Newtek Declares First Quarter 2018 Dividend of $0.40 per Share
January 18 2018 - 9:00AM
Newtek Business Services Corp. (“Newtek” or the “Company”)
(NASDAQ:NEWT), an internally managed business development company
("BDC"), today announced that its Board of Directors declared a
first quarter 2018 cash dividend of $0.401 per share, which
represents an approximate 11% increase over the first quarter 2017
dividend of $0.36 per share. The first quarter 2018 dividend is
payable on March 30, 2018 to shareholders of record as of March 20,
2018. The Company also announced that it has increased its 2018
annual cash dividend forecast to $1.701 per share, which would
represent a 3.7% increase over the Company’s 2017 annual dividend
of $1.64 per share.
Barry Sloane, Chairman, President and Chief Executive Officer
commented, “We are pleased to declare our first quarter 2018
dividend and announce that we have increased our 2018 annual
dividend forecast to $1.70 per share, which illustrates our
confidence in and near-term visibility into the internal dynamics
of our business model and strategy, which are on target as we enter
2018. In particular, we have implemented personnel changes,
obtained new strategic alliances and continue to realize a pipeline
of opportunities, all of which give us the confidence to increase
our 2018 annual dividend forecast to $1.70 per share. We look
forward to reporting our 2017 financial results in March, and
discussing our anticipated goals and performance metrics for
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 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 accounts
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, The Secure
Gateway, The Newtek Advantage™, Insurance Solutions, Web Services,
and Payroll and Benefits Solutions.
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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