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.
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.