Sitestar Reports Fiscal 2009 Results
May 17 2010 - 2:23PM
Marketwired
Sitestar Corporation (OTCBB: SYTE), a holding company for
technology related businesses, announced financial results for its
year ended December 31, 2009 in which the Company posted another
profitable year. Financial highlights for the year include:
- Total Revenue was $7,692,908, a decrease of $1,092,651 or 12.4%
from $8,785,559 for the same period in 2008.
- EBITDA was $2,903,713, a decrease of $1,242,656 or 30.0% from
$4,146,369 for the same period in 2008.
- Net Income was $79,997, a decrease of $1,116,762 or 93.3% from
$1,196,759 for the same period in 2008.
- Outstanding shares were repurchased during 2009 under the
Repurchase Program. This reduced the outstanding shares by
6,888,953 from 83,088,658 to 76,199,705 from the same period in
2009.
"In spite of the worldwide economic challenge and the lack of a
major acquisition in 2009, we were able to still maintain our
profitability for 2009," said Frank R. Erhartic, Jr., CEO for
Sitestar. "We are also continuing to repurchase our company's stock
and have repurchased over 8 percent of the outstanding shares in
2009.
"Due to the change in the way Sitestar is now recording
revenues, we will be restating the 2008 10-K financials and the
quarterlies of 2009," commented Erhartic. "In the past, we recorded
revenues that caused the accumulation of late fees and other such
fees on non-collectable accounts and overstated revenue bad debt
expense and accounts receivable. We have adjusted our reporting to
more closely recognize what we expect to collect."
Commenting on the Company's outlook for the current fiscal year,
Mr. Erhartic added the following guidance, "We feel that many
companies have held off selling their companies to us due to the
economic uncertainty of their other ventures. Although we feel
acquisition is one of our best ways to acquire customers and
increase revenue, Sitestar will use its resources to expand into
new markets and products."
For more detailed information on Sitestar's financial position
and results of operations, please see the company's 10-K Edgar
filing at http://www.sec.gov.
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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