Pacific WebWorks Reports Q2 2010 Financials
August 16 2010 - 12:35PM
Business Wire
Pacific WebWorks, Inc. (OTCBB: PWEB) today reported that
revenues for the second quarter ended June 30, 2010, amounted to
$3,306,232, compared to $8,697,551 during the quarter ended June
30, 2009. Net income from operations for the period amounted to
$711,995 or $.02 EPS compared to $13,108 or $.00 EPS during the
comparable quarter in 2009.
For the six months ending June 30, 2010, the company earned
$974,165, or $.03 EPS. This compares to $322,803 or $.01 EPS for
the first six months of 2009. The company’s current ratio has
increased from 9.4x to 23x during this time period.
Additional 2010 second quarter accomplishments include:
- Better Management of Customer
Servicing to Increase Customer Loyalty
- Release from Google
Litigation
- Full Release of Web Wizard
Version 5
- Repositioned company to operate
consistent with new credit card association guidelines
CEO Ken Bell stated, “Our overall financial condition and
liquidity continued to improve during the second quarter of 2010.
Our balance sheet enjoys record levels for liquidity and solvency,
a trend we see continuing. During 2009 we concentrated on driving
customer growth. During 2010 the company is concentrating on
profitability as we retool some of our product offerings and market
strategies. Due to the company’s significant cash position, new
opportunities should accelerate revenue, cash flow and earnings
potential significantly while expanding our business model. As
always the company plans to utilize its strong cash
position for the best interest of shareholders. We remain
optimistic about our future."
For further information on the company’s financial filings,
please visit www.sec.gov.
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, 2009 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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