LAKE SUCCESS, N.Y., Nov. 09, 2017 (GLOBE NEWSWIRE) -- 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 fourth quarter 2017 cash dividend(1) of $0.44 per share, payable on December 28, 2017 to shareholders of record as of December 18, 2017. The payment of the fourth quarter dividend is in line with the Company’s 2017 annual dividend guidance of $1.64 per share, which represents an approximate 7.2% increase over the 2016 annual cash dividend of $1.53 per share.
Barry Sloane, Chairman, President and Chief Executive Officer commented, “We are pleased to announce the Board’s declaration of our fourth quarter 2017 cash dividend of $0.44 per share, which keeps us on track with our annual 2017 dividend forecast of $1.64 per share. We are pleased we are able to continue to deliver strong returns to our shareholders, predicated on the growth and ongoing strong performance of our business model. As we move through the last quarter of 2017, we believe we will continue the trajectory of strong operational and financial performance, which we achieved throughout the year thus far.”
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.
- 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.
- 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, 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 Relations
Contact: Jayne Cavuoto
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Source:Newtek Business Services Corp.