Newtek Business Services Corp. Declares First Quarter 2020 Dividend of $0.44 per Share
February 05 2020 - 7:30AM
Newtek Business Services Corp., (NASDAQ: NEWT), an internally
managed business development company (“BDC”), today announced that
its Board of Directors declared its first quarter 2020 cash
dividend of $0.44 per share, which represents a 10% increase over
the first quarter 2019 cash dividend of $0.40 per share. The first
quarter 2020 dividend is payable on March 31, 2020 to shareholders
of record as of March 18, 2020. The Company also reiterated its
2020 annual cash dividend forecast of $2.191 per share.
Barry Sloane, Chairman, President and Chief Executive Officer
commented, “Our Board is pleased to declare our first quarter 2020
dividend of $0.44 per share, which is a healthy improvement over
our first quarter 2019 dividend of $0.40 per share. We are
also reconfirming our 2020 annual dividend guidance of $2.19 per
share. This declaration and forecast are indicative of the momentum
derived from our business model and the diversified stream of
income it provides. We are experiencing improved traction in
several portfolio companies and therefore expect to receive a more
diverse stream of income from multiple sources in 2020 and
beyond. Our loan portfolio continues to perform as
expected as it becomes more seasoned. Our larger loan
portfolio also has been responsible for improved performance in net
investment income during the 2019 calendar year and is expected to
be most impactful to our net investment income in 2020. We
look forward to reporting our full year 2019 financial results in
early March, and will release the exact date of the earnings
release and call shortly.”
Note regarding Dividend Payments: The
Company's Board of Directors expects to maintain a dividend policy
with the objective of making quarterly distributions in an amount
that approximates 90 - 100% of the Company's annual taxable
income. The determination of the tax attributes of the
Company's distributions is made annually as of the end of the
Company's fiscal year based upon its taxable income for the full
year and distributions paid for the full year.
1Amount and timing of dividends, if any, remain
subject to the discretion of the Company’s Board of Directors.
About Newtek Business Services Corp.
Newtek Business Services Corp., Your Business
Solutions Company®, is an internally managed BDC, which along with
its controlled portfolio companies, provides a wide range of
business and financial solutions under the Newtek® brand to the
small- and medium-sized business (“SMB”) market. Since 1999,
Newtek has provided state-of-the-art, cost-efficient products and
services and efficient business strategies to SMB relationships
across all 50 states to help them grow their sales, control their
expenses and reduce their risk.
Newtek’s and its portfolio companies’ products and services
include: Business Lending, SBA Lending Solutions, Electronic
Payment Processing, Technology Solutions (Cloud Computing,
Data Backup, Storage and Retrieval, IT Consulting), eCommerce,
Accounts Receivable Financing & Inventory Financing,
Insurance Solutions, Web Services, and Payroll and Benefits
Solutions.
Newtek® and Your Business Solutions Company®,
are registered trademarks of Newtek Business Services Corp.
Note Regarding Forward Looking
Statements
This press release contains certain
forward-looking statements. Words such as “believes,” “intends,”
“expects,” “projects,” “anticipates,” “forecasts,” “goal” and
“future” or similar expressions are intended to identify
forward-looking statements. All forward-looking statements involve
a number of risks and uncertainties that could cause actual results
to differ materially from the plans, intentions and expectations
reflected in or suggested by the forward-looking statements. Such
risks and uncertainties include, among others, intensified
competition, operating problems and their impact on revenues and
profit margins, anticipated future business strategies and
financial performance, anticipated future number of customers,
business prospects, legislative developments and similar matters.
Risk factors, cautionary statements and other conditions, which
could cause Newtek’s actual results to differ from management’s
current expectations, are contained in Newtek’s filings with the
Securities and Exchange Commission and available through
http://www.sec.gov/. Newtek cautions you that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
or implied in these statements.
SOURCE: Newtek Business Services Corp.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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