-- 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.
Contact Information: Contact: Frank R. Erhartic, Jr. 434-239-4272