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Sitestar Reports Fiscal 2009 Results
Lynchburg, Virginia ? April 17, 2010 ? ? Sitestar Corporation (OTCBB: SYTE), a holding company for technology related businesses, announced financial results for its year ended December 31, 2009 in which the Company posted another profitable year. Financial highlights for the year include:
o Total Revenue was $7,692,908, a decrease of $1,092,651 or 12.4% from $8,785,559 for the same period in 2008.
o EBITDA was $2,903,713, a decrease of $1,242,656 or 30.0% from $4,146,369 for the same period in 2008.
o Net Income was $79,997, a decrease of $1,116,762 or 93.3% from $1,196,759 for the same period in 2008.
o Outstanding shares were repurchased during 2009 under the Repurchase Program. This reduced the outstanding shares by 6,888,953 from 83,088,658 to 76,199,705 from the same period in 2009.
?In spite of the worldwide economic challenge and the lack of a major acquisition in 2009, we were able to still maintain our profitability for 2009,? said Frank R. Erhartic, Jr., CEO for Sitestar. ?We are also continuing to repurchase our company?s stock and have repurchased over 8 percent of the outstanding shares in 2009.
?Due to the change in the way Sitestar is now recording revenues, we will be restating the 2008 10-K financials and the quarterlies of 2009,? commented Erhartic. ?In the past, we recorded revenues that caused the accumulation of late fees and other such fees on non-collectable accounts and overstated revenue bad debt expense and accounts receivable. We have adjusted our reporting to more closely recognize what we expect to collect.?
Commenting on the Company?s outlook for the current fiscal year, Mr. Erhartic added the following guidance, ?We feel that many companies have held off selling their companies to us due to the economic uncertainty of their other ventures. Although we feel acquisition is one of our best ways to acquire customers and increase revenue, Sitestar will use its resources to expand into new markets and products.?
For more detailed information on Sitestar?s financial position and results of operations, please see the company?s 10-K Edgar filing at http://www.sec.gov .
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.
Spike,
Investforprofit only speaks for himself. He does not represent actual stockholders in this company. Apparantly, it would appear that the current stockholders are either in the money, or believe good things are happening. Why else would someone be foolish to keep an investment that they thought was a bad one?
ITEM 4.01 Changes in Registrant’s Certifying Accountant
On April 15, 2010 Sitestar Corporation (the “Company”) advised Friedman LLP (“Friedman”), who was previously engaged as the Company’s independent registered public accounting firm of their dismissal. The decision to dismiss Freidman was recommended and approved by the Company’s Board of Directors.
Friedman has not issued any audit reports on the consolidated financial statements of the Company, and therefore, none exist that contain an adverse opinion or a disclaimer of opinion or were qualified or modified as to uncertainty, audit scope, or accounting principals. Friedman has not issued any audit reports on the Company’s effectiveness of internal control over financial reporting, and therefore, none exist that contain an adverse opinion or a disclaimer of opinion or were qualified or modified as to uncertainty, audit scope, or accounting principals. During the period January 29, 2010 through April 15, 2010, there were no: (1) disagreements with Friedman on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreement, or (2) reportable events.
The Company furnished Friedman with a copy of this report prior to filing with the SEC and requested that Friedman furnish it with a letter addressed to the SEC stating whether or not it agreed with the statements made by the Company in this report insofar as they relate to Friedman’s audit services and engagement as the Company’s independent registered public accounting firm. The Company will file an amendment to this current report on Form 8-K following its receipt of Friedman’s letter to the Securities and Exchange Commission responding to this disclosure.
I used the treatment for engines over 100,000 and thought it worked very well...and credit it with extending the life of the engine and running very smooth.
I don't call them fluff....however, it would certainly help if they would announce sales contracts of size and duration. I get a little nervous when companies try the shotgun approach, without first securing a spot in their initial target market. Things change though...and maybe they are just staying ahead of it.
We are on a very short timeline though, for a confirmation of their strategies or a notice of failure.
LOL....sensitive.
In order to be back...you have to leave first.
Accounting Today Ranks Friedman LLP #6 Among Large U.S. Firms in Workplace Ratings
New York, NY, January 27 — Friedman LLP earned high marks in Accounting Today’s 2009 Best Accounting Firms to Work For survey, ranking 6th among firms with 250 or more employees.
“Friedman LLP has a strong tradition of caring about its employees, and one of our central jobs is to make employees feel appreciated,” said Managing Partner Bruce Madnick. “This award is a tremendous honor, and it reflects the fact that our employees really enjoy our environment and what we have to offer.”
The survey and recognition program is dedicated to finding, recognizing and honoring the best employers in the accounting profession. Scores from confidential employee surveys were combined with employer surveys detailing the firm’s benefits and practices.
For more information, visit http://www.webcpa.com/ato_issues/23_19/the-2009-best-accounting-firms-to-work-for-52631-1.html?pg=3.
----------------------------------------------
About Friedman LLP
Friedman LLP, Accountants and Advisors, is headquartered in New York City with offices in New Jersey and Long Island. Friedman LLP employs over 325 personnel, providing accounting, tax and consulting services to public and privately held companies. For further information, contact Diane Paoletta at 212.842.7025 or visit our website at http://www.friedmanllp.com/.
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Over 13 million shares traded today....
No, I don't believe Global is responsible for XLPI as a subsidiary. It is not wholly owned and it is a separate, legal entity on to itself. Unless you can pierce the corporate veil...which is pretty tough to do.
I don't believed XLPI ever announced a deal with any resale company in the original email...only the marketing company. It was one of those "pre" announcements.
