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NEWTEK BUSINESS SERVICES CORP (NASD: NEWT)
Last Trade
4:00 p.m. - 19.94
Change
 0.23 ( 1.17%)
Shares Traded
1,157
Day's Volume
196,105
Book Value
NA
Price/Book
NA
Beta
0.9597
Day's Range
19.60 - 20.1499
Prev Close
19.71
Open
19.60
52 Wk Range
7.59 - 22.05
EPS
2.13
PE
9.36
Quarterly Div/Shr
0.47
Ex-Div
12/17/20
Yield
9.43%
Shares Out.
21.78M
Market Cap.
434.33M
  • 1 Year Stock Performance:

CAGR - Chart the growth of a $10K investment in NEWT

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Fri, 15 Jan 2021
16:45:00 +0000
Newtek Small Business Finance Has Begun Accessing the Paycheck Protection Program Loan Portal Beginning Today
BOCA RATON, Fla., Jan. 15, 2021 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, has been granted early access to the Paycheck Protection Program (“PPP”) loan portal beginning today. Beginning at 9:00 am ET this morning, the SBA re-opened the PPP loan portal to PPP-eligible lenders with $1.0 billion or less in assets, including community banks and credit unions, for first- and second-draw PPP loan applications. The PPP loan portal will fully open on Tuesday, January 19, 2021 to all other participating PPP lenders to submit first- and second-draw PPP loan applications. Barry Sloane, President, Chairman and CEO said, “We greatly appreciate the opportunity to service independent business owners across the U.S., and we are currently submitting first- and second-draw PPP loan applications to the SBA on behalf of our customers. We appreciate the SBA designating NSBF in the first lender group, which will assist our borrowers in having priority in their receipt of their SBA loan (E-Tran) numbers. We believe we have begun 2021 in a strong position as we have made significant improvements to our lending platform since 2020, including software, technology and operational processes, and believe these enhancements leave us well positioned to deliver strong results.” Mr. Sloane concluded, “For those businesses seeking first- and second-draw PPP loans, please visit our website at https://www.newtekone.com for specific details of the PPP loan program, or contact us at 1-855-763-9835, and one of our lending specialists will assist you.” 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 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
Fri, 15 Jan 2021
13:30:00 +0000
Newtek Business Services Corp. Prices a Public Offering of 5.50% Notes Due 2026
BOCA RATON, Fla., Jan. 15, 2021 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced the pricing of its public offering of $100 million in aggregate principal amount of 5.50% Notes Due 2026 (the “Notes”). The Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after February 1, 2022, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price equal to the following amounts, plus accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the Notes to be redeemed plus (2) the sum of the present value of the scheduled payments of interest (exclusive of accrued and unpaid interest to the date of redemption) on the Notes to be redeemed from the redemption date until February 1, 2023, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if Newtek redeems any Notes on or after February 1, 2023 (the date falling three years prior to the maturity date of the Notes), the redemption price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Notes will bear interest at a rate of 5.50% per year payable quarterly. Newtek has also granted the underwriters a 30-day option to purchase up to an additional $15 million in aggregate principal amount of the Notes to cover overallotments, if any. Newtek intends to use the net proceeds from the sale of the Notes to fund investments in debt and equity securities in accordance with its investment objective and strategies. Newtek may use the net proceeds to fully or partially pay down, retire, or redeem certain of its outstanding indebtedness, including the outstanding 6.25% Notes due 2023 (the “2023 Notes”). As of January 12, 2021, Newtek had approximately $57.5 million of aggregate principal amount outstanding, plus accrued interest, of 2023 Notes, which mature on March 1, 2023 and bear interest at a rate of 6.25%. Newtek may also use the net proceeds for general corporate purposes, including making direct investments in portfolio companies. The closing of the transaction is subject to customary closing conditions, and the Notes are expected to be delivered on or about January 22, 2021. Newtek expects to list the Notes on the Nasdaq Global Market under the trading symbol “NEWTZ.”Keefe, Bruyette & Woods, Inc., A Stifel Company, is acting as the sole book-running manager for this offering. Ladenburg Thalmann & Co. Inc. is acting as the lead co-manager, and Compass Point Research & Trading, LLC is acting as co-manager.A shelf registration statement relating to this offering was declared effective by the Securities and Exchange Commission. The offering is being made only pursuant to a prospectus supplement and related prospectus to be filed by Newtek with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from the book-running manager or any of the co-managers as follows: Keefe, Bruyette & Woods, Inc., Attn: Debt Capital Markets, 787 7th Avenue, 4th Floor, New York, NY 10019, (telephone number: 1-800-966-1559); Ladenburg Thalmann & Co. Inc., Attention: Syndicate Department, 277 Park Avenue, 26th Floor, New York, NY 10172, telephone: 212-409-2000, email: prospectus@ladenburg.com; Compass Point Research & Trading, LLC, 1055 Thomas Jefferson Street NW, Suite 303 Washington, D.C. 20007, email: syndicate@compasspointllc.com, telephone: 202 540 7300.Investors are advised to carefully consider the investment objective, risks, charges and expenses of Newtek before investing. The preliminary prospectus supplement dated January 14, 2021 and the accompanying prospectus dated June 9, 2020, which have been filed with the Securities and Exchange Commission, contain this and incorporate by reference other information about Newtek and should be read carefully before investing.The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed.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 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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Fri, 15 Jan 2021
13:30:00 +0000
