Business
Newtek Business Services Corp. Declares First Quarter 2020 Dividend of $0.44 per Share
Reiterates its 2020 Annual Dividend Forecast of $2.19 per Share BOCA RATON, Fla., Feb. 05, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ:
About this update from Newtekone, Inc.
[{"type":"text","content":"Reiterates its 2020 Annual Dividend Forecast of $2.19 per Share\nBOCA RATON, Fla., Feb. 05, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that its Board of Directors declared its first quarter 2020 cash dividend of $0.44 per share, which represents a 10% increase over the first quarter 2019 cash dividend of $0.40 per share. The first quarter 2020 dividend is payable on March 31, 2020 to shareholders of record as of March 18, 2020. The Company also reiterated its 2020 annual cash dividend forecast of $2.191 per share.\n Barry Sloane, Chairman, President and Chief Executive Officer commented, “Our Board is pleased to declare our first quarter 2020 dividend of $0.44 per share, which is a healthy improvement over our first quarter 2019 dividend of $0.40 per share. We are also reconfirming our 2020 annual dividend guidance of $2.19 per share. This declaration and forecast are indicative of the momentum derived from our business model and the diversified stream of income it provides. We are experiencing improved traction in several portfolio companies and therefore expect to receive a more diverse stream of income from multiple sources in 2020 and beyond. Our loan portfolio continues to perform as expected as it becomes more seasoned. Our larger loan portfolio also has been responsible for improved performance in net investment income during the 2019 calendar year and is expected to be most impactful to our net investment income in 2020. We look forward to reporting our full year 2019 financial results in early March, and will release the exact date of the earnings release and call shortly.” 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 ...