NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) Files An 8-K Results of Operations and Financial Condition

For the quarter ended December 31, 2016, Newtek Business Services Corp. (the “Company”) funded $91.4 million of SBA 7(a) loans, an increase of 22.4% over the same period one year ago.

For the year ended December 31, 2016, the Company funded $309.1 million in SBA 7(a) loans, an increase of 27.5% over the same period one year ago.

The Company’s portfolio company, Newtek Business Credit Solutions, closed $7.3 million in SBA 504 loans for the quarter ended December 31, 2016.

The Company received $2.8 billion of loan referrals during the fourth quarter of 2016 as compared to $1.4 billion for the fourth quarter of 2015, through its patented NewTracker® referral system.

The Company had $8.6 billion in loan referrals for the year ended December 31, 2016, an increase of 67.7% over the same period one year ago.

As of January 1, 2017, the Company had $71 million of SBA 7(a) loans in the pipeline approved pending closing, as compared to $27.8 million as of January 1, 2016, a 155.4% increase over the same period a year ago.

The Company paid a quarterly dividend of $0.40 per share on December 30, 2016 to shareholders of record as of December 15, 2016. For 2016, the Company paid $1.53 per share in dividends to shareholders. The Company has elected to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended for U.S. federal income tax purposes, and intends to continue to qualify annually as a RIC. In order to avoid certain excise taxes imposed on RICs, the Company intends to distribute to its shareholders approximately 90% to 98% of the Company’s 2016 taxable income. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the year based on its taxable income for the full year and distributions paid for the full year.

The Company expects to release its audited financial statements and file its Form 10-K for the year ended December 31, 2016 on or about March 16, 2017. The preliminary year end information provided above is subject to the completion of the Company’s financial closing procedures, the Company’s audited financial statements and Form 10-K. The Company advises that its actual results may differ materially from these estimates as a result of the completion of the Company’s financial closing procedures, final adjustments and other developments arising between now and the time that the Company’s financial results for the year ended December 31, 2016 are finalized.

The information in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement to the Securities Act of 1933, as amended.

About NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT)
Newtek Business Services Corp. is a non-diversified closed-end management investment company. The Company is engaged in non-bank lending providing a range of business services and financial products under the Newtek brand to the small- and medium-sized business (SMB) market. Its products and services consist of Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), e-commerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll Solutions. The Company offers services along with its controlled portfolio companies. The Company’s portfolio consists of guaranteed and unguaranteed non-affiliate loan investments that are through its small business finance platform. NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) Recent Trading Information
NEWTEK BUSINESS SERVICES CORP. (NASDAQ:NEWT) closed its last trading session up +0.06 at 16.29 with 199,847 shares trading hands.