operations were $6,658,000 or $0.29 per diluted common share in the 2013 fourth quarter, up $135,000 or 2% from $6,523,000 or $0.30 per diluted common share in the 2012 fourth quarter.
For the 2013 full year, net increase in net assets resulting from operations was a record $25,776,000 or $1.16 per diluted common share, up 5% from $24,517,000 or $1.21 per share in 2012. Net investment income after income taxes was $12,189,000 or $0.55 per share in 2013, up $3,424,000 or 39% from $8,765,000 or $0.43 per share in 2012.
Andrew Murstein, President of Medallion Financial stated, “We are extremely pleased with the fourth quarter and full year results. Total earnings for the year were the highest since the Company went public 17 years ago. We are also pleased that our dividend remains at $0.23 per share, the highest it has been in 13 years. Over the last 5 years we have given our shareholders an annual return including dividends of over 23% per year, including 29% in 2013. We are proud to have performed so well, and we feel confident in our future.
“We are looking forward to opportunities to invest in and lend to purchasers of the approximately 1,800 medallions expected to be auctioned over time, including the tranche expected to be auctioned in the next few weeks,” said Mr. Murstein. “The taxi industry remains extremely strong in New York and in all of the markets we service, as does our medallion loan portfolio, which has an average loan-to-value ratio under 40%.
“We have always done extremely well at new medallion auctions, and while there can be no guarantee, we anticipate many new business opportunities again this time around,” Mr. Murstein said. “As has been management’s experience over the last 75 plus years, we are in the taxi business to stay and we are focused on being the market leader.”