Newtek Business Services Corp. Forecasts Second Quarter 2022 Dividend of $0.65 per Share
February 11 2022 - 8:30AM
Newtek Business Services Corp., (NASDAQ: NEWT), an internally
managed business development company (“BDC”), today announced its
forecast for its second quarter 2022 cash dividend of $0.65 per
share.1 The Company previously declared a first quarter 2022
dividend of $0.65 per share, which is payable on March 31, 2022 to
shareholders of record on March 21, 2022.
Barry Sloane, President, Chairman and CEO commented, “We are
pleased to forecast a second quarter 2022 dividend of $0.65 per
share. We could not be more pleased with how we finished off
calendar year 2021. As we work our way through the first quarter of
2022, momentum and traction from our core businesses has enabled us
to feel comfortable to forecast a $0.65 dividend for the second
quarter. This forecasted Q2 2022 dividend, if declared, combined
with our already declared Q1 2022 dividend of $0.65 per share,
would equate to $1.30 per share for the first six months of this
calendar year. We greatly look forward to reporting earnings on the
23rd of February and providing an update on the efforts to acquire
National Bank of New York City.”
1Note regarding Dividend Payments: Amount and
timing of dividends, if any, remain subject to the discretion of
the Company's Board of Directors. 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.
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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