Newtek Business Services Corp. Declares Fourth Quarter 2019 Dividend of $0.71 per Share
October 10 2019 - 8:30AM
Newtek Business Services Corp., (NASDAQ: NEWT), an internally
managed business development company (“BDC”), today announced that
its Board of Directors declared a fourth quarter 2019 cash dividend
of $0.711 per share, which represents a 42.0% increase over the
fourth quarter 2018 cash dividend. The fourth quarter 2019 dividend
is payable on December 30, 2019 to shareholders of record as of
December 16, 2019. With the payment of the fourth quarter
2019 dividend, the Company would be in line with its 2019 annual
dividend guidance of $2.15 per share, which would represent a 19.4%
increase over the 2018 annual cash dividend of $1.80 per share.
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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