Pacific WebWorks Reports Record Results for 3rd Quarter 2009
November 13 2009 - 6:00AM
Business Wire
Pacific WebWorks, Inc. (OTCBB: PWEB):
- Revenues for Nine Months
Grew 194% Compared to 2008
- Net Income for the Nine
Months Grew 348% Compared to 2008
Pacific WebWorks, Inc. (OTCBB: PWEB) reported that revenues
increased to $9,688,955 for the 2009 third quarter up from
$8,697,551 for the second quarter of 2009 and $1,775,162 for the
third quarter of 2008. For the first nine months of the year
revenues totaled $21,624,424 compared to $7,351,878 for the first
nine months of 2008, an increase of 194%.
Unrestricted cash amounted to $1,613,765 at September 30, 2009,
an increase of $1,236,022 from year end December 31, 2008, with all
of the growth coming from operations. The company’s current ratio
is now over 2.3X. Total assets increased 60.0% from $4,482,215 at
December 31, 2008, to $7,165,336 at June 30, 2009.
The company’s net income before tax for the 2009 third quarter
was $1,578,117, compared to net income before tax of $39,603 during
the 2008 third quarter. This increase relates to the continued
success of the company’s online marketing strategies and
partnerships directly targeting new customer acquisition. Net
income for the first nine months of 2009 was $1,364,360, or $.03
per share, compared to net income of $304,712, a growth of 348%
over the same period last year.
CEO Ken Bell stated, “The third quarter of 2009 represents a
landmark period in the history of our company. Our overall
financial condition and liquidity has never been stronger, and our
equity continues to increase. During the third quarter we
dramatically increased our net profit margins and earnings per
share and intend to continue an emphasis on improved EPS. Revenues
and profits reached record levels for the quarter."
Bell continued, “Demand for our product remains strong, and our
online marketing channels have been very effective in reaching our
potential customers. Our infrastructure is in place to allow us to
handle the multitude of transactions and customer service
requirements that have accompanied our growth, and we are prepared
to continue our focus on product sales and marketing.”
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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