Newtek Business Services Corp. Declares First Quarter 2021 Dividend of $0.50 per Share
24 February 2021 - 12:30AM
Newtek Business Services Corp., (NASDAQ: NEWT), an internally
managed business development company (“BDC”), today announced that
its Board of Directors declared a first quarter 2021 cash dividend
of $0.501 per share. The first quarter 2021 dividend is payable on
March 31, 2021 to shareholders of record as of March 22, 2021. The
payment of the first quarter 2021 dividend would represent a 13.6%
increase over the first quarter 2020 dividend of $0.44 per share,
and a 25% increase over the first quarter 2019 dividend of $0.40
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. 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
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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