SALT LAKE CITY--(BUSINESS WIRE)--Pacific WebWorks, Inc. (OTCBB: PWEB) today discussed its 2014 third quarter report. The Company highlighted a profitable third quarter and the new revenue growth that was achieved in its internet technology business.
Lance Bell, CEO, stated, “Pacific WebWorks achieved substantial revenue growth both for the 2014 nine month period and third quarter. Revenues over $5,400,000 for the nine month period were primarily related to our internet technology business where we continue to experience strong demand. And our third quarter revenues topped $3,900,000, marking the Company’s best quarter in many years.”
Bell further stated, “We are particularly pleased to report a profitable third quarter. The Company was able to produce net income in excess of $279,000 from July through September, helping to substantially reduce the nine month loss as compared to the prior year’s nine month period.”
Bell continued, “Our total assets were increased primarily as a result of an increase in receivables related to sales growth in our internet technology business. And total liabilities are higher due to deferred revenues also related to growth in sales.”
Bell concluded, “We are optimistic about the business of Pacific WebWorks and enthused by the successes we have been able to achieve this year. We remain committed to building value for our shareholders by producing positive results and growing our business.”
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.
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, 2013 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.