SITESTAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(UNAUDITED)
2010
REVENUE 1,196,920
COST OF REVENUE 555,294
GROSS PROFIT 641,626
OPERATING EXPENSES:
Selling general and administrative expenses 798,126
INCOME (LOSS) FROM OPERATIONS (156,500 )
OTHER INCOME (EXPENSES):
Other expenses (1,413 )
Gain on sale of real estate held for investment - 144,472
INCOME (LOSS) BEFORE INCOME TAXES (157,913 )
INCOME TAXES (EXPENSE) BENEFIT ((303,238 )
NET INCOME (LOSS) $ (461,151 )
BASIC AND DILUTED EARNINGS PER SHARE $ (0.06138 )
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC AND DILUTED 75,124,922
SITESTAR CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(UNAUDITED)
2011
REVENUE
$ 857,465
COST OF REVENUE
398,778
GROSS PROFIT
458,687
OPERATING EXPENSES:
Selling general and administrative expenses
238,970
INCOME (LOSS) FROM OPERATIONS
219,717
(OTHER INCOME )
(EXPENSES):
Other expenses
(3,673 ) Gain on sale of real estate held for investment
148,145 -
INCOME (LOSS) BEFORE INCOME TAXES
364,189
INCOME TAXES (EXPENSE) BENEFIT
(250,496 ) NET INCOME (LOSS)
$ 113,693
BASIC AND DILUTED EARNINGS PER SHARE
$ 0.001535
WEIGHTED AVERAGE SHARES
OUTSTANDING - BASIC AND DILUTED
74,085,705 |
