Newtek Business Services Reports Full Year 2009 Financial Results MarketWatch (press release)
( Www.newtekbusinessservices.com ), The Unimaginative Business Authority, a provider of business services and financial products to the small- and ordinary-sized business market, reported today its financial results for the full year ended December 31, 2009.Full Year 2009 Overview
-- 2009 net privation of $429 thousand compared to 2008's $10.5 million net loss. -- Reduced pretax detriment $9.1 million or 69% to $4.0 million for 2009 from $13.1 million for 2008 due to increased revenues and our fetch cutting efforts. -- Cash flow from operations positive in 2009. -- Comprehensive revenues increased by 7% year over year. -- Salaries and benefits decreased by $3.5 million year over year. -- 2009 Electronic payment processing separate revenue increased 10% and Web hosting segment revenue increased 4% over 2008. -- Puny business finance segment resumed originating new loans in the fourth phase of the moon of 2009 and cut costs, decreasing segment net loss by 63% from 2008 to $2.3 million. -- Reaffirming 2010 auspices; midpoint indicates achieving breakeven pretax net income.Barry Sloane, Chairman and Chief Administrative Officer of Newtek Business Services, Inc., said, "In a year that challenged most public companies both in terms of market-place 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 extermination position year over year by $9.1 million. We generated significant positive money flows from operations versus negative cash flows from operations in 2008. The retinue has accomplished its goals of dramatically cutting costs while growing total revenues by 7 percent. We on to believe that our strategy of positioning the company as "The Small Business Authority" is beginning to pay dividends by structure enterprise value and improving our income statement and balance sheet. The capital markets have begun to give recognition to this as our share price has risen to a level that has Newtek back in compliance with the NASDAQ listing requirements.
"Put through to SBA approval we have a definitive agreement with Capital One, N.A. to refinance our GECC line of credit. This should diet the market concern regarding the effect of the GE line maturing, as well as solidifying the company's genius to finance its lending operation in the near term.
"We continue to strongly believe the partnership's best opportunity for improved growth and cash flow will come from the lending dividing line. Our contrarian view toward lending has kept the company from harming itself in perceived good times while leaving a convincing capital base and a good loan performance track record to provide funding to scanty businesses going forward. There are very few national non-bank preferred SBA lenders currently doing task. For as long as the 90 percent guaranty is available, it will be instrumental in our ability to make loans and compel our profits and cash flow performance in 2010. However, we believe that the SBA lending business will in the yearn term revert to a 75 percent guaranty, and we will be prepared to reposition this business when and if this should materialize. The strength of the lending business we have built is reflected in the services we are performing for the FDIC under shrink, which is a great honor for us. In addition, we anticipate becoming a rated Commercial Loan Servicer by Touchstone 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 upper-class alternative to Pay Pal(TM). We believe there are many merchants looking to reduce their costs, improve their cash excess by reducing their cash float holding time, and receive improved customer waiting from a company that has all of its service operations provided by English or Spanish speaking U.S. citizens. We suppose that we are the better alternative for eCommerce merchants as a one stop shop for the gateway, shopping convey, web design, payment processing option 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 trade in, but we are convinced that our product is simply the best and that this will provide our small business clients with a higher alternative and our shareholders with improved results.
"Our ONBA strategy (Open New Business Accounts) being launched with our key alliance partners has drawn a waiting list of depositories. This enables them to provide a unsparing website to their small business clientele in exchange for opening a business checking account. This output and approach, which we view as the "21st Century Free Toaster Giveaway" for depositories, will give ungenerous businesses a vital tool to attract more business through internet sales, either by establishing a new self-possession or updating an old tired presence.
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