CORRECTING and REPLACING Pacific WebWorks Reports Q3 2010 Financial Results
November 15 2010 - 3:58PM
Business Wire
First graph, second sentence of release should read: Net income
from operations for the nine months ended September 30, 2010
amounted to $1,697,516, up slightly from the nine months ended
September 30, 2009 net income from operations of $1,649,015 (sted
Net income from operations for the September 30, 2010 quarter ended
amounted to $1,697,516, up slightly from the September 30, 2009
third quarter net income from operations of $1,649,015).
The corrected release reads:
PACIFIC WEBWORKS REPORTS Q3 2010 FINANCIAL
RESULTS
Pacific WebWorks, Inc. (OTCBB: PWEB) today reported that
revenues for the nine months ended September 30, 2010 amounted to
$8,047,402, down from the nine months ended September 30, 2009 of
$21,624,424. Net income from operations for the nine months ended
September 30, 2010 amounted to $1,697,516, up slightly from the
nine months ended September 30, 2009 net income from operations of
$1,649,015.
Total working capital at September 30, 2010 amounted to
$6,497,857, up from $3,864,594 at year end December 31, 2009 with a
current ratio in excess of 20X. The Company’s worth to debt ratio
exceeds 8.0X.
CEO Ken Bell stated, “Our overall financial condition and
liquidity continues to remain very strong. While our revenues have
experienced significant reductions as we transition our business to
a more stable environment where company management can more
effectively manage risk, profits through the first nine months have
remained comparable to those generated during the like period in
2009. We expect to be successful in employing our strong financial
position to the benefit of our shareholders through an aggressive
merger/acquisition/combination strategy over the coming months and
years.”
Bell concluded, “PWEB continues to vigorously defend the
frivolous class action suits filed against our company. These suits
continue to take a toll on our manpower and financial resources but
we are committed to defending our position until such time as a
reasonable resolution can be reached.”
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 and is currently seeking merger/acquisition
opportunities.
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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