Pacific WebWorks Reports Record Results for 2007
April 01 2008 - 9:00AM
Business Wire
Pacific WebWorks, Inc. (OTCBB:PWEB) reported today that the company
experienced record growth in revenues, profits, new customers and
cash provided by operations for the year ended December 31, 2007.
Revenues for the year ended December 31, 2007 of $10,711,770
amounted to 250% of revenues for the year ended December 31, 2006
of $4,299,681. The most significant growth came from recurring
hosting, gateway and maintenance fees which grew to $8,968,344, up
750% from $1,044,309 in 2006. Nearly 90% of company revenues are
now recurring monthly revenues related to the hosting services
which the company provides to its portfolio of customers. Net
income from continuing operations before tax for 2007 increased
$1,302,661 from a loss of ($1,026,433) in 2006 to a gain of
$276,228. Net income after income tax benefit amounted to $876,228
for the year ended December 31, 2007. Cash provided by operations
for 2007 increased by $1,187,120 to $822,574, up from a deficit of
($364,546) for 2006. Ken Bell, CEO, stated, �2007 was a landmark
year in the history of Pacific WebWorks, Inc. We enjoyed record
success in revenues, profits, cash flows and new customers added
while significantly strengthening our balance sheet. Our new
marketing initiatives have been instrumental to our success leading
to an increase in our active customer base of over 600% from
approximately 6,500 customers at year end 2006 to nearly 40,000
customers at year end 2007.� Bell added, �Due to our dedicated
staff and the quality and sophistication of our internal
infrastructure, we were able to facilitate this growth with a
minimal amount of disruption. We recently relocated our operations
into a new facility that positions the company for the continued
growth expected in 2008 and beyond. We are in the development stage
on several exciting new offerings that we believe will be well
received by the marketplace.� About Pacific WebWorks, Intellipay
and TradeWorks Marketing Pacific WebWorks provides a comprehensive
suite of affordable, easy-to-use software programs for small
businesses that want to create, manage, and maintain an effective
Web strategy including full e-commerce capabilities. Pacific
WebWorks wholly owned subsidiary IntelliPay develops and provides
trusted electronic transaction processing and payment products and
services. Pacific WebWorks wholly owned subsidiary TradeWorks
Marketing is a sales and marketing organization created to market
Pacific WebWorks and IntelliPay products. Forward-Looking
Statements This press release contains certain forward-looking
statements. Investors are cautioned that certain statements in this
release are "forward-looking statements" and involve both known and
unknown risks, uncertainties and other factors. Such uncertainties
include, among others, certain risks associated with the operation
of the company described above. The company's actual results could
differ materially from expected results.
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