LYNCHBURG, Va., Nov. 16, 2005 (PRIMEZONE) -- Sitestar Corporation (OTCBB:SYTE), an Internet Service Provider (ISP) and computer services company, today announced that profits were posted for the quarter ended September 30, 2005. The company earned a net profit of $116,524 for the third quarter of 2005 and $344,333 for the nine months ended September 30, 2005. This marks the fifth consecutive profitable quarter for Sitestar.
"Not only are we continuing to show our strength in profitability, but the addition of Idacomm's customers will increase our base of profitability," says Daniel Judd, CFO for Sitestar. "We have effectively doubled our annual revenue stream, providing us the means to further the goals and objectives as set by our CEO."
In addition to continuing profits for the third quarter 2005, Sitestar also increased Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) 57.0 percent from $536,742 for the nine months ended September 30, 2004 to $841,017 for the same period in 2005. EBITDA is a commonly used for evaluating a company's operating profitability before non-operating expenses. Income from operations increased $257,203 or over 118.0 percent from $216,820 for the first three quarters in 2004 to $304,275 for the same period in 2005.
For more information, see the company's 10-KSB EDGAR filing at http://www.sec.gov.
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)
CBD Toner Recharge (http://www.recharge.net)
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.
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WEBSITES: http://www.sitestar.com, http://www.sitestar.net, http://www.surfwithus.net, http://www.sitestarapplied.net, http://www.lynchburg.net, http://www.computersbydesign.com, http://www.recharge.net, http://www.advi.net