Newtek Business Services Corp. Raises 2019 Annual Dividend Forecast to $1.95 per Share
July 30 2019 - 8:30AM
Newtek Business Services Corp., (NASDAQ: NEWT), an internally
managed business development company (“BDC”), today announced that
it has increased its 2019 annual cash dividend forecast to $1.951
per share from $1.90 per share, which would represent an 8.3%
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 pleased to be able to raise
our 2019 annual dividend forecast to $1.95 per share from the
recent upward revision of $1.90 per share. All material metrics
from our underlying businesses have been and are anticipated to be
in line with higher than expected earnings for the company and, as
a result, we are comfortable with increasing our 2019 annual
dividend forecast. We are excited to announce our second
quarter 2019 financial results on Tuesday, August 6, 2019 and look
forward to our investors joining the earnings conference call the
following day.”
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
NewtekOne (NASDAQ:NEWT)
Historical Stock Chart
From Mar 2024 to Apr 2024
NewtekOne (NASDAQ:NEWT)
Historical Stock Chart
From Apr 2023 to Apr 2024