Science & Technology
Science and Technology
Science and Technology
Fri, May 22, 2009
Thu, May 21, 2009
Wed, May 20, 2009
Sitestar Corporation: Sitestar Reports Positive First Quarter 2009 Earnings
LYNCHBURG, VA--(Marketwire - May 20, 2009) - Sitestar Corporation (
-- Total Revenue for the three (3) months ended March 31, 2009 was $2,541,419.00, which was relatively the same for the same period in 2008. -- Net Income for the three (3) months ended March 31, 2009 was $208,393, an increase of $25,993.00 or 14.3% from $182,400 for the same period in 2008. -- EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the three (3) months ended March 31, 2009 was $866,749.00, a decrease of $231,346 or 21.1% from $1,098,095.00 for the same period in 2008.
"Our positive results from the first quarter affirm the effectiveness of Sitestar's conservative business strategy of growing the Company by opportunistically acquiring customer bases and tightly controlling operating expenses to maximize cash flow," said Frank R. Erhartic, Jr., CEO for Sitestar.
Commenting on the acquisition of Pulaski Networks, Mr. Erhartic added, "By expanding our scope of services last year to include wholesale dial-up, we not only created a new source of monthly recurring revenue but also primed the pump to acquire retail customers when those downstream ISPs, like Pulaski Networks, seek to exit the business. Given our existing relationship with the ISPs, we believe those deals and transitions will be virtually obstacle-free."
Looking forward, Mr. Erhartic said, "We constantly seek ways to generate greater fiscal results and to deliver shareholder value. We remain committed to managing costs and aggressively pursuing initiatives that meet our criteria of high margin and attractive Return on Investment. Sitestar has both the discipline and capital to seize those market opportunities as they present themselves."
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements that are based on management's expectations, estimates, projections and assumptions. The Company assumes no obligation except as required by law to update the forward-looking statements contained in this press release as a result of new information or future events or developments. These forward-looking statements generally can be identified by words such as "believes," "expects," "projects," "anticipates," "foresees," "forecasts," "estimates," "should" or other words or phrases of similar import. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including and without limitation, as found in the Company's reports filed with the Securities and Exchange Commission.
About Sitestar
Sitestar is an Internet solutions provider that offers consumer and business-grade Internet access, wholesale managed modem services for downstream ISPs and Web hosting. Headquartered in Lynchburg, Virginia, Sitestar maintains multiple sites of operation and provides services to customers throughout the U.S. and Canada. With a focus on competitive pricing, reliability, service and speed, Sitestar delivers customer value. For more information, visit [ www.sitestar.com ].
