Business
Newtek Business Services Corp. Raises 2019 Annual Dividend Forecast to a Range of $1.85 to $1.86 per Share
LAKE SUCCESS, N.Y., April 04, 2019 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. ("Newtek" or the "Company") (NASDAQ:NEWT), an internally managed
About this update from Newtekone, Inc.
[{"type":"text","content":"LAKE SUCCESS, N.Y., April 04, 2019 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (\"Newtek\" or the \"Company\") (NASDAQ:NEWT), an internally managed business development company (\"BDC\"), today announced that it has increased its 2019 annual cash dividend forecast by a range of $0.01 per share to $0.02 per share to a range of $1.851 per share to $1.861 per share, which would represent a 5.6% increase at the top of the range over the Company's 2018 annual dividend payment of $1.80 per share.Barry Sloane, Chairman, President and Chief Executive Officer commented, \"We are extremely pleased to provide an increase in our 2019 dividend forecast as we continue to experience growth in our loan referral volume and improvement in the pricing of the sale of guaranteed portions of our SBA 7(a) loans, as well as contributions from our portfolio companies.\"Mr. Sloane continued, \"While our loan volume was lighter than expected in the first quarter of 2019, due to seasonality and the government shutdown at the beginning of the year, our pipeline remains strong. As such, we are maintaining our full year 2019 SBA 7(a) loan fundings forecast of between $580 million and $620 million, which would represent a 27.9% increase, at the midpoint of the range, over SBA 7(a) loan fundings for the year ended December 31, 2018. We look forward to discussing the first quarter in greater detail during our first quarter 2019 earnings call in early May.\"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 services and financial products under the Newtek® brand to the small- and medium-sized business (\"SMB\") market. Since 1999, Ne...