LYNCHBURG, VA -- (Marketwire) -- 04/01/11 -- 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.
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.
Frank R. Erhartic, Jr.
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