Newtek Business Services Reports Full Year 2009 Financial Results MarketWatch (press release)
( Www.newtekbusinessservices.com ), The Minute Business Authority, a provider of business services and financial products to the small- and medium-sized business supermarket, reported today its financial results for the full year ended December 31, 2009.Full Year 2009 Overview
-- 2009 net failure of $429 thousand compared to 2008's $10.5 million net loss. -- Reduced pretax ruin $9.1 million or 69% to $4.0 million for 2009 from $13.1 million for 2008 due to increased revenues and our charge cutting efforts. -- Cash flow from operations positive in 2009. -- Outright revenues increased by 7% year over year. -- Salaries and benefits decreased by $3.5 million year over year. -- 2009 Electronic payment processing partition revenue increased 10% and Web hosting segment revenue increased 4% over 2008. -- Close-fisted business finance segment resumed originating new loans in the fourth quarter of 2009 and cut costs, decreasing division net loss by 63% from 2008 to $2.3 million. -- Reaffirming 2010 charge; midpoint indicates achieving breakeven pretax net income.Barry Sloane, Chairman and Chief Supervisor Officer of Newtek Business Services, Inc., said, "In a year that challenged most public companies both in terms of demand conditions and competition, we had dramatic improvements almost across the board. We cut our net loss position year over year, by $10 million. We improved our pretax harm position year over year by $9.1 million. We generated significant positive lolly flows from operations versus negative cash flows from operations in 2008. The body has accomplished its goals of dramatically cutting costs while growing total revenues by 7 percent. We carry on to believe that our strategy of positioning the company as "The Small Business Authority" is beginning to pay dividends by erection enterprise value and improving our income statement and balance sheet. The capital markets have begun to reward this as our share price has risen to a level that has Newtek back in compliance with the NASDAQ listing requirements.
"Source to SBA approval we have a definitive agreement with Capital One, N.A. to refinance our GECC line of credit. This should restrict the market concern regarding the effect of the GE line maturing, as well as solidifying the company's skill to finance its lending operation in the near term.
"We continue to strongly believe the actors's best opportunity for improved growth and cash flow will come from the lending upset. Our contrarian view toward lending has kept the company from harming itself in perceived good times while leaving a dazzling capital base and a good loan performance track record to provide funding to stingy businesses going forward. There are very few national non-bank preferred SBA lenders currently doing business. For as hanker as the 90 percent guaranty is available, it will be instrumental in our ability to make loans and dig our profits and cash flow performance in 2010. However, we believe that the SBA lending business will in the long nickname revert to a 75 percent guaranty, and we will be prepared to reposition this business when and if this should occur. The strength of the lending business we have built is reflected in the services we are performing for the FDIC under roll oneself, which is a great honor for us. In addition, we anticipate becoming a rated Commercial Loan Servicer by Paragon and Poors within the next few months.
"Our eCommerce initiatives have been launched and our early results have been very positive as NEWT Pay(TM) and NEWT Pay Pro(TM) have been well received by merchants as a superior option to Pay Pal(TM). We believe there are many merchants looking to reduce their costs, improve their cash flow by reducing their ready float holding time, and receive improved customer service from a company that has all of its benefit operations provided by English or Spanish speaking U.S. citizens. We believe that we are the better surrogate for eCommerce merchants as a one stop shop for the gateway, shopping cart, web design, payment processing selection and hosting plan. It is not easy to go up against a success such as eBay(R)'s Pay Pal(TM) product, which is the biggest in this market, but we are convinced that our fallout is simply the best and that this will provide our small business clients with a superior alternative and our shareholders with improved results.
"Our ONBA tactics (Open New Business Accounts) being launched with our strategic alliance partners has drawn a waiting shopping list of depositories. This enables them to provide a free website to their small business clientele in exchange for toe-hold a business checking account. This product and approach, which we view as the "21st Century Free Toaster Giveaway" for depositories, will give humiliated businesses a vital tool to attract more business through internet sales, either by establishing a new presence or updating an old exasperated by presence.
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