LYNCHBURG, VA--(Marketwired - Aug 15, 2014) - Sitestar Corporation (OTCQB: SYTE), announced financial results for its second quarter ending June 30, 2014. Financial highlights for the six months include:
- Income from operations increased $38,017 or 22.6% from $168,565 for the six months ended June 30, 2013 to $206,582 for the same period in 2014.
- Net income increased $27,015 or 26.1% from $103,460 for the six months ended June 30, 2013 to $130,475 for the same period in 2014.
- Total costs of revenue decreased by $131,951 or 19.8% from $666,502 for the six months ended June 30, 2013 to $534,551 for the same period in 2014.
- EBITDA was $217,946, an increase of $39,227 or 22.0% from $178,719 for the same period in 2013.
- Real estate held for investment increased $286,470 or 53.9% to $817,635 from $531,165 on December 31, 2013.
"Sitestar is having a great year so far. Our Internet division is still generating a good cash flow that we are investing in real estate for the long term growth of the company. Our real estate division, so far this year, has rehabbed and rented a number of houses while making great progress on many other properties. Rental income is up over 66 percent from last year and we look for this to increase even more by the end of the year," said Frank R. Erhartic, Jr., CEO for Sitestar. "We have cut our direct expenses and increased our EBITDA providing us a platform for implementing our long-term goals and objectives."
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 invests in 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.