Sitestar Corporation (SYTE) propels higher on Q1 results
Posted on: May 18th, 2011Written by:
Sitestar Corporation (OTCBB: SYTE) jumped 166.7% in price Wednesday to 75-100ths of a cent, after reporting first-quarter financial results. Volume for the stock was 1.7 million shares.
The Lynchburg, Virginia-based technology company reported total revenue was $1,048,615, a decrease of $413,394 or 28.3% from $1,462,009 for the same period in 2010. Net income, however, was $454,989, an increase of $446,951 from $8,038 for the same period in 2010.
According to Sitestar CEO Frank Erhartic, Jr., “The financial landscape of Sitestar is showing the positive signs we have been looking for. A significant amount of our intangible assets are becoming fully amortized resulting in lower operating costs and higher net profits in our technology business. In addition, we have continued investing our surplus cash flows in real estate and anticipate this leading market will soon bear the fruit of our efforts.”
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.
