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Newtek Business Services Sets Investor Conference Call For Tuesday Morning February 26, 2013

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. 

 

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