Newtek Business Services Corp. Forecasts Second Quarter 2022 Dividend of $0.65 per Share

Rhea-AI Summary

Newtek Business Services Corp. (NASDAQ: NEWT) announced a forecasted cash dividend of $0.65 per share for the second quarter of 2022, matching the previously declared first quarter dividend. This brings the total to $1.30 per share for the first six months of the year. CEO Barry Sloane expressed satisfaction with the momentum from core businesses, leading to this dividend forecast. The dividend is subject to Board approval, aiming to distribute approximately 90-100% of annual taxable income to shareholders.

Positive

• Forecasted Q2 2022 dividend of $0.65 per share indicates strong business momentum.
• Total dividend for first half of 2022 reaches $1.30 per share.

Negative

• Dividend payments are subject to Board discretion, introducing uncertainty.

BOCA RATON, Fla., Feb. 11, 2022 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced its forecast for its second quarter 2022 cash dividend of $0.65 per share.¹ The Company previously declared a first quarter 2022 dividend of $0.65 per share, which is payable on March 31, 2022 to shareholders of record on March 21, 2022.

Barry Sloane, President, Chairman and CEO commented, “We are pleased to forecast a second quarter 2022 dividend of $0.65 per share. We could not be more pleased with how we finished off calendar year 2021. As we work our way through the first quarter of 2022, momentum and traction from our core businesses has enabled us to feel comfortable to forecast a $0.65 dividend for the second quarter. This forecasted Q2 2022 dividend, if declared, combined with our already declared Q1 2022 dividend of $0.65 per share, would equate to $1.30 per share for the first six months of this calendar year. We greatly look forward to reporting earnings on the 23rd of February and providing an update on the efforts to acquire National Bank of New York City.”

¹Note regarding Dividend Payments: Amount and timing of dividends, if any, remain subject to the discretion of the Company's Board of Directors. 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.

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 forecast for NEWT in Q2 2022?

The forecasted cash dividend for Newtek (NEWT) in Q2 2022 is $0.65 per share.

When is the dividend payment date for NEWT?

The dividend payment date for the declared first quarter 2022 dividend of $0.65 is March 31, 2022.

What is the total dividend for NEWT in the first half of 2022?

The total dividend for Newtek (NEWT) in the first half of 2022 is $1.30 per share.

How often does NEWT pay dividends?

Newtek Business Services Corp. (NEWT) aims to make quarterly distributions to shareholders.

Is the dividend sustainable for NEWT?

The sustainability of Newtek's dividends depends on the company’s taxable income and Board decisions.