Sitestar Reports Fiscal 2010 Results
01 April 2011 - 9:00PM
Marketwired
Sitestar Corporation (OTCBB: SYTE), a holding company for
technology related businesses, announced financial results for its
year ended December 31, 2010. Financial highlights for the year
include:
- Total Revenue was $5,051,916, a decrease of $2,640,992 or 34.3%
from $7,692,908 for the same period in 2009.
- EBITDA was $1,532,266, a decrease of $1,371,453 or 47.2% from
$2,903,719 for the same period in 2008.
- Net loss was $757,409, a decrease of $837,406 from net profit
of $79,997 for the same period in 2009.
- Outstanding shares were repurchased during 2009 under the
Repurchase Program. This reduced the outstanding shares by
1,464,000 from 76,199,705 to 74,735,705 from the same period in
2009.
"We continue to have positive cash flows even though our
revenues and profits have decreased," said Frank R. Erhartic, Jr.,
CEO for Sitestar. "We were not able to close any major acquisitions
in 2010 and with the decline of our existing dial-up customer base,
our revenues have suffered. Amortization of previous acquisition
costs in 2010 and future years makes our profits less favorable
even though our cash flows are still very good."
"Since we have been able to accumulate a significant amount of
cash over the last couple of years, we decided to invest in real
estate in a time when it can be acquired at a bargain. These
properties are refurbished as needed to maximize the market appeal
and placed on the market when they are ready," said Erhartic. "We
believe that investment in foreclosed or other distressed
properties can yield a positive return on our investment while we
look for other acquisition opportunities to expand our tech related
business."
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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