Newtek Business Services Corp.’s CEO, Barry Sloane, Comments on the Company’s $100 Million Public Offering of 5.50% Notes Due 2026
BOCA RATON, Fla., Jan. 15, 2021 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (NASDAQ: NEWT), an internally managed business development company (“BDC”), provides Newtek CEO’s, Barry Sloane, comments on the Company’s pricing of its $100 million public offering of 5.50% Notes due 2026 (the “Notes”).  Newtek expects to list the Notes on the Nasdaq Global Market under the trading symbol “NEWTZ.”Barry Sloane, President, Chairman and CEO, of Newtek commented, “We are pleased to announce the pricing of our $100 million bond transaction at 5.50%, which, for us, is record in size for a publicly traded baby bond issuance as well as a record-low coupon. This issuance was rated BBB+ by Egan Jones, and garnered strong institutional demand. We anticipate using the net proceeds from the sale of the Notes to fund investments in debt and equity securities in accordance with our investment objective and strategies, and may use the net proceeds to fully or partially pay down, retire, or redeem certain of our outstanding indebtedness, including our outstanding 6.25% Notes due 2023. Our investment objective and strategies include opportunistic growth across all lending programs, including products such as SBA 7(a) loans, SBA 504 loans, secured lines of credit and our non-conforming conventional loan program that we anticipate relaunching in calendar year 2021, after having to suspend this program due to the pandemic.” Mr. Sloane continued. “We are currently focused on positioning the Company for its activity in the “second draw” of the Paycheck Protection Program (“PPP”) funding, and are experiencing strong interest in “first-draw” PPP loans as well. While it’s too early to determine what our total demand will ultimately be, we have received several thousand applications for PPP financing that have been filled out and signed by prospective borrowers. Currently, we have financing to place to fund upwards of 100% of each PPP loan with participation certificates for investors.  We are optimistic about our growth prospects going into 2021, and we are well capitalized to accomplish our objectives for the remaining part of 2021.”Mr. Sloane concluded, “We want to thank our sole book-running manager, Keefe, Bruyette & Woods, Inc., and Ladenburg Thalmann & Co. Inc., the lead co-manager, and Compass Point Research & Trading, LLC, co-manager, for effectuating this transaction. We are looking forward to 2021, and are excited about meeting the challenges that are ahead of us.”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 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, , 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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Mon, 11 Jan 2021
13:30:00 +0000
Newtek Small Business Finance Prepared to Participate in the $284 Billion Paycheck Protection Program “Second Draw” Beginning January 11, 2021
BOCA RATON, Fla., Jan. 11, 2021 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, is fully prepared to participate in the $284 billion Paycheck Payment Program (“PPP”) “second draw”, beginning January 11, 2021, which was authorized by Congress as part of the Consolidated Appropriations Act, 2021. This legislation was signed into law on December 27, 2020 and is set to expire on March 31, 2021. NSBF funded $1.19 billion PPP loans for the twelve months ended December 31, 2020, as part of the “first draw” of the PPP.   “First-draw” loans are still available for first-time borrowers. These loans are available up to $10.0 million. To receive an application as early as Monday, January 11, 2021, please go to our website at https://www.newtekone.com or enter a referral for a PPP loan through the following link https://partners.newtekone.com/cares-act/. As a mission-based lender for SBA 7(a) loans, we will be able to accept PPP loan applications beginning Monday, January 11, 2021. In addition, we provide term financing and secured lines of credit outside of PPP financing. Please review our full array of lending solutions at https://www.newtekone.com/loans/, and let us service your needs by placing a referral into our system.As part of the “second-draw” legislation, the vast majority of PPP borrowers may receive a loan amount of up to 2.5 times their average monthly payroll costs up to $2.0 million. Additionally, borrowers of a PPP “second-draw” loan are eligible for loan forgiveness.  In order to receive a “second-draw” loan, an applicant must demonstrate that they experienced a decline in revenue in calendar year 2020 by 25% or more compared to the comparable quarter in calendar year 2019. Please visit our website at https://www.newtekone.com for specific details of the PPP loan program, or contact us at 1-855-763-9835, and one of our lending specialists will assist you.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 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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Tue, 15 Dec 2020
13:30:00 +0000
Newtek Payment Systems, Newtek’s Cloud-Based Point-of-Sale Solution, Launches New Website
Newtek CEO, Barry Sloane, to Host Webinar to Introduce and Demonstrate the Broad Functionality of Newtek Payment SystemsBOCA RATON, Fla., Dec. 15, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that it has launched its website for Newtek Payment Systems (“NPS”) at https://www.newtekpaymentsystems.com/. NPS is Newtek’s portfolio company, which offers a cloud-based point-of-sale (“POS”) solution. In the third quarter of 2019, Newtek acquired a 51% interest in POS on Cloud d/b/a NPS which owns a cloud-based POS system for a variety of small- and medium-sized businesses, providing not only payments and purchase technology solutions, but also inventory, customer management, reporting, instant ecommerce solutions, integration into the accounting general leger software, EMV protection, and table management. In addition, and unique to NPS, is its ability to integrate payroll services included but not limited to time and attendance data merge, real concierge client service 24 hours seven days a week, workmen’s compensation, health and benefits, and 401k deductions and recordation all in one cloud-based solution. The Company also announced that Newtek’s CEO, Barry Sloane, will host a webinar to introduce and demonstrate the broad functionality