LYNCHBURG, VA -- (Marketwire) -- 05/18/11 -- 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.
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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