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GTEL right @ HOD
GTEL @ HOD
To the na sayer's, if you don't like waiting sell and move on.
HRCT will make it in time. We are building a BILLION dollar company wake up and smell the coffee. This news is excellent,
It shows confidence in the future of HRCT by the big investors.... Wake up....
MDPA is up 4 chart looks good for 1.10
Go HRCT!
With everything going on in China and HRCT building a Billion dollar Company in what will soon be the largest consumer on the face of the Earth. This stock price will make everyone invested very happy in the near future....
Regards,
Show
I'm right here....
HRCT THE HARTCOURT COMPANIES, INC.
--------------------------------------------------------------------------------
VOLUME(+): HRCT Volume 51% > 20-adsv, Stock +4.83%
FRIDAY , JANUARY 09, 2004 02:10 PM
This is the 1st VOLUME alert for HRCT in the past 7 calendar days.
Trading for The Hartcourt Companies, Inc. (OTCBB: HRCT) has been heavier than usual in today's session. By 14:10 ET, the stock had already traded 368,300 shares via 50 trades. The cumulative volume is 50.81% above its 20-day average of 244,209. Normally the stock experiences around 50 individual trades per session.
So far, today's volume surge has caused a net rise in HRCT's stock price. At the time of this alert, the stock was trading at $0.629, up $0.029 (+4.83%).
One year ago, the Company's shares closed at $0.070. The price has gained more than 798 percent since then.
Over the last 10 trading session HRCT has traded in a range between $0.575 and $0.635 and is currently trading 43.84% below its 52-week high of $1.120 set on May 16, 2003 and 1043.64% above its 52-week low of $0.055 from February 18, 2003.
In the previous 3 sessions, HRCT trading has displayed a mixed trend. Closing results have been as follows:
January 08, 2004 --- closed at $0.600 even for the day on 150,800 shares
January 07, 2004 --- closed at $0.600 down $0.030 (-4.76%) on 353,900 shares
January 06, 2004 --- closed at $0.630 even for the day on 264,400 shares
The Company last released news on December 16, 2003:
"Hartcourt Announces Acquisition of Beijing Challenger Group of Companies, Key Distributor of IBM Products"
THE HARTCOURT COMPANIES, INC.
The Hartcourt Companies, Inc. is an investment holding and corporate development company focusing on the acquisition of private companies within high-growth industries in China with the goal of building stronger businesses. The Company's business strategy is to bring together a group of complimentary companies, add substantial value in terms of financial restructuring, strategic planning and corporate governance to enable these subsidiaries to fully realize the value of their assets and become public companies.
--------------------------------------------------------------------------------
Copyright © 2002. The Nasdaq Stock Market, Inc
Copyright ©2002 Knobias.com, LLC
HRCT will show me the way to early retirement at 40. (I hope...LOL)
Heres link WOW That is the single BEST NEWS we can get! S o excited that Im hunt and pecking. lol
heres link
08 Jan 2004, 01:54 PM EST
Msg. 83624 of 83645
Jump to msg. #
Insider Acquires 172,413,794 shares! form 4 just filed!
http://www.sec.gov/Archives/edgar/data/1079893/000114420404000144/xslF345X02/v01195_perkinsex.xml
Ibiz Technology Corp (OTC BB) Profile News Chart Analyst Insider Financials Msgs SEC Options More
IBZT Last: 0.06 Change: +0.00 +5.17% Volume: 396,043,775 4:06pm
1/7/2004 Choose your broker
After Hours: 0.07 +0.01 21.31% 29,755,000 4:22pm
1/7/2004
"IBZT" after hour trading shows
http://cbs.marketwatch.com/tools/quotes/quotes.asp?symb=ibzt&siteid=mktw&dist=mktwqn
Hogs,
I get the same feeling on that interview. We are on a wild ride with this one.
Regards,
Show
Mt.Blanc,
Your right on the money....
Regards,
Show
Check this out!!!!
http://www.pcdevelopmint.com/ibzt/ibzt.wmv
Show
I've been there and done that.
Regards
Show
IBZT Just hit .08
Yes sir....
To the moon alice (IBZT)
Regards,
Show
JUST HIT.06
IBZT IS GOING WILD IN PRE-MARKET
VOLUME(+): HRCT Volume 27% > 20-adsv, Stock +1.64%
MONDAY , JANUARY 05, 2004 10:50 AM
This is the 1st VOLUME alert for HRCT in the past 7 calendar days.
Trading for The Hartcourt Companies, Inc. (OTCBB: HRCT) has been heavier than usual in today's session. By 10:50 ET, the stock had already traded 272,900 shares via 24 trades. The cumulative volume is 26.67% above its 20-day average of 215,434. Normally the stock experiences around 41 individual trades per session.