of NPS on Monday, December 21, 2020 at 3:00 PM EST. Please register through the following link Newtek Payment Systems Webinar and learn how NPS can revolutionize your business.Barry Sloane, Chairman, President and Chief Executive Officer said, “Over a year ago today we acquired a 51% controlling interest in POS on Cloud, a software focused on the payment solutions space for small- to middle-market companies. We have spent the past year upgrading that software and are now excited to launch NPS’ website at https://www.newtekpaymentsystems.com/. We believe NPS’s POS offering, which can be white labeled for our banking partners, credit unions, trade associations, master franchisors, and other partners, has the potential to be a superior product to Square, Toast, and other POS solutions that are currently in the marketplace. We believe NPS will not only improve our partners ability to gather deposits, but also impress upon the business client, their employees, through payroll, and their clients, through mobile pay at the table and other retail devices, that NPS offers a unique financial institution brand with features and capabilities that our competitors currently do not offer. The operating accounts for payroll, branding and the cloud-computing solutions will all accrue to our partners and not the software brand, which is a decidedly differentiated factor for our partners as they compete against the Fin Techs for branding, deposit control, fees, and services.”Mr. Sloane continued, “Our portfolio company POS solution has a multitude of features, that in addition to software, provide unmatched live 24-hour support and service for payroll, P&C insurance, and ecommerce, truly giving the business owner a complete provider to handle all of these vital business functions with its inventory management, real-time reporting, employee management, business data security, speed of service, 24/7/365 phone support, customer management, and simple business scalability. Additionally, not only can NPS process payments and integrate with ecommerce, it can also integrate with the customer’s general leger accounting software and all food delivery software such as Uber Eats, Grubhub, or DoorDash. NPS has the ability to include the Newtek Payroll & Benefits Solutions’ payroll product to provide payroll solutions, workmen's compensation, health insurance, and a window into 401K capability, which to our knowledge, no one else can deliver in the marketplace today. NPS coupled with our business model, which fully encompasses partnering with financial institutions and business organizations, will give our partners the ability to universally brand themselves to the business owner, as well as to the business owners’ employees and its’ customers for deposits and full-service financial solutions. Please visit NPS’ website at https://www.newtekpaymentsystems.com/ and examine the comprehensive set of functions. Also, please join the NPS webinar on Monday, December 21, 2020, through the following link Newtek Payment Systems Webinar, where I will introduce and demonstrate the full functionality of NPS. We look forward to further developing this offering for our business clientele.”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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Wed, 09 Dec 2020
19:38:00 +0000
Newtek Technology Solutions Hosted Webinar About Navigating the Ever-Changing Cloud-Computing Technology Landscape
Video Replay of Webinar Now AvailableBOCA RATON, Fla., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that the replay is now available for the Newtek Technology Solutions’ webinar, which discussed the importance of navigating the new cloud-computing technology landscape in today’s ever-changing operating environment, which took place yesterday, Tuesday, December 8, 2020 at 3PM EST. The video replay can be accessed through the following link Newtek Technology Solutions Webinar. The webinar was hosted by Newtek’s CEO, Barry Sloane, and experts from Newtek Technology Solutions, Newtek’s managed technology portfolio company, including Jared Mills, Chief Operating Officer; Joe Vuica, Vice President of Procurement and Supply Chain; and Jared Ruggieri, Senior Vice President of Business Development for Newtek Merchant Solutions. They discussed how small- and medium-sized businesses can manage their IT in a secure private cloud, as well as what businesses can do to be at the forefront of innovative technology processes. Specific topics discussed included, ecommerce solutions, managed IT services to protect against security threats, and the advantages of private cloud hosting for scaling and managing an organization.If you have any questions, please contact Newtek Technology Solutions at 1-877-323-4678 or email info@NewtekOne.com.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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Thu, 03 Dec 2020
20:32:00 +0000
Newtek CEO, Barry Sloane, to Host Webinar to Discuss Navigating the Ever-Changing Cloud-Computing Technology Landscape
BOCA RATON, Fla., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek’s CEO, Barry Sloane, and the experts from Newtek’s technology portfolio company, Newtek Technology Solutions, will host a webinar to discuss the importance of navigating the new cloud-computing technology landscape in today’s ever-changing operating environment. The webinar will take place on Tuesday, December 8, 2020 at 3PM EST, and will discuss how small- and medium-sized businesses can manage their IT in a secure private cloud, as well as what businesses can do to be at the forefront of innovative technology processes. Specific topics will include, ecommerce solutions, managed IT services to protect against security threats, and the advantages of private cloud hosting for scaling and managing an organization. Please register through the following link Newtek Technology Solutions Webinar and learn how Newtek Technology Solutions can help your business stand out, with the right technology solutions to keep an organization secure and profitable.If you have any questions, please contact Newtek Technology Solutions at 1-877-323-4678 or email info@NewtekOne.com.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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Wed, 02 Dec 2020
14:51:23 +0000
Is Newtek Business Services (NEWT) A Good Stock To Buy Now?
