2008-11-19 18:25:02 -
Pacific WebWorks, Inc. (OTCBB:PWEB) reported net income from continuing operations of $39,603 for the quarter ended September 30, 2008. Net income from continuing operations for the nine months ended September 30, 2008 amounted to $460,862, up from $277,958 for the like period in 2007.
Revenues for the three-month period ended September 30, 2008 decreased to $1,775,162, down from
$$3,185,718 for the three-month period ended September 30, 2007, as the company continued to recover from the attack of affiliate fraud incurred earlier in the year. Revenues for the nine-month period ended September 30, 2008 decreased to $7,351,878, down from $7,996,458 for the same period in 2007.
CEO Ken Bell stated, "During the 3rd quarter of 2008 the company directed a large portion of its time and attention towards implementing systems to combat the growing problem of affiliate-generated fraud coming from our online marketing channels. We have made great progress in this area. We now employ state-of-the-art analytics along with sporadic personal purchase verifications to ensure the authenticity of the purchaser before making any payments to marketing affiliates. While this resulted in the decrease in revenues we experienced in the 3rd quarter, we are confident that it will also result in more profitable revenues moving forward."
Bell concluded, ?Having addressed this pressing issue the company is now prepared to resume its focus on consistent profitable growth. Our financial condition and liquidity is strong and we have no long-term debt. We released two new product offers, including our revolutionary new eSuccess2U e-mail marketing system, near the end of the 3rd quarter and will be releasing additional new offers in the coming weeks.
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' wholly owned subsidiary IntelliPay develops and provides trusted electronic transaction processing and payment products and services.
Pacific WebWorks' wholly owned subsidiary TradeWorks Marketing is a sales and marketing organization created to market Pacific WebWorks and IntelliPay products.
Forward-Looking Statements This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The company's actual results could differ materially from expected results.
Pacific WebWorks, Inc.
Brett Bell, VP of Finance, 801-578-9020
