ShopSite in the News
ShopSite, Inc. Reports Net Profit Based Upon EBITDAL
2001 Net Profit is confirmed by independent accounting firm.
PROVO, Utah, March 11, 2002 -- ShopSite, Inc., a leading provider of easy-to-use shopping cart software, reports that it had a net profit for the recently completed 2001 fiscal year based upon earnings before interest, taxes, depreciation, amortization, and leases (EBITDAL). "We know that many merchants and hosting providers are concerned about the financial viability of the software vendors they are using given the recent state of the economy" said David Hills, chief executive officer of ShopSite. "Even though we are a private, employee-owned company, we felt it was important to let our customers and partners know our status based upon one of the accounting industry's measurements of profit."
Mr. Hills attributed a large part of their success to three factors.
- ShopSite's ease of use enables it to be used by any merchant.
- With over 200 hosting partners, ShopSite has a large distribution channel.
- The employee ownership helps ShopSite, Inc. to care more and work harder.
"I believe we are the only major shopping cart vendor that can report any kind of profit according to generally accepted accounting principles" said Hills. He added that "while it is still early in 2002, thus far we are continuing to see sales increase and expect this year to be even better than the last."
ShopSite's financial information was reviewed by the accounting firm of Hawkins Cloward & Simister.
About ShopSite, Inc.
ShopSite, Inc. was founded in 1996 as iCentral, Inc. and developed the ShopSite product line. ShopSite's easy-to-use interface coupled with its powerful features have made it a favorite shopping cart of merchants worldwide. Hosting providers include Verio, Bizland, Lexiconn, and YourHost.com. ShopSite is headquartered in Provo, Utah. For more information, visit the company's Web site at www.shopsite.com or call 801-705-4100.
ShopSite is a registered trademark of ShopSite, Inc. in the United States and other countries. All other names are used for identification purposes only and may be trademarks of their respective owners.