In this article you are going to find out whether hedge funds think Newtek Business Services Corp (NASDAQ:NEWT) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus […]
Wed, 11 Nov 2020
13:30:00 +0000
Newtek Business Services Corp. Declares Fourth Quarter 2020 Dividend of $0.47 per Share
BOCA RATON, Fla., Nov. 11, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced that its Board of Directors declared a fourth quarter 2020 cash dividend of $0.471 per share. The fourth quarter 2020 dividend is payable on December 30, 2020 to shareholders of record as of December 18, 2020. With the payment of the fourth quarter 2020 dividend, the Company will have paid $2.05 per share in 2020. 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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Fri, 06 Nov 2020
02:31:06 +0000
Newtek Business Services Corp (NEWT) Q3 2020 Earnings Call Transcript
NEWT earnings call for the period ending September 30, 2020.
Wed, 04 Nov 2020
23:55:11 +0000
Newtek (NEWT) Q3 Earnings and Revenues Top Estimates
Newtek (NEWT) delivered earnings and revenue surprises of 33.33% and 8.10%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 04 Nov 2020
22:05:00 +0000
Newtek Business Services: Q3 Earnings Insights
Shares of Newtek Business Services (NASDAQ:NEWT) were unchanged in after-market trading after the company reported Q3 results.Quarterly Results Earnings per share were down 93.65% year over year to $0.04, which missed the estimate of $0.06.Revenue of $14,929,000 decreased by 6.82% year over year, which missed the estimate of $15,390,000.Outlook Earnings guidance hasn't been issued by the company for now.View more earnings on NEWTRevenue guidance hasn't been issued by the company for now.Recent Stock Performance Company's 52-week high was at $23.7352-week low: $7.59Price action over last quarter: down 12.51%Company Description Newtek Business Services Corp non-diversified closed-end management investment company. The firm's investment objective is to generate current income and capital appreciation. The company provides business solutions that are designed to help organizations to grow sales, reduce costs, and minimize risk. Its solutions include web design, domains, hosting, website security, and others.See more from Benzinga * Click here for options trades from Benzinga * Earnings Scheduled For November 4, 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wed, 04 Nov 2020
21:05:00 +0000
Newtek Business Services Corp. Revises 2020 Annual Dividend Forecast to a Range of $1.90 to $2.20 per Share
Issues 2021 Annual Dividend Forecast in a Range of $2.00 to $2.50 per ShareBOCA RATON, Fla., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that it is revising its 2020 annual dividend forecast to a range of $1.90 to $2.201 per share, tightened from the previous range of $1.80 to $2.30 per share. In addition, Newtek issued its 2021 annual dividend forecast in a range of $2.00 to $2.501 per share. The revised dividend forecast for 2020 and the dividend forecast for 2021 do not include any potential impact of any possible future authorization of the U.S. Small Business Administration (“SBA”) Paycheck Protection Program (PPP). Barry Sloane, Chairman, President and Chief Executive Officer said, “We are very pleased how the Company has performed during the past nine months; the most challenging months in Newtek’s 22-year operating history. While there are different probabilities as to where the 2020 annual dividend will fall, depending on if the government provides a new stimulus package as well as shifts in our business and portfolio companies businesses, we are proud that the Company is forecasting that it is on track to generate 2020 dividends that are similar, within a range of variability, to the 2019 annual dividend of $2.15 per share. Although there appears to be a consensus among all the political forces in Washington that an additional stimulus package is needed, the election has delayed a compromise. We are hopeful and optimistic about a post-election agreement, but there is no guarantee that a compromise can be reached. However, should Congress provide a new stimulus package during the fourth quarter, we believe it could give our 2020 annual dividend forecast upside, and in turn we may be able to provide a greater return to our shareholders. Additional earnings from a future PPP may be paid in a form of a special dividend which could occur in the fourth quarter of 2020 or in 2021.”Mr. Sloane continued, “We are also pleased to be able to provide an annual dividend forecast for 2021. The range of $2.00 to $2.50 per share, while reasonably wide, includes potential market volatility due to unknown effects of the pandemic, and does not include any potential impact of a future PPP financing program. However, we are optimistic on the 2021 business outlook based on economic rebound, in addition to the attitude and momentum we have witnessed from business owners despite the negative environment. Our historical track record pre-pandemic, our solid performance during the pandemic, coupled with our seasoned management team, give us a strong level of optimism that we will be able to continue to perform within the range of the forecasts we have provided. We look forward to discussing the 2020 and 2021 forecasts and the considerations surrounding the forecasts in more detail during our third quarter 2020 earnings conference call that is scheduled for tomorrow at 8:30am ET.”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, , 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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Wed, 04 Nov 2020
21:05:00 +0000
Newtek Business Services Corp. Reports Third Quarter 2020 Financial Results
