Newtek Business Services Corp. Declares Fourth Quarter 2021 Dividend of $1.05 per Share

Rhea-AI Summary

Newtek Business Services Corp (NASDAQ: NEWT) announced a $1.05 cash dividend for Q4 2021, payable on December 30, 2021. This represents a 123.4% increase from the prior year's dividend of $0.47. In total, Newtek expects to distribute $3.15 per share in dividends for 2021, marking a 53.7% increase from 2020. The company aims to maintain a policy of quarterly distributions approximating 90-100% of annual taxable income, subject to board discretion.

Positive

• Q4 2021 dividend of $1.05 per share, a 123.4% increase over Q4 2020 dividend.
• Total dividends for 2021 expected at $3.15 per share, a 53.7% increase over 2020.

Negative

• None.

Represents a 123.4% Increase over the Fourth Quarter 2020 Dividend

BOCA RATON, Fla., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that its Board of Directors declared a fourth quarter 2021 cash dividend of $1.05¹ per share. The fourth quarter 2021 dividend is payable on December 30, 2021 to shareholders of record as of December 20, 2021. The payment of the fourth quarter 2021 dividend would represent a 123.4% increase over the fourth quarter 2020 dividend of $0.47 per share. With the payment of the fourth quarter 2021 dividend, the Company will have paid $3.15 per share in dividends in 2021, in line with the Company’s previously stated 2021 dividend forecast, which would represent a 53.7% increase over dividends paid in 2020.

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.

¹Amount and timing of dividends, if any, remain subject to the discretion of the Company’s Board of Directors. 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 Relations
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / jcavuoto@newtekone.com

FAQ

What is the dividend amount declared by Newtek for Q4 2021?

Newtek declared a dividend of $1.05 per share for Q4 2021.

When will the Q4 2021 dividend be paid to shareholders?

The Q4 2021 dividend will be payable on December 30, 2021.

How much will Newtek pay in dividends for the entire year of 2021?

Newtek expects to pay a total of $3.15 per share in dividends for 2021.

What was the percentage increase in dividends from 2020 to 2021?

The dividends paid in 2021 reflect a 53.7% increase over those in 2020.

Does Newtek have a dividend policy?

Yes, Newtek aims to distribute approximately 90-100% of its annual taxable income as dividends.