Pacific WebWorks, Inc. (OTCBB: PWEB) today reported first quarter financial results and reported that revenues for the first amounted to $3,656,262, up 13% from first quarter revenues for 2009 of $3,237,919. Net income from operations for the first quarter of 2010 amounted to $397,227.
Total working capital at March 31, 2010 amounted to $4,602,346, up from $3,864,594 at year end December 31, 2009, with a current ratio of over 10X. The Company's worth to debt ratio exceeds 6.5X.
First Quarter Highlights
- Release of Web Wizard Version 5.
- Finalized purchase of 16,000-square-foot headquarters building and adjacent downtown property.
- Repositioned company to operate consistent with new credit card association guidelines.
- Initiated new marketing strategies.
The company’s financial condition and liquidity continued to improve during the first quarter or 2010. The company’s balance sheet enjoys record levels for liquidity and solvency. Profits for the quarter, while strong, were down somewhat from 2009 first quarter levels, and below expectations, as a result of significant unexpected costs assessed by the card associations during the first quarter of 2010 relating to the company’s merchant processing.
CEO Ken Bell stated, "PWEB has made significant progress related to its ongoing legal issues. We expect to reach a final resolution of our legal issues with Google during the second quarter of 2010, and will continue to vigorously defend the frivolous class action suits filed against our company. Additionally, we continue to fine tune our new marketing strategies to better facilitate the development of long-term customer usage of our Visual WebTools suite of products."
Apparently investors are excited about the company as it is trading at $0.13 up $0.04 or 44% on heavy volume of 342k.
Disclosure: no positions