Newtek Business Services Corp. Declares Second Quarter 2019 Dividend of $0.46 per Share; an Increase of 9.5% Over the Second ...
May 01 2019 - 4:02PM
Newtek Business Services Corp. (“Newtek”) (Nasdaq: NEWT), an
internally managed business development company ("BDC"), today
announced that its Board of Directors declared a second quarter
2019 cash dividend of $0.46 per share, which represents a 9.5%
increase over the second quarter 2018 cash dividend. The second
quarter 2019 dividend is payable on June 28, 2019 to shareholders
of record as of June 14, 2019. The Company also reiterated its 2019
annual cash dividend forecast in a range of $1.851 per share to
$1.861 per share, which would represent a 3.3% increase at the top
of the range over the Company’s 2018 annual dividend payment of
$1.80 per share.
Barry Sloane, Chairman, President and Chief Executive Officer
said, “We are experiencing a robust business climate, and are
pleased to announce a second quarter dividend that is a 9.5%
increase over our second quarter dividend last year. While the
longest government shutdown in history affected our first quarter
2019 loan fundings by shifting a portion of them forward, we
believe this loan buildup in our pipeline from the first quarter
will fund and close in the second quarter of
2019.” 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
services and financial products 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
StatementsThis 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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