Business
Newtek Business Services Corp. Reports First Quarter 2020 Financial Results
Net Investment Income (Loss) Improved Year Over Year by 80% on a Per Share Basis in the First Quarter of 2020 BOCA RATON, Fla., May 07, 2020 (GLOBE NEWSWIRE)
About this update from Newtekone, Inc.
[{"type":"text","content":"Net Investment Income (Loss) Improved Year Over Year by 80% on a Per Share Basis in the First Quarter of 2020\nBOCA RATON, Fla., May 07, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (“Newtek” or the “Company”) (Nasdaq: NEWT), an internally managed business development company (“BDC”), announced today its financial and operating results for the three months ended March 31, 2020. \n First Quarter 2020 Financial Highlights Net investment income (loss) (“NII”) of $(0.28) million, or $(0.01) per share, for the three months ended March 31, 2020; an improvement of 80%, on a per share basis, over net investment loss of $(0.99) million, or $(0.05) per share, for the three months ended March 31, 2019.Total investment income of $15.8 million for the three months ended March 31, 2020; an increase of 14.8% over total investment income of $13.8 million for the three months ended March 31, 2019.Adjusted net investment income (“ANII”)1 of $4.3 million, or $0.21 per share, for the three months ended March 31, 2020; a decrease of 52.3%, on a per share basis, over ANII of $8.3 million, or $0.44 per share, for the three months ended March 31, 2019.Net asset value (“NAV”) of $312.5 million, or $15.00 per share, at March 31, 2020; a decrease of 4.5%, on a per share basis, over NAV of $15.70 per share at December 31, 2019.Debt-to-equity ratio of 1.44x at March 31, 2020.Total investment portfolio increased by 18.8% to $662.4 million at March 31, 2020, from $557.7 million at March 31, 2019.The Company paid a first quarter 2020 cash dividend of $0.44 per share on March 31, 2020 to shareholders of record as of March 18, 2020 First Quarter 2020 Lending Highlights Newtek Small Business Finance, LLC (“NSBF”) funded $52.8 million of U.S. Small Business Administration (“SBA”) 7(a) loans during the three months ended March 31, 2020; compared to $97.8 million of SBA 7(a) loans funded for the three months ended March 31, 2019.Newtek announced Congress’ approval of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), highlighting NSBF’s position as a nationally licensed SBA lender to originate Paycheck Protection Action (“PPP”) loans and thereby support American small businesses in these challenging times Subsequent First Quarter 2020 Loan Highlights NSBF has obtained SBA loan (E-Tran) numbers for $1.1 billion of PPP loans.NSBF estimates...