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Sitestar Reports Fiscal 2007 Results
(Marketwire Via Acquire Media NewsEdge) LYNCHBURG, VA, May 19 / MARKET WIRE/ --
Sitestar Corporation (OTCBB: SYTE), a
provider of residential and business Internet access, web hosting and
value-added products and services, announced today that the Company has
continued its trend of posting profitable quarters and noted its most
successful fiscal year to date. Financial highlights for the year include:
-- Total Revenue was $6,567,264, an increase of $969,934 or 17.3 percent
from $5,597,330 for the same period in 2006.
-- EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) was $2,629,162, an increase of $385,241 or 17 percent from
$2,243,921 for the same period in 2006.
-- Net Income was $789,972, a decrease of $202,413 or -20 percent from
$992,385 for the same period in 2006.
-- End of year income per share was $0.01.
"2007 was a landmark year for Sitestar in terms of revenue growth and
subscriber growth," said Frank R. Erhartic, Jr., CEO for Sitestar. "Of our
2007 acquisitions, two of them were large and one truly added the boost at
the end of the year that increased our revenues and subscriber count. The
financial results from the acquisition of the USA Telephone/Nationwide
customer bases are not fully reflected in our year end results because of
the timing and acquisition costs. Due to this acquisition and to other
recently completed acquisitions, our cash flow will be significant enough
to be able to close even more deals in 2008."
"We continue to be able to grow our business and turn a profit in an
industry where few others are profitable," said Frank R. Erhartic, Jr. "We
do this by closely watching our bottom line, seeking out acquisitions that
add value and increasing our economies of scale. Sitestar is also able to
up-sell additional services to our new and existing clients thereby
increasing their ARPU (Average Revenue Per User). 2008 should be a great
year for Sitestar as we continue to diversify and grow. With this
momentum, we believe the market will put the Sitestar share price on a
similar trajectory."
For more detailed information on Sitestar's financial position and results
of operations, please see the company's 10-KSB EDGAR filing at
http://www.sec.gov.
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.
Contact:
Frank R. Erhartic, Jr.
434-239-4272Email Contact
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