Sitestar Reports First Quarter 2011 Results
May 18 2011 - 7:00AM
Marketwired
Sitestar Corporation (OTCBB: SYTE), a holding company for
technology related businesses, announced financial results for its
first quarter ended March 31, 2011. Financial highlights for the
year include:
- Total Revenue was $1,048,615, a decrease of $413,394 or 28.3%
from $1,462,009 for the same period in 2010.
- Net income was $454,989, an increase of $446,951 from $8,038
for the same period in 2010.
- EBITDA was $314,976, a decrease of $222,808 or 41.4% from
$537,784 for the same period in 2010.
- Amortization of intangible assets decreased $336,781 or 73.4%
to $132,958 from $499,739 for the same period in 2010.
- Investments in real estate increased $862,970 or 167.5% to
$1,378,172 from $515,202 on December 31, 2010.
"The financial landscape of Sitestar is showing the positive
signs we have been looking for," said Frank R. Erhartic, Jr., CEO
for Sitestar. "A significant amount of our intangible assets are
becoming fully amortized resulting in lower operating costs and
higher net profits in our technology business. In addition, we have
continued investing our surplus cash flows in real estate and
anticipate this leading market will soon bear the fruit of our
efforts."
"We added another technology acquisition with NCISP.net in
March, contributing to the company's customer base," said Mr.
Erhartic, adding the following guidance, "Technology related
business and our investments in real estate will provide the
foundations for the future and successes of Sitestar."
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 a holding
company for technology related businesses, including Internet
Service Providers (ISPs) and computer sales and services. Sitestar
offers consumer and business-grade Internet access, web hosting and
computer related services. Other services offered are wholesale
managed modem and call center services for downstream ISPs.
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: Frank R. Erhartic, Jr. 434-239-4272 Email
Contact
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