FOR IMMEDIATE RELEASE
Contact: Rodney E. Lake
Sitestar Corporation Announces Third Quarter 2017 Financial Results
Richmond, VA. — November 09, 2017 — Sitestar Corporation (OTCQB: SYTE) (“Sitestar” or the “Company”) today reported financial results for the quarter ended September 30, 2017.
Comprehensive income attributable to Sitestar Corporation Stockholders for the third quarter and nine months ending September 30, 2017, was $817,224 and $1,386,777, respectively. Book value per share was 5.4 cents at quarter end compared to 5.1 cents from the previous quarter end.
“Each Sitestar subsidiary had great results for the third quarter. David Waters deserves special recognition for Alluvial Capital’s outstanding performance in the quarter and throughout the year. We also successfully launched the Bonhoeffer Fund with Keith Smith and look forward to it being a meaningful contributor to our results in the future,” said Steven L. Kiel, Sitestar’s Chief Executive Officer.
The HVAC Operations team continues to work to further streamline operations, generating revenue of $1,332,239 for the third quarter and $3,526,913 for the nine months ending September 30, 2017.
Sitestar’s Internet Operations had another steady quarter and continues to provide cash to the corporate headquarters to be redeployed.
Real Estate Operations
Sitestar created a wholly owned real estate subsidiary on July 10, 2017, named EDI Real Estate, LLC, in which we placed our legacy real estate holdings. Through EDI Real Estate, Sitestar owns a real estate investment portfolio that includes ten residential properties, vacant land, and one commercial property. Our real estate portfolio is primarily focused in the Roanoke and Lynchburg areas of Virginia.
The Company sold three residential properties in the quarter ended September 30, 2017, for net proceeds of $271,037. The carrying value of the three properties sold was $275,541.