Newtek Business Services Corp. Raises Forecast for Second Quarter 2022 Dividend by 15.4% to $0.75 per Share from Previous Forecast of $0.65 per Share
March 08 2022 - 9:10AM
Newtek Business Services Corp., (NASDAQ: NEWT), an internally
managed business development company (“BDC”), today announced that
it has raised its forecast for its second quarter 2022 cash
dividend by 15.4% to $0.75 per share from its previous forecast 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, “Based upon
the underlying metrics and trends that we have experienced in our
core business lines, we are confident about the increase in our
forecast of our second quarter 2022 dividend from $0.65 per share
to $0.75 per share. Given the current global volatility, it is
important to note that our business to date, which is almost
exclusively rooted in the U.S. economy and its independent business
owners, operates with continued optimism and is delivering higher
levels of financial returns than we previously expected. Our client
base has been actively engaging with us to find solutions across
finance, payment processing, technology, payroll, and insurance
that make their businesses more competitive, and therefore, more
successful. As a result, we are pleased to announce this 15.4%
increase in the forecast of our second quarter 2022 dividend.”
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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