Sitestar Reports Fiscal 2011 Results
April 04 2012 - 12:18PM
Marketwired
Sitestar Corporation (OTCBB: SYTE), a holding company for
technology related businesses and a real estate investment company,
announced financial results for its year ended December 31, 2011.
Financial highlights for the year include:
- Net income was $811,377, an increase of $1,566,086 from net
loss of $754,709 for the same period in 2010.
- Total Revenue was $4,562,562, a decrease of $489,354 or 9.7%
from $5,051,916 for the same period in 2010.
- EBITDA was $1,289,835, a decrease of $245,640 or 16.0% from
$1,535,475 for the same period in 2010.
- Outstanding shares were repurchased during 2011 under the
Repurchase Program. This reduced the outstanding shares by 650,000
from 74,735,705 to 74,085,705 from the same period in 2010.
- Real estate holdings at December 31, 2011 was $2,464,694, an
increase of $1,949,492 from $515,202 at the same time period in
2011.
"2011 was a great year for Sitestar; we launched our real estate
division and have been successful in attaining our goals," said
Frank R. Erhartic, Jr., CEO for Sitestar. "We think that our
strategy is well founded, scalable and a viable revenue source for
years to come. We continue to be excited about the opportunities
this affords us to increase our profitability and shareholder
value."
Mr. Erhartic added the following guidance for 2012, "As we
expand our real estate division, we will continue to evaluate and
scale the technology division and use its resources to expand into
new markets and products. We see there are still many opportunities
available to us to make money in this economy."
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 real estate investments and 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. Sitestar is also an
investor in and reseller of real estate that refurbishes and
markets real estate for resale. Sitestar also leases some of its
real estate properties. 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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