BOCA RATON, Fla., Nov. 04, 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 and nine months ended September 30, 2020. Third Quarter 2020 Highlights * Net investment income of $1.7 million, or $0.08 per share, for the three months ended September 30, 2020 compared to net investment loss of $(0.53) million, or $(0.03) per share, for the three months ended September 30, 2019. * Adjusted net investment income (“ANII”)1 of $0.95 million, or $0.04 per share, for the three months ended September 30, 2020. * Net asset value (“NAV”) of $324.4 million, or $15.13 per share, at September 30, 2020; a decrease of 3.6%, on a per share basis, compared to NAV of $15.70 per share at December 31, 2019. * Debt-to-equity ratio of 1.21x at September 30, 2020. * Total investment income of $14.9 million for the three months ended September 30, 2020; a decrease of 6.9% compared to total investment income of $16.0 million for the three months ended September 30, 2019. * Total investment portfolio increased by 4.4% to $637.6 million at September 30, 2020, from $610.9 million at September 30, 2019.Financial Highlights - Nine Months Ended September 30, 2020 * Net investment income of $31.1 million, or $1.49 per share, for the nine months ended September 30, 2020, compared to net investment loss of $(2.6) million, or $(0.14) per share, for the nine months ended September 30, 2019. * ANII of $33.8 million, or $1.61 per share, for the nine months ended September 30, 2020; a decrease of 2.4% on a per share basis compared to ANII of $31.5 million, or $1.65 per share, for the nine months ended September 30, 2019. * Total investment income of $77.4 million for the nine months ended September 30, 2020; an increase of 76.2% over total investment income of $43.9 million for the nine months ended September 30, 2019.2020 Dividend Payments and 2021 Dividend Guidance * The Company paid a third quarter 2020 cash dividend of $0.58 per share on September 30, 2020 to shareholders of record as of September 21, 2020. * The Company revised its 2020 annual dividend forecast to a range of $1.90 per share to $2.20 per share, tightened from the previous range of $1.80 per share to $2.30 per share2. The Company paid a 2019 annual dividend of $2.15 per share. * The Company forecasts paying an annual cash dividend between $2.00 per share and $2.502 per share in 2021. * The revised dividend forecast for 2020 and the dividend forecast for 2021 do not include any potential impact of any possible future authorization of the U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP").Lending Highlights * Newtek Small Business Finance, LLC (“NSBF”) funded $82.5 million of PPP loans during the three months ended September 30, 2020, for a total of $1.19 billion of PPP loans for the nine months ended September 30, 2020. * NSBF funded $13.0 million of SBA 7(a) loans during the three months ended September 30, 2020; a decrease over $114.3 million of SBA 7(a) loans funded for the three months ended September 30, 2019. * NSBF forecasts fourth quarter 2020 SBA 7(a) loan fundings of $135 million. * Newtek Business Lending (“NBL”), Newtek’s wholly owned portfolio company which originates SBA 504 loans, forecasts full year 2020 SBA 504 loan closings of approximately $100 million. * The Company forecasts that NBL could contribute between $1.0 million and $3.0 million in dividend income to the Company in 2020. * The Company is currently negotiating term sheets with prospective joint venture partners that could create up to $150.0 million of additional third-party capital to originate up to $1.0 billion of non-conforming conventional loans and restart this program which was curtailed due to the pandemic.For the three months ended September 30, 2020, the Company reported net investment income of $1.7 million, or $0.08 per share, compared to net investment loss of $(0.53) million, or $(0.03) per share, for the same period last year. The significant increase in net investment income for the third quarter of 2020 compared to the third quarter of 2019, was primarily due to the funding of $82.5 million of PPP loans during the third quarter of 2020. For the three months ended September 30, 2020, the Company reported ANII of $0.95 million, or $0.04 per share, compared to ANII of $12.2 million, or $0.63 per share, for the same period last year. The decline in ANII in the third quarter 2020 compared to the third quarter of 2019, was due to the suspension of lending activities of the Company’s SBA 7(a) loan program from March 2020 through June 2020 while it focused on funding PPP loans as a result of the pandemic, as well as re-establishing a post-pandemic credit thesis.Barry Sloane, Chairman, President and Chief Executive Officer said, “We are extremely pleased with our stellar performance through an extremely elongated period of economic volatility due to the pandemic. The government shutdowns and resulting drastically altered economic landscape has created a roller-coaster effect for our client base of independent business owners across the U.S. We are proud that our company and management team has been able to navigate these changes in the operating environment and to quickly adapt its business model to offer PPP loans to independent business owners in need. We believe this is a true testament to what superior management teams are able to do under adverse economic headwinds where immediate changes in a company’s operations, products and solutions are required. As a result, on a year-to-date basis we have been able to generate income and dividends on par with 2019 levels. This is something the Company is proud of and believes should be highlighted.”Mr. Sloane continued, “Management made the decision to suspend its lending activities in our SBA 7(a) loan program from March 2020 through June 2020, and shift lending operations to the PPP, funding approximately $1.2 billion of PPP loans to 10,500 borrowers through the nine months ended September 30, 2020. We are hopeful the Administration and Congress will provide a new stimulus package to enable our customer base to access additional financing through the PPP. We are revising our dividend guidance range for 2020 to $1.90 to $2.20 per share, which is narrowed from the previous guidance range of $1.80 to $2.30 per share. It is important to note that the Company’s revised 2020 dividend forecast does not include any potential additional income or credit benefit from any possible new economic government stimulus package. Should the government provide a new stimulus package during the fourth quarter, we believe it could give our dividend forecast upside, and in turn we may be able to provide a greater return to our shareholders. Without the benefit of a renewed PPP, the Company is forecasting a 2021 cash dividend in the range of $2.00 to $2.50 per share.”