Sitestar Reports Annual 2013 Results
April 15 2014 - 12:47PM
Marketwired
Sitestar Reports Annual 2013 Results
LYNCHBURG, VA--(Marketwired - Apr 15, 2014) - Sitestar
Corporation (OTCQB: SYTE), a company that invests in real estate
and operates various technology related businesses, announced
financial results for its year ended December 31,
2013. Financial highlights for the year include:
- Total Revenue was $2,553,749, a decrease of $1,004,808 or 28.2%
from $3,558,557 for the same period in 2012.
- Total costs of revenue decreased by $816,051 or 37.8% from
$2,156,381 for the year ended December 31, 2012 to $1,340,330 for
the same period in 2013.
- EBITDA was $447,983, a decrease of $192,922 or 30.1% from
$640,905 for the same period in 2011.
- Real estate held for resale increased $270,483 or 11.1% to
$2,712,441 from $2,441,958 on December 31, 2012.
- Real estate held for investment increased $54,860 or 11.1% to
$531,165 from $476,305 on December 31, 2012.
"Our Internet and Real Estate division continues to be
profitable," said Frank R. Erhartic, Jr., CEO for Sitestar. "Last
year we cut costs in our Internet division and have been
concentrating on refurbishing our Real Estate Rental Properties and
getting them rented. This gives us an excellent return on
investment over time, increased equity and monthly cash flows. As
we build our real estate investments, we will be able use this to
leverage bigger and better deals in the future."
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 real estate investment company and
an Internet Service Provider (ISP). The real estate division
refurbishes real estate in order to rent or resell the
properties. Sitestar offers consumer and business-grade Web
hosting as well as Internet access through dial-up, DSL and
fiber. The company provides services to customers throughout
the U.S. and Canada. For more information, visit
www.sitestar.com.
Contact: Frank R. Erhartic, Jr. 434-239-4272 Email
Contact
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