LYNCHBURG, VA -- (Marketwire) -- 08/14/12 -- Sitestar Corporation (OTCBB: SYTE), a holding company for technology related businesses, announced financial results for its second quarter ended June 30, 2012. Financial highlights for the year include:
- Total Revenue was $2,108,274, an increase of $105,914 or 5.3% from $2,002,360 for the same period in 2011.
- Income before income taxes was $423,596, an increase of $112,439 from $311,157 for the same period in 2011.
- EBITDA was $448,101, a decrease of $98,464 or 18.0% from $546,565 for the same period in 2011.
- Investments in real estate increased $198,488 or 8.1% to $2,663,182 from $2,464,694 on December 31, 2011.
"Both of our divisions, Internet and Real Estate, are making a positive effect on our bottom line," said Frank R. Erhartic, Jr., CEO for Sitestar. "Much of our amortization from purchasing other businesses is now expiring and resulting in lower operating costs. The Real Estate division is growing and may soon out-perform our Internet division. We believe there is no better time to invest in real estate than now."
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 real estate investment company and a holding company for technology related businesses, including Internet Service Providers (ISPs) and computer sales and services. The company offers consumer and business-grade Internet access, web hosting and computer related services. Headquartered in Lynchburg, Virginia, Sitestar maintains multiple sites of operation and provides services to customers throughout the U.S. and Canada. For more information, visit www.sitestar.com.
Frank R. Erhartic, Jr.
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