“Looking to our portfolio companies, we are pleased to report many positive developments. Newtek Business Lending (‘NBL’), our portfolio company which originates and funds SBA 504 loans, is forecasting funding and/or closing approximately $100 million in SBA 504 loans for the full year 2020. We estimate that NBL could contribute between $1.0 million and $3.0 million in dividend income to the Company in 2020, contingent on loan closings and gain-on-sale levels during 2020. SBA 504 lending is a fixed-rate alternative to businesses that occupy commercial real estate and is clearly an attractive choice in a low interest rate environment. In addition, the Company has been in discussions to create additional joint ventures with partners to grow its non-conforming conventional loan program. The Company is currently negotiating term sheets with potential joint venture partners that could create up to $150 million of capital to originate up to $1.0 billion of non-conforming conventional loans. The Company’s and its portfolio companies’ loan programs, including SBA 7(a), SBA 504, secured lines of credit and non-conforming conventional term loans, give Newtek, as a brand, a very robust menu of financial solutions for independent business owners in all 50 states seeking financing for loan sizes of $5,000 to $15.0 million,” continued Mr. Sloane.Mr. Sloane further commented, “Our payment processing portfolio company, Newtek Merchant Solutions (‘NMS’), has begun to rebound from pandemic-related lower processing volumes. NMS has materially improved its run rate of EBITDA and cash flows as seen in the third quarter of 2020, and we expect to see this continued improvement in the fourth quarter of 2020 and in 2021. We will elaborate more on this topic during our conference call tomorrow morning, as well as give projections for the remainder of 2020 and a forecast for 2021.”Highlighting positive developments in Newtek’s managed technology portfolio companies, Mr. Sloane said, “We are further enhancing our technology offering under the Newtek brand by merging two of our technology portfolio companies, IPM, which was acquired in 2017, and Newtek Technology Solutions (‘NTS’), our core managed technology portfolio company, which we have developed and owned since 2004. The combination of these two portfolio companies should eliminate between $1.0 to $2.0 million of operating expense as well as present one Newtek branded solution to our core customer base under the stewardship Phil Alberta, President of NTS, and Jared Mills, Chief Operating Officer of NTS. We welcome you to visit our portfolio company website at https://www.newtekone.com and view its very robust offerings of technology solutions. We will discuss potential benefits and enhanced projections under this new combined enterprise during our conference call. We are excited about meeting the challenge of our clients’ technology needs in the post-pandemic environment, by providing solutions for all of their hardware and software needs. The combination of our managed technology portfolio companies into one defined company, with projected pro forma 2020 annual revenue of between $45 to $50 million, and a pro forma growing and profitable EBITDA history and projection, we believe can add significant value to all Newtek stakeholders and shareholders.”Continuing to discuss Newtek’s portfolio companies, Mr. Sloane commented, “In our payroll and insurance agency portfolio companies, Newtek Payroll Solutions and Newtek Insurance Solutions, we have made many changes including enhancing the management teams and positioning these two portfolio companies for growth under the Newtek brand. Rick Carpenter, Director of Property & Casualty Insurance, and Kathryn Ingram, Senior Vice President, Property and Casualty Insurance – Commercial Lines Specialist, have joined Newtek Insurance Agency as part of the core management team for their expertise in the property and casualty arena. In addition, Samantha Razon, Director of Payroll Operations, has joined Shannon Vestal, Senior Vice President of Newtek Payroll Solutions, to enhance, grow and develop our state-of-the-art payroll, health and benefits offerings.”Mr. Sloane concluded, “Newtek is the company that is able to provide a broad array of financial and business solutions through its strategic partner distribution channels, being able to remotely board business without the use of brokers, branches, bankers or business development officers. Our referral volume continues to grow and our cross-selling efforts are finally being realized as we have integrated our sales and marketing efforts as well as began to invest in training of Newtek’s and its portfolio companies’ solutions providers. We are extremely appreciative of the efforts of the federal government as well as state governments that have provided support to assist with the health and well-being of individuals and businesses. Despite the overhang of the pandemic on the economy and our customers, we believe we can continue to persevere in the current challenging economic environment, and we feel positive about a brighter future ahead for Newtek and its client base.”Investor Conference Call and WebcastA conference call to discuss third quarter 2020 results will be hosted by Barry Sloane, President, Chairman and Chief Executive Officer, and Christopher Towers, Chief Accounting Officer, tomorrow, Thursday, November 5, 2020 at 8:30 a.m. ET. The live conference call can be accessed