BOCA RATON, Fla., March 8, 2022 (GLOBE NEWSWIRE) — Newtek Business Services Corp.(NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that it has raised its outlook for its second quarter 2022 cash dividend by 15.4% to 0.75 $ per share compared to 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 March 31, 2022 to shareholders of record March 21, 2022.
Barry Sloane, President, Chairman and Chief Executive Officer, said, “Based on the underlying metrics and trends we’ve been experiencing across our core businesses, we are confident in the increase in our forecast for our second quarter 2022 dividend of $0.65 per share to $0.75 per share. to share. Given the current global volatility, it is important to note that our business to date, which is almost exclusively rooted in the US economy and its Independent Business Owners, operates with continued optimism and delivers levels of financial returns higher than expected. Our clientele have actively engaged with us to find finance, payment processing, technology, payroll and insurance solutions that make their businesses more competitive and, therefore, more successful. . Accordingly, we are pleased to announce this 15.4% increase in our second quarter 2022 dividend forecast.”
1Note regarding dividend payments: The amount and timing of dividends, if any, remain subject to the discretion of the Board of Directors of the Company. The Board of Directors of the Company expects to maintain a dividend policy with the objective of paying quarterly distributions in an amount equivalent to approximately 90 to 100% of the annual taxable income of the Company. The determination of the tax characteristics of the Company’s distributions is made annually at the end of the Company’s fiscal year based on its taxable income for the full year and the distributions paid for the full year.
Newtek Business Services Corp., Your Business Solutions Company® , is an internally managed BDC which, together with its controlled holding companies, provides a wide range of business and financial solutions under the Newtek® brand to the small and medium-sized enterprise (“SME”) market. . Since 1999, Newtek has provided leading, cost-effective products and services and effective business strategies to SMB relationships in all 50 states to help them increase sales, control expenses and reduce risk.
Products and services from Newtek and its portfolio companies include: Business Loans, SBA Loan Solutions, Electronic payment processing, Technological solutions (Cloud Computing, data backup, storage and recovery, IT consulting), e-commerce, Accounts Receivable Financing and Inventory Financing, Insurance solutions, Web Servicesand Payroll and Benefits Solutions.
Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “believes”, “intends”, “expects”, “plans”, “anticipates”, “plans”, “goal” and “future” or similar expressions are intended to identify forward-looking statements. the statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected or implied by the forward-looking statements. These risks and uncertainties include, among others, increased competition, operational issues and their impact on revenues and profit margins, expected future business strategies and financial performance, expected future number of customers, trade, legislative developments and other 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. 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 by such statements.
SOURCE: Newtek Business Services Corp.
Investor Relations and Public Relations Contact: Jayne Cavuoto Phone: (212) 273-8179 / [email protected]
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