Pacific WebWorks, Inc. (OTCBB: PWEB) reported that revenues increased to $8,697,551 for the second quarter of 2009, up from $2,450,681 for the second quarter 2008, an increase of 255%. For the first six months of the year revenues were $11,935,470 compared to $5,576,715 in 2008, an increase of 112%.

Unrestricted cash amounted to $907,566 at June 30, 2009, an increase of nearly $530,000 from year end December 31, 2008, with all the growth coming from operations. Total assets increased 49.0% from $4,482,215 at December 31, 2008, to $6,677,342 at June 30, 2009.

The company’s net income from continuing operations was $13,108, compared to a net gain of $240,437 during the 2008 second quarter. This decrease relates primarily to a significant increase in marketing costs directly associated with new customer acquisitions as well as one-time infrastructure expenses required to support growth. Profits for the first six months of 2009 were $322,803, or $.01 per share, compared to $278,031, or $.01 per share, over the same period last year.

2009 second quarter accomplishments:

  • Installed a new IT based phone system.
  • Upgraded and automated accounting system to better handle billing and reporting.
  • Programmed integration with several key banks.
  • Automated and staffed a larger customer service department.
  • Solidified additional merchant account relationships.

CEO Ken Bell stated, “Our overall financial condition and liquidity continues to be strong. During the second quarter we dramatically increased our customer count. Since there is typically about a 30-45-day lag between the acquisition of a new customer and the profitability of that customer, we expect a large part of the revenue growth of the second quarter to reflect as profit growth in the third quarter and beyond. Our business model is similar to other subscriber based models, where the majority of costs associated with new customers are upfront and the recurring monthly revenues from these customers drive profits.”

Bell continued, “Our revenues have already exceeded 2008 full year revenues. These are exciting times for the company, and it is very likely we may exceed our previous revenue forecast of $23 to $24 million. Demand for our product remains strong, and our online marketing channels have been highly effective in reaching our potential customers. We now have the systems in place to allow us to reach our goal of becoming a $100 million per year organization. We believe we are now prepared to handle the multitude of transactions and customer service requirements that will accompany our growth and are prepared to continue our focus on product sales and marketing. Additionally, the company also has no ongoing legal or regulatory issues surrounding its business practices as has been purported by some.”

Please visit the company’s filings for more information concerning the financials.

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 operates a number of wholly owned subsidiaries including IntelliPay, TradeWorks Marketing and others.

Forward-Looking Statements

All statements other than statements of historical fact included in this press release are forward-looking statements. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and other similar expressions as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. These statements are not a guarantee of future performance. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including the Company’s ability to maintain sufficient credit card processing capabilities to service the demands of their hosting portfolio and other risk factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission. Such statements reflect the current view of the Company’s management with respect to future events and are subject to these and other risks, uncertainties and assumptions related to the operations, result of operations, growth strategy and liquidity of the Company. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this paragraph. The Company has no intention, and disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

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