LAKE SUCCESS, N.Y., March 08, 2017 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”), (NASDAQ:NEWT), an internally managed business development company ("BDC"), today reiterated the anticipated 2.6% growth in its 2017 forecasted dividend of $1.57 per share over the dividend of $1.53 per share that was paid in 2016. Earlier this week, the Company declared its first quarter 2017 cash dividend(1) of $0.36 per share, payable on March 31, 2017 to shareholders of record as of March 20, 2017. The Company also announced that it will present at the Raymond James 38th Annual Institutional Investors Conference this morning, Wednesday, March, 8, 2017 at 11:00 AM EST at the J.W. Marriott Grand Lakes in Orlando, Florida.
Barry Sloane, Chairman, President and Chief Executive Officer commented, "We wanted to remind the investment community of the seasonality of our business and, as a result, how our quarterly distributions can fluctuate. Of our 2016 dividend of $1.53 per share, $0.83 was paid in the second half of 2016, which was approximately18.6% higher compared to the $0.70 paid during the first six months of 2016, demonstrating our historical trend of achieving a greater proportion of earnings in the second half of the year. We announced our first quarter 2017 dividend of $0.36 per share and expect to experience similar seasonality and dividend trends in 2017 as in 2016. Our dividends continue to grow with our first quarter 2017 cash dividend of $0.36 per share, which represents an increase over our dividend of $0.35 per share for the first quarter of 2016. In addition, our full year 2017 dividend forecast of $1.57 per share represents a 2.6% increase over our 2016 dividend.”
A live audio webcast of our presentation at the Raymond James Conference with the corresponding presentation will be available in the 'Events & Presentations' section of the 'Investor Relations' portion of Newtek's website at http://investor.newtekbusinessservices.com/events.cfm. A replay of the webcast with the corresponding presentation will be available in the same location on Newtek's website for 90 days following the live presentation.
(1) The dividend will be paid in cash or shares of the Company's Common Stock through participation in the Company's dividend reinvestment program (“DRIP”), at the election of shareholders.
(2) Amount 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), eCommerce, Accounts Receivable Financing & Inventory Financing, The Secure Gateway, The Newtek Advantage™, 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.
Investor Relations & Public Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / firstname.lastname@example.org
Source:Newtek Business Services Corp.