Newtek Business Services Sets Investor Conference Call for Tuesday Morning February 26, 2013 Will Restate Prior-Period Results and Reaffirm Prior 2012 Guidance
NEW YORK, Feb. 25, 2013 /PRNewswire/ -- Newtek Business Services, NASDAQ: NEWT, The Small Business Authority®, today announced that its investor conference call, previously scheduled for Wednesday, February 27, 2013, at 4:15 p.m. EST, has been rescheduled to 9:00 a.m. EST tomorrow, Tuesday, February 26, 2013.
On February 1, 2013 the Company announced a provision for a loss in its Electronic payment processing segment of $1.5 million for the year ended December 31, 2012. It has since determined that all or most of this loss must be spread over prior quarterly periods during 2012 and possibly a small amount during 2011. As such, and with the concurrence of its Audit Committee, the Company has today filed an 8 K notice with the SEC that its previously published financial statements for December 31, 2011, March 31, June 30 and September 30, 2012 may not be relied upon until they are restated to reflect this loss. Management expects to refile these statements along with its December 31, 2012 annual report on or about March 31, 2013. Management will be available on the rescheduled conference call to answer questions and provide additional information regarding this process. Investors may access the call by dialing (877) 303-6993 or (760) 666-3611.
The Company is also reaffirming the guidance it issued on February 1, 2013 for the full year 2012 of consolidated pretax income of $9.0-$9.5 million and EPS – diluted earnings per share of $0.14 - $0.15, which includes the disclosed loss and the expected restatements.
About Newtek Business Services, Inc.
Newtek Business Services, The Small Business Authority, provides the following products and services:
- Newtek Advantage™: Mobile real-time operating platform for business intelligence. The Newtek Advantage™ puts all critical business transactions in real-time. Access data on a smartphone, tablet, laptop or PC for eCommerce for credit/ debit transactions, website statistics, payroll, insurance and business loans.
- Electronic Payment Processing: eCommerce, electronic solutions to accept non-cash payments, including credit and debit cards, check conversion, remote deposit capture, ACH processing, and electronic gift and loyalty card programs.
- Managed Technology Solutions (Cloud Computing): Full-service web host, which offers eCommerce solutions, shared and dedicated web hosting and related services including domain registration and online shopping cart tools.
- eCommerce: A suite of services that enable small businesses to get up and running on-line quickly and cost effectively, with integrated web design, payment processing and shopping cart services.
- Business Lending: Broad array of lending products including SBA 7(a) and SBA 504 loans.
- Insurance Services: Commercial and personal lines of insurance, including health and employee benefits in all 50 states, working with over 40 insurance carriers.
- Web Services: Customized web design and development services.
- Data Backup, Storage and Retrieval: Fast, secure, off-site data backup, storage and retrieval designed to meet the specific regulatory and compliance needs of any business.
- Accounts Receivable Financing: Receivable purchasing and financing services.
- Payroll: Complete payroll management and processing services.
Newtek Business Services, Inc., The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek® brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today's marketplace. Newtek provides its services to over 100,000 business accounts and has positioned the Newtek® brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. 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.
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SOURCE Newtek Business Services, Inc.