November 19, 2006 – (HOSTSEARCH.COM) – Web hosting provider Sitestar has reported third quarter results which highlight the company doubling net income, sharp earnings before interest (EBITDA) increases and the ninth consecutive profitable quarter.
“Our solid quarterly results demonstrate our ongoing ability to execute our plan," explained Frank R. Erhartic, Jr., CEO for Sitestar. “We’re generating repeatable and predictable revenue over each quarter, increasing our customer base through strategic and sensible acquisitions that have a positive and sustainable impact on our balance sheet and steadily paying down and retiring debt. Moving forward, our disciplined approach to growing and managing Sitestar will continue to reward our shareholders.”
Sitestar’s net income for the period increased 142.4 percent, posting $282,468 compared to $116,524 for the same period in 2005. Third quarter EBITDA increased by 97.6 percent, from $306,487 to $620,537 in the same period in 2005. Total revenue for the third quarter of 2006 was of $1,463,885, a 78.9 percent increase over the $818,408 reported for the 2005 third quarter.
