Hartcourt Reports Substantial Improvements on Q1 Financial Results
THURSDAY , MAY 15, 2003 03:11 AM
LOS ANGELES, May 15, 2003 /PRNewswire-FirstCall via COMTEX/ -- The Hartcourt
Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com
, today reported financial results for the first quarter of 2003. Revenues for
the quarter were $5,722,349 as compared to $119,344 for the last quarter of
2002. Hartcourt recorded a loss of $186,916 or $0.00 per share, as compared to a
loss of $768,523 during the same quarter of 2002.
The increase in revenue was due to the consolidation of one-month operation of
HuaQing, a recent acquisition. The cash position has improved from $79,845 as of
31 December 2002 to $2,987,588 as of 31 March 2003. The actual loss on ongoing
operation was narrowed to only $30,383 (before depreciation and impairment). The
current ratio of assets over liabilities is positive.
Mr. Richard Yan, Acting CFO of Hartcourt, comments," We look forward to Q2; as
we shall be able to consolidate all 3 months of HuaQing operation, as well as
additional revenue and income from NewHuaSun and GuoWei. There might be some
impact from SARS epidemic, but the positive trend will continue."
Since February 2003, Hartcourt has acquired controlling interest of HuaQing,
NewHuaSun and GuoWei, all top PC marketers and distributors in China and
dominant players in their own geographical areas. The combined revenue in 2002
of these subsidiaries was US$145 Million with a net profit of US$2.5 Million.
IDC expects the PC market in China to grow an average of 18-22% percent from now
to 2006.
About Hartcourt
The Hartcourt Companies, Inc. is an investment holding and developing company
specializing in the acquisition and development of private companies within
high-growth industries in China. Hartcourt's business strategy is to add
substantial value in terms of financial restructuring, strategic consolidation
and corporate governance to enable its subsidiaries to grow and expand faster
with the ultimate objective of mature divesture via public markets. Detailed
information on Hartcourt can be obtained via the company's Web site:
www.hartcourt.com .
Forward-looking statements
The statements made in this press release, which are not historical facts,
contain certain forward-looking statements concerning potential developments
affecting the business, prospects, financial condition and other aspects of the
company to which this release pertains. The actual results of the specific items
described in this release, and the company's operations generally, may differ
materially from what is projected in such forward- looking statements. Although
such statements are based upon the best judgments of management of the company
as of the date of this release, significant deviations in magnitude, timing and
other factors may result from business risks and uncertainties including,
without limitation, the company's dependence on third parties, general market
and economic conditions, technical factors, the availability of outside capital,
receipt of revenues and other factors, many of which are beyond the control of
the company. The company disclaims any obligation to update information
contained in any forward- looking statement.
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