Newtek Business Services Corp. Raises 2019 Annual Dividend Forecast to $1.90 per Share
June 04 2019 - 12:37PM
Newtek Business Services Corp. (“Newtek” or the “Company”) (NASDAQ:
NEWT), an internally managed business development company ("BDC"),
today announced that it has increased its 2019 annual cash dividend
forecast to $1.901 per share from a range of $1.85 per share to
$1.86 per share, which would represent a 5.6% increase over the
Company’s 2018 annual dividend payment of $1.80 per share.
Barry Sloane, Chairman, President and Chief Executive Officer
commented, “We are extremely pleased to increase our 2019 dividend
forecast, our second increase this year, and maintain our goal of
distributing approximately 90-100% of our taxable income for the
year. Our performance continues to underscore our distinct
business model, and we are proud of the continued growth in loan
volume and referrals we are experiencing in the second quarter thus
far, and continue to be comfortable with the creditworthiness of
our loan portfolio. We are maintaining our full year 2019 SBA 7(a)
loan fundings forecast of between $580 million and $620 million,
which would represent a 27.9% increase, at the midpoint of the
range, over SBA 7(a) loan fundings for the year ended December 31,
2018.”
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 over 100,000 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 CavuotoTelephone: (212) 273-8179 /
jcavuoto@newtekone.com
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