Sitestar Continues Positive Cash Flow
Company Announces Quarterly and 1st Half Results
2nd Quarter Revenues were $920,000, a 138% Growth from Same Quarter Last Year
1st Half Revenues Were $1.83 Million, a 124% Growth From 1st Half of Last Year
SHERMAN OAKS, Calif.--(BUSINESS WIRE)--Aug. 14, 2001-- Sitestar Corporation (OTCBB:SYTE - news), a technology investment company,
today reported results for the quarter and 1st half ended June 30, 2001:
Revenues for the quarter ended June 30, 2001, increased to $920,000 from $387,000 for the same period of 2000.
Revenues for the 1st half ended June 30, 2001, increased to $1.83 million from $816,000 for the same period of 2000.
Excluding non-cash items such as depreciation, amortization, stock based compensation and goodwill impairment, the adjusted EBITDA for the
1st half was $549,000.
On a net earnings per share basis, Sitestar lost $0.01 per share for the 1st half. However, on a pro forma cash earnings per share basis, Sitestar
earned $516,000 or $0.01 per share. Pro forma defined as earnings less non-cash expenses and charges.
Sitestar ended the quarter with $834,000 in cash and marketable securities and $3.45 mm in shareholder equity, a gain of about $250,000 from
the 1st quarter of this year.
``We are excited with the continued momentum we are experiencing in our core business in spite of the perceived economic slowdown,'' commented
Clinton J. Sallee, president and chief executive officer of Sitestar Corporation.
``Our business continues to grow as reflected in our revenue growth and the strength of our operating cash flows,'' continued Sallee. ``Based on these
recent results and the revenue and earnings contributions of our recent acquisition of Advanced Internet, we estimate that Sitestar will earn
approximately 1.2 cents per share on a pro forma cash EPS basis. Based on these estimates, our stock may be trading at an extremely low multiple
relative to historical standards, which further validates managements' assertion of the stock's unreasonably low valuation.'' |
