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LAKE SUCCESS, N.Y., March 06, 2017 -- 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 first quarter cash dividend(1) of $0.36 per share, payable on March 31, 2017 to shareholders of record as of March 20, 2017. In addition, the Company reaffirms its forecast of paying an annual cash dividend of $1.57(2) per share in 2017.
Barry Sloane, Chairman, President and Chief Executive Officer commented, “We are pleased to announce the Board’s declaration of our first quarter 2017 cash dividend of $0.36 per share, which is an increase over the dividend of $0.35 per share for the first quarter of 2016. We believe our first quarter 2017 dividend is in line with anticipated stronger second, third and fourth quarter results, which we have historically experienced. We just released our full year 2016 financial results this afternoon, and will be hosting the corresponding conference call to discuss these results tomorrow, March 7, 2017 at 8:30am ET, which can be accessed through http://investor.newtekbusinessservices.com/events.cfm”
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.
| (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 / [email protected]
