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Sitestar Reports Fiscal 2011 ResultsCompany Posts Significant Increase in Net Income & Real Estate Investments Over Previous Year (April 04, 2012)
LYNCHBURG, VA -- (Marketwire) -- 04/04/12 -- 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.
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.
Frank R. Erhartic, Jr.
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