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Sitestar Post Profits for First Quarter 200516 May 2005
Sitestar Corporation (OTCBB: SYTE - News), an Internet Service Provider (ISP) and computer services company, today announced profits posted for the quarter ended March 31, 2005. The Company earned a net profit of $72,067 compared to a net loss of $68,891 for the same period in 2004. These results are largely due to management's tighter fiscal controls over operations and more favorable telecom contracts.
Frank R. Erhartic, Jr., CEO of Sitestar Corporation, commented, "We have once again shown that we can be profitable. Our plans have proven to be sound and have kept us on track for profitability. It looks like 2005 will be the best year yet for Sitestar."
"The tree we planted has grown and is bearing fruit," says Daniel Judd, CFO for Sitestar. "I am confident in our abilities to grow this business and add net worth. The acquisitions we made in 2004 have generated additional revenues and through consolidation we have been able to transfer that to the bottom line. This is just the beginning; there are even more exciting things down the road."
In addition to increasing profits for the first quarter of 2005, Sitestar also increased EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) over 119 percent from $101,191 for the first quarter in 2004 to $222,258 for the first quarter ended in 2005. EBITDA is commonly used for evaluating a company's operating profitability before non-operating expenses. Income from Operations increased from a loss of $6,555 for the first quarter 2004 to a profit of $113,631 in 2005.
For more detailed information on Sitestar's financial position and results of operations, please see the company's 10-QSB EDGAR filing at http://www.sec.gov .
Forward looking statements
This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Stockholders are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, our ability to expand our customer base, make strategic acquisitions, general market conditions, and competition and pricing. Although we believe the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the report will prove to be accurate.
About Sitestar Corporation
Sitestar Corporation is a mid-Atlantic Internet Service Provider (ISP) and computer services company offering a broad range of services to business and residential customers. Sitestar's main customer base is primarily in the Virginia and North Carolina markets but also sells most of its services nationwide. Sitestar's wholly owned subsidiaries provide narrow and broadband Internet access, Web-hosting and design services, computer sales and repair and other technology-related solutions to its residential and business customers.
Sitestar's wholly owned subsidiaries include Sitestar.net (http://www.sitestar.net), SurfWithUs.Net (http://www.surfwithus.net), Lynchburg.net (http://www.lynchburg.net), Advanced Internet Services (http://www.advi.net), Computers by Design (http://www.computersbydesign.com) and CBD Toner Recharge (http://www.recharge.net).
For more information, visit one of the following Web sites: www.sitestar.com, www.sitestar.net, www.lynchburg.net, www.surfwithus.net, www.advi.net, www.computersbydesign.com or www.recharge.net.
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Contact:
Sitestar Corporation
Frank Erhartic, Jr., 434-239-4272
investorrelations@sitestar.com
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Source: Sitestar Corporation
Source: Business Wire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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