Pacific WebWorks, Inc. Discusses 2014 10-K Report
March 31 2015 - 12:57PM
Business Wire
Pacific WebWorks, Inc. (OTCBB: PWEB) today discussed its 2014
10-K report that was filed with the SEC. The Company highlighted
its substantial increase in revenues and operating performance
improvements, and also discussed its large receivable and
restricted cash balances.
Lance Bell, CEO, stated, “Our net revenues of $6,578,311 for the
year ended December 31, 2014 were almost four times greater than
those from the previous year and gross profit of $1,721,592 was
just under twice what it was in 2013. We are pleased with these
achievements and also note that our loss from operations was
narrowed by more than $225,000 on a year over year basis. We
believe that these measures are positive indicators of the future
success of Pacific WebWorks’ internet technology business.”
Bell further stated, “Our restricted cash balance of $300,000 at
the end of 2014 is higher than it was at the end of 2013 due to our
increase in billing for hosting services. We expect to have
received the majority of that balance in the next 60 to 90 days.
Our receivables balance at year end 2014 is much larger than the
previous year, also due to growth in the portfolio of customers
using our software hosting service. The Company continues to
collect these fees in addition to fees for new services
rendered.”
Bell continued, “We continue to experience strong demand for our
products and services and believe that we have established a
manageable marketing program that enables us to effectively reach
potential customers. We have also made numerous infrastructure
improvements to better facilitate billing and collection, while
providing our customers with outstanding customer support.”
Bell concluded, “Pacific WebWorks is positioned for an
outstanding year ahead. We took a step forward in 2014 and also had
opportunity to make numerous improvements that we believe will
enable us to progress the business in the coming year. We remain
committed to building value for our shareholders and look forward
to a prosperous 2015.”
About Pacific WebWorks
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, our internet
gateway, TradeWorks Marketing, Headlamp Ventures 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, 2014 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.
Pacific WebWorks, Inc.Investor Relations,
801-578-9020ir@pacificwebworks.com
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