Company Website:
http://www.pacificwebworks.com
SALT LAKE CITY -- (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.
Contacts:
Pacific WebWorks, Inc.
Investor Relations, 801-578-9020
ir@pacificwebworks.com
Source: Pacific WebWorks, Inc.
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