by dialing (877) 303-6993 or (760) 666-3611.In addition, a live audio webcast of the call with the corresponding presentation will be available in the ‘Events & Presentations’ section of the Investor Relations portion of Newtek’s website at http://investor.newtekbusinessservices.com/events-and-presentations. A replay of the webcast with the corresponding presentation will be available on Newtek’s website shortly following the live presentation and will remain available for 90 days.1Use of Non-GAAP Financial Measures - Newtek Business Services Corp. and SubsidiariesIn evaluating its business, Newtek considers and uses ANII as a measure of its operating performance. ANII includes short-term capital gains from the sale of the guaranteed portions of SBA 7(a) loans and conventional loans, and beginning in 2016, capital gain distributions from controlled portfolio companies, which are reoccurring events. The Company defines ANII as Net investment income (loss) plus Net realized gains recognized from the sale of guaranteed portions of SBA 7(a) loan investments, less realized losses on non-affiliate investments, plus or minus loss on lease adjustment, plus the net realized gains on controlled investments, plus or minus the change in fair value of contingent consideration liabilities, plus loss on extinguishment of debt.The term ANII is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. ANII has limitations as an analytical tool and, when assessing the Company’s operating performance, investors should not consider ANII in isolation, or as a substitute for net investment income, or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, ANII does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than Newtek, limiting their usefulness as comparative tools. The Company compensates for these limitations by relying primarily on its GAAP results supplemented by ANII.2 Note Regarding Dividend Payments Amount and timing of dividends, if any, remain subject to the discretion of the Company’s Board of Directors. 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.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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In Thousands, except for Per Share Data)    September 30, 2020 December 31, 2019 ASSETS(Unaudited)   Investments, at fair value    SBA unguaranteed non-affiliate investments (cost of $411,777 and $429,697, respectively; includes $329,855 and $364,063, respectively, related to securitization trusts)$393,290  $417,223  SBA guaranteed non-affiliate investments (cost of $17,632 and $23,345, respectively)18,796  25,004  Controlled investments (cost of $123,705 and $107,300, respectively)209,251  215,817  Non-control investments (cost of $16,279 and $1,000, respectively)16,279  1,000  Total investments at fair value637,616  659,044  Cash5,966  1,762  Restricted cash40,511  31,445  Broker receivable8,646  51,173  Due from related parties6,397  2,972  Servicing assets, at fair value24,557  24,411  Right of use assets7,192  7,990  Other assets21,081  18,614  Total assets$751,966  $797,411       LIABILITIES AND NET ASSETS    Liabilities:    Bank notes payable$25,183  $30,000  Notes due 2023 (par: $57,500 as of September 30, 2020 and December 31, 2019)56,387  56,035  Notes due 2024 (par: $63,250 as of September 30, 2020 and December 31, 2019)61,668  61,354  Notes payable - Securitization trusts (par: $235,675 and $276,637 as of September 30, 2020 and December 31, 2019)232,045  272,376  Notes payable - related parties11,550  12,163  Due to related parties1,142  131  Lease liabilities8,999  9,897  Deferred tax liabilities9,395  12,405  Accounts payable, accrued expenses and other liabilities21,206  20,824  Total liabilities427,575  475,185       Commitment and contingencies    Net assets:    Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)—  —  Common stock (par value $0.02 per share; authorized 200,000 shares, 21,435 and 20,530 issued and outstanding, respectively)429  411  Additional paid-in capital307,626  289,963  Accumulated undistributed earnings16,336  31,852  Total net assets324,391  322,226  Total liabilities and net assets$751,966  $797,411  Net asset value per common share$15.13  $15.70  NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In Thousands, except for Per Share Data)       Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019 Investment income        From non-affiliate investments:        Interest income - PPP loans$3,085  $—  $37,742  $—  Interest income - SBA 7(a) loans5,871  7,468  19,382  21,519  Servicing income2,875  2,542  8,367  7,473  Other income240  1,233  1,449  3,720  Total investment income from non-affiliate investments12,071  11,243  66,940  32,712  From non-control investments:        Interest income107  —  107  —  Dividend income31  27  71  86  Total investment income from non-control investments138  27  178  86  From controlled investments:        Interest income486  223  1,423  658  Dividend income2,234  4,528  8,884  10,478  Total investment income from controlled investments2,720  4,751  10,307  11,136  Total investment income14,929  16,021  77,425  43,934  Expenses:        Salaries and benefits3,669  3,587  10,856  10,659  Interest3,939  5,476  13,727  14,923  Depreciation and amortization93  125  312  378  Professional fees651  1,215  2,822  2,842  Origination and loan processing1,120  2,134  5,666  5,915  Origination and loan processing - related party2,705  2,060  8,438  6,719  Change in fair value of contingent consideration liabilities—  9  54  64  Loss on extinguishment of debt—  251  —  251  Other general and administrative costs1,082  1,697  4,415  4,782  Total expenses13,259  16,554  46,290  46,532  Net investment income (loss)1,670  (533) 31,135  (2,598) Net realized and unrealized gains (losses):        Net realized gain (loss) on non-affiliate investments - SBA 7(a) loans(722) 10,865  2,577  32,260  Net realized gain on controlled investments—  1,600  —  1,600  Net unrealized depreciation on SBA guaranteed non-affiliate