Newtek Business Services Corp. Declares Third Quarter 2020 Dividend of $0.58 per Share

Rhea-AI Summary

Newtek Business Services Corp (NASDAQ: NEWT) declared a third quarter 2020 cash dividend of $0.58 per share, payable on September 30, 2020, to shareholders recorded as of September 21, 2020. This dividend represents a total of $1.58 per share for the first three quarters of 2020, marking a 9.7% increase from $1.44 during the same period in 2019. The company aims to distribute approximately 90-100% of its annual taxable income as dividends, reflecting strong financial stability and shareholder value.

Positive

• Total dividends for the first three quarters of 2020 reached $1.58 per share.
• 9.7% increase in dividends compared to the first three quarters of 2019.

Negative

• None.

BOCA RATON, Fla., July 20, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that its Board of Directors declared a third quarter 2020 cash dividend of $0.58¹ per share, which is payable on September 30, 2020 to shareholders of record as of September 21, 2020.  With the payment of the second quarter 2020 and third quarter 2020 dividends, the Company will have paid a total of $1.58 per share for the first three quarters of 2020, which would represent a 9.7% increase over the dividends paid in the first three quarters of 2019 of $1.44 per share.

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.

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 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 Q3 2020?

Newtek has declared a dividend of $0.58 per share for the third quarter of 2020.

When will the Q3 2020 dividend be paid to shareholders?

The Q3 2020 dividend will be paid on September 30, 2020.

What was the total dividend paid by Newtek for the first three quarters of 2020?

The total dividend paid by Newtek for the first three quarters of 2020 is $1.58 per share.

How does the 2020 dividend compare to 2019?

The 2020 dividends represent a 9.7% increase over the $1.44 per share paid in the first three quarters of 2019.

What is Newtek's dividend policy?

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