Pacific WebWorks Reports Record Results for 3rd Quarter 2009
On 6:00 am EST, Friday November 13, 2009
SALT LAKE CITY--(BUSINESS WIRE)--Pacific WebWorks, Inc. (OTCBB: PWEB - News):
•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 - News) 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.
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.
Pacific WebWorks, Inc.
Brett Bell, CFO, 801-578-9020
Kevin Holmes, 410-825-3930