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.
"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.
ShopSite, Inc. is a private company based in Orem, Utah, and has provided electronic commerce software for the small- to medium-sized business since 1996. The company's software is an online catalog and shopping cart system that is extremely powerful and easy to learn. With ShopSite software, merchants can manage their online stores entirely, regardless of their technical background-there's no HTML coding required.
ShopSite is sold by hundreds of reseller partners, including hosting companies such as GoDaddy, Bluehost, LexiConn, pair Networks, HostMonster, and YourHost.com. Merchant web sites using ShopSite include: Tony Packos, e- Wedding Bands, MyBambino, W+S Water Safety Europe GmbH and thousands of others.
The ShopSite family includes four products:
A comprehensive list of features in all ShopSite products can be found at www.shopsite.com/scchecklist.html.
ShopSite is server-based software that works with existing Web browsers, which means that merchants do not need to download or install anything on their desktop in order to create and manage a ShopSite store. Merchants can preview a demo version of ShopSite and obtain pricing information by visiting www.shopsite.com.
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