Medallion Financial reports Q3 EPS 48c, consensus 45c

Reports Q3 net income was $11.2M, or 48c per share, compared to $7.6M or 32c per share, in the prior year quarter. $5.7 million of cash was collected on taxi medallion-related assets, with recoveries resulting in earnings of $0.10 per share. Net interest income grew 16% to $48.8 million from $42.0 million in the prior year quarter. Net interest margin on net loans was 8.64%, compared to 8.91% in the prior year quarter, and on gross loans it was 8.35%, compared to 8.63% in the prior year quarter., consensus $.”We continue to be pleased with our strong results. Our earnings of nearly $41 million for the first nine months of the year were up 32% compared to last year. This is our highest net income for the nine-months through September since we went public. Net interest income grew 16% over the prior year quarter and grew 4% from the second quarter. With over $200 million of consumer loans originated during the quarter, we continued to increase market share while taking pro-active steps to increase credit standards, increase pricing, and moderate growth to a level sustainable with our long-term strategy. Cash collections related to our taxi medallion assets were $5.7 million, adding $0.10 to our bottom line. In October, we collected an additional $9.4 million from one of larger taxi medallion borrowers, which will result in a pre-tax gain of $8.0 million in the fourth quarter.