Here is the pertinent sentence again from the press release:
"XcelPlus International (Pink Sheets:XLPI) announces the signing of a definitive marketing agreement with RPS Marketing has been signed. RPS is working to assist XcelPlus International in the placing in O’Reillys/CSK’s with 3400 locations the Lubrilon line of automotive products."
TOPPING, Va., Jan. 19, 2010 (GLOBE NEWSWIRE) -- XcelPlus International (Pink Sheets:XLPI) announces the signing of a definitive marketing agreement with RPS Marketing has been signed. RPS is working to assist XcelPlus International in the placing in O’Reillys/CSK’s with 3400 locations the Lubrilon line of automotive products.
Asad A. Azhar XcelPlus’ new National Sales Director is working to push the Lubrilon Engine Treatment line of products into as many national retail locations as possible. With a background in retail sales, Mr. Azhar has made a natural fit into our team here at XcelPlus.
The first of the Lubrilon commercials have been edited and are now posting for national airing through the Dish Network this week. We are anticipating this to help our product shelf pull through program we have been developing.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties, including, without limitation, the ability to obtain financing and regulatory and shareholder approval for anticipated actions.
truth..how have they managed to get this stock from a few pennies to over .20 is the better question?
Talk about selling on the news...
It is easier when people stick to real facts, and not ones that they have conjured up in their head. Give a guy a share of stock and they think that they are entitled to micro-manage a company. They seem to forget the big picture and the funny thing is that their own checkbook is probably out of balance.
Parsons has his shortfalls like any manager or fortune 500 CEO, but I sure can't complain about the success of this company so far. I just wish that would translate to XLPI.
"out of control expenses"...is that another one of your "facts"? And yes, company's do spend money they don't have all of the time and yes, sometimes it is in the best interest of the company to dilute the shares...it happens every day. Some do it better than others. Maybe you are not very familiar with startup company's?
I am not aware of any Gen-X stock issuance. All this stuff you say it like they are facts. Tell me where they said they would be issuing stock for Gen-X? And "the voice of reason"....wow, you sure are high and mighty. You are the voice of gloom and doom and that IS a fact. And you are very good at pointing out Parson shortfalls, true and imagined. I am also very glad that you have taken a poll and know what the majority of the members here are thinking...another "fact" I guess.
I can always rely on you to brag about how much money you say you make...always makes me LOL (as you so often say).
Again, you always seem to be rewriting the written word. I never told you to love the company...don't care and don't know you well enough to know if I should hate you, like you said. Maybe that is just your insecurities talking. You keep saying you are gone, but yet here you are.
Funny that.
Oddly enough...the market does not seem to care.
Again...you have far too much time on your hands to posts such long, and tiring posts. Be concise and to the point.
I made it through the first two paragraphs before I lost interest.
You are a trader...I invest in companies and people. You don't care about the company or the people...you just want the stock to swing up or down, traders don't care. Some posters are overly negative and then positive because of that fact. Why someone like you post here is beyond me.
And yet my questions were never answered. You would think a stockholder could give me a reason why he continues to hold a stock that he thinks the management lies. That is a reasonable question. I would dump a stock so fast if I thought management ever lied to me. In these types of stocks, management is EVERYTHING...so much more important than the product or service. If the investor does not realize that...than they are in the wrong place.
If the "stockholder" chooses to not give an answer, but feels free to run an overtly negative campaign...that is telling in itself.
Wow...knowing the future as a "fact", really impressive. That you "know as a fact" that December sales will be down...that is really seeing the future.
What I really don't understand is that you are so sure that the stock is going to go down and that Parson may or did lie to you...why aren't you selling?
I truly don't understand why you would continue to hold a stock you are so adamant is managed by incompetents? Or, are you one of "those people" that just wants to help out us little people and spare us from scams?
If you are long on the stock, what possible motive could you have for remaining as an unhappy stockholder?
Despite some posters questionable motives and constant, negative approach to this stock here...what are the chances that the S-1 filing could mean that they will have a stock offering?
Form S-1
From Wikipedia, the free encyclopedia
Form S-1 is an SEC filing used by public companies to register their securities with the U.S. Securities and Exchange Commission (SEC). The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (IPO). Other less detailed registration forms, such as Form S-3 may be used for certain registrations.
Volume is way up and the price keeps hitting .01....something is pushing this stock. What happens if it bust through the resistance of .01?
It just took him 4 years to speak up and say something...he is a little shy.
ahhhh, crap.....9 years.
Does the profit margin change...? Profit margin is expressed in percentages...so your net or gross profit increases or decreases while your margin stays the same. So as oil rises in price, your profit margins stay the same, but you reap a higher profit.
25% of $100
vs.
25% of $125
I was working off his statement that they were running 60% ahead of September, plus one day.
Maybe you should learn a little bit more about business along the way....count the number of business days in the month.
That brings it back to 3mm.
Oops. I thought Sept. was 2.8.
Actually, if you do the math, they should be closer to $4.5mm if the sales trend holds.
You should be low. I would guess that they would like to be over 3mm for October and October has one more business day than September. They should be over 3mm for the month.
News would be exceptional and potentially huge for the stock.
Good correction...climb back up on above average volume.
0.0075 UP0.0025 UP50.00%
— — — Real-Time Quote — — —
Day Low 0.002 01:00 PM EDT
Day High 0.0076 12:39 PM EDT
Volume 836,905
30-Day Avg Vol 513,000
Yep, it is getting a lot of good activity today. Somebody knows something that we do not.
0.008 UP0.0051 UP175.86%
Shatters 52 week high
Day High 0.00812:42 PM EDT
0.006 UP 0.0031 UP 106.90%
as of 02:12 PM
Day Low 0.00299:51 AM EDT
Day High 0.00812:42 PM EDT
Volume 2.89 M
30-Day Avg Vol 348,000