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Pacific WebWorks Reports Q3 2010 Financial Results

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  Published in Science and Technology on Monday, November 15th 2010 at 12:15 GMT by Market Wire
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SALT LAKE CITY--([ BUSINESS WIRE ])--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 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.

"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."

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 Companya™s worth to debt ratio exceeds 8.0X.

CEO Ken Bell stated, aOur 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.a

Bell concluded, aPWEB 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.a

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 aanticipate,a abelieve,a aestimate,a aexpect,a aintenda 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 Companya™s management as well as assumptions made by and information currently available to the Companya™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 Companya™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 aRisk Factorsa 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 Companya™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.