investments(111) (209) (494) (521) Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments132  (14) (6,012) (1,957) Net unrealized (depreciation) appreciation on controlled investments(285) 957  (11,156) 3,874  Change in deferred taxes70  (27) 3,010  (792) Net unrealized depreciation on servicing assets(1,207) (2,002) (1,299) (3,469) Net realized and unrealized gains (losses)$(2,123) $11,170  $(13,374) $30,996  Net increase in net assets resulting from operations$(453) $10,637  $17,761  $28,398  Net increase (decrease) in net assets resulting from operations per share$(0.02) $0.55  $0.85  $1.49  Net investment income (loss) per share$0.08  $(0.03) $1.49  $(0.14) Dividends and distributions declared per common share$0.58  $0.58  $1.58  $1.44  Weighted average number of shares outstanding21,192  19,228  20,942  19,115  NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES- ADJUSTED NET INVESTMENT INCOME RECONCILIATION:           Three months ended   Three months ended   (in thousands, except per share amounts)September 30, 2020 Per share September 30, 2019 Per share Net investment income (loss)1,670  0.08  (533) (0.03) Net realized gain (loss) on non-affiliate investments - SBA 7(a) loans(722) (0.03) 10,865  0.57  Net realized gain on controlled investments—  —  1,600  0.08  Change in fair value of contingent consideration liabilities—  —  9  —  Loss on debt extinguishment—  —  251  0.01  Adjusted Net investment income$948  $0.04  $12,192  $0.63            Nine months ended   Nine months ended   (in thousands, except per share amounts)September 30, 2020 Per share September 30, 2019 Per share Net investment income (loss)$31,135  $1.49  $(2,598) $(0.14) Net realized gain on non-affiliate investments - SBA 7(a) loans2,577  0.12  32,260  1.69  Net realized gain on controlled investments—  —  1,600  0.08  Loss on lease—  —  (105) (0.01) Change in fair value of contingent consideration liabilities54  0.00  64  0.00  Loss on debt extinguishment—  —  251  0.01  Adjusted Net investment income$33,766  $1.61  $31,472  $1.65  Note: Amounts may not foot due to rounding
Mon, 02 Nov 2020
19:20:18 +0000
How Much Did Newtek Business Services'(NASDAQ:NEWT) Shareholders Earn From Share Price Movements Over The Last Year?
The simplest way to benefit from a rising market is to buy an index fund. While individual stocks can be big winners...
Wed, 28 Oct 2020
16:32:04 +0000
Earnings Preview: Newtek (NEWT) Q3 Earnings Expected to Decline
Newtek (NEWT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Fri, 23 Oct 2020
19:00:35 +0000
25 Top-Paying Dividend Stocks That Will Make You Rich
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Thu, 22 Oct 2020
14:35:00 +0000
Newtek CEO, Barry Sloane, to Host Webinar to Discuss the Future of Payroll and Benefits in a Post-Pandemic World
BOCA RATON, Fla., Oct. 22, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek’s CEO, Barry Sloane, and the experts from Newtek’s Payroll and Benefits Solutions portfolio company, will host a webinar to discuss the future of payroll and benefits in a post-pandemic world on Wednesday, October 28, 2020 at 3:00 PM EDT. The webinar will discuss timely, important topics in the areas of payroll, tax, health insurance, benefits and human resource concerns brought about by the COVID-19 pandemic and the changing economic landscape that will follow in the post-pandemic world. Barry Sloane, Chairman, President and Chief Executive Officer said, “We are currently living in a rapidly changing environment. Payroll Protection Program loan forgiveness, tax policy changes, employees working remotely and the changing environment of health insurance are all very important topics for business owners and their employees in today’s environment. Please join us for a high-level discussion, followed by a question-and-answer session, for all business owners and their Human Resource staff. We look forward to presenting to you.”To participate in this webinar, you can register through the following link. Please note that space is limited. https://www.eventbrite.com/e/payroll-health-benefits-in-a-post-covid-world-tickets-124778799749If you have any questions, please contact Newtek Payroll and Benefits at 1-855-763-9835 or email info@NewtekOne.com.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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Mon, 12 Oct 2020
16:12:00 +0000
Newtek Business Services Corp. to Report Third Quarter 2020 Financial Results on Wednesday, November 4, 2020 After the Market Closes
BOCA RATON, Fla., Oct. 12, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that it will report its third quarter 2020 financial results after the market closes on Wednesday, November 4, 2020. A conference call to discuss these results will be hosted by Barry Sloane, Chief Executive Officer, and Christopher Towers, Chief Accounting Officer, the following day, Thursday, November 5, 2020 at 8:30 am ET. The live conference call can be accessed by dialing (877) 303-6993 or (760) 666-3611. A live webcast of the call and the corresponding presentation will be available in the ‘Events & Presentations’ section of the Investor Relations portion of Newtek’s website at http://investor.newtekbusinessservices.com/events-and-presentations. A replay of the webcast with the corresponding presentation will be available on Newtek’s website shortly following the live presentation and will be available for a period of 90 days.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 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 StatementsThis 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 Relations Contact: Jayne Cavuoto Telephone: (212) 273-8179 / jcavuoto@newtekone.com
Tue, 01 Sep 2020
17:26:02 +0000
What We Learned About Newtek Business Services' (NASDAQ:NEWT) CEO Compensation
Barry Sloane became the CEO of Newtek Business Services Corp. (NASDAQ:NEWT) in 1999, and we think it's a good time to...

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Newtek Business Services Corp (NEWT)