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.
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.