So far, today's volume surge has caused a net rise in HRCT's stock price. At the time of this alert, the stock was trading at $0.620, up $0.010 (+1.64%).
One year ago, the Company's shares closed at $0.077. The price has gained more than 705 percent since then.
Over the last 10 trading session HRCT has traded in a range between $0.575 and $0.620 and is currently trading 44.64% below its 52-week high of $1.120 set on May 16, 2003 and 1027.27% above its 52-week low of $0.055 from February 18, 2003.
In the previous 3 sessions, HRCT trading has displayed a mixed trend. Closing results have been as follows:
January 02, 2004 --- closed at $0.610 up $0.020 (+3.39%) on 196,200 shares
December 31, 2003 --- closed at $0.590 even for the day on 182,600 shares
December 30, 2003 --- closed at $0.590 down $0.010 (-1.67%) on 273,200 shares
The Company last released news on December 16, 2003:
"Hartcourt Announces Acquisition of Beijing Challenger Group of Companies, Key Distributor of IBM Products"
THE HARTCOURT COMPANIES, INC.
The Hartcourt Companies, Inc. is an investment holding and corporate development company focusing on the acquisition of private companies within high-growth industries in China with the goal of building stronger businesses. The Company's business strategy is to bring together a group of complimentary companies, add substantial value in terms of financial restructuring, strategic planning and corporate governance to enable these subsidiaries to fully realize the value of their assets and become public companies.
--------------------------------------------------------------------------------
Copyright © 2002. The Nasdaq Stock Market, Inc
Copyright ©2002 Knobias.com, LLC
HRCT will show me the way to early retirement at 40. (I hope...LOL)
January 05, 2004 11:17:00 (ET)
MIAMI, Jan 5, 2004 (BUSINESS WIRE) -- GlobeTel Communications Corp. (GTEL, Trade), today announced the launch of TXT Card in the UK and Europe through a development agreement with UK based software developer, Hybyte Limited.
Globetel, under its agreement with Hybyte, will provide the funding to fully develop and market the TXT Card product worldwide. Hybyte will provide the software development software and enabling technology necessary to develop, implement and maintain the TXT Card product while Globe Tel will provide the sales and marketing effort.
TXT Card is a new, innovative method of providing pre-paid calling cards and other Virtual Products for Mobile phone users. Mobile phone users simply pay for pre-paid calling services, such as accessing low International rates, by sending a SMS request to purchase a virtual calling card, and almost instantly, the user receives back a PIN, enabling them to make international or long distance calls. Payment is linked to the customers' Mobile phone account or to the customers' debit/credit cards like GlobeTel's Pre-paid Magic Money Card which is also expected to launch in 2004 in Europe.
The TXT Card enables the calling card provider to sell direct to the end mobile user, eliminating significant distribution costs like distributor's margin, cost of cards, cash handling, and bad debts.
This service is being launched initially in the UK and Germany in January 2004 where SMS is used extensively. International markets including Asia Pacific will be opened in second Quarter 2004.
Key Market Drivers for TXT Card:
-- 2 billion + SMS messages are sent in UK and Europe every month
-- SMS campaigns create impact, strong brand loyalty
-- SMS usage is growing fast as users age
-- Over 50% of UK calling cards are used from Mobiles
-- SMS usage is growing fast - universally understood
-- SMS usage in Asia is huge and the US acceptance is expected to
grow significantly in 2004
-- Consumers lack trust in retail "shop window" cards
-- Premium Rate Service Text fastest growing part of the SMS
market
-- 80% prefer SMS to IVR for Premium Rate Services
-- Reduces cost of distribution by up to 40%
-- Increases revenue by up to 25%
-- Establishes a direct relationship with the customer
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Placement Act of 1995. The words "forecast", "project", "intend", "expect", "should", "would", and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The above are more fully discussed in the Company's SEC filings.
SOURCE: GlobeTel Communications Corp.
GlobeTel Communications Corp., Miami
Timothy M. Huff, 305-579-9922
Fax: 305-579-9930
email: shareholder@globetel.net
Customize your Business Wire news & multimedia to match your needs.
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Logon for FREE today at www.BusinessWire.com.
Copyright (C) 2004 Business Wire. All rights reserved.
CYTP moving again
I have a buy in @.0021 over 1mil shares
*****NEWS****NEWS*****NEWS****
Hartcourt Announces Acquisition of Beijing Challenger Group of Companies,Key Distributor of IBM Products
LOS ANGELES, Dec 16, 2003 /PRNewswire-FirstCall via COMTEX/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT) (Frankfurt: 900009), www.hartcourt.com , China's fastest growing IT distribution and retail company, announced today that it has signed a definitive agreement to purchase 51% percent of Beijing Challenger group of companies, comprised of four wholly owned companies located in Beijing and one located in Shanghai. The Challenger acquisition effectively placed Hartcourt into the