Pacific WebWorks Reports Q2 2009 Financials
August 14 2009 - 8:00AM
Business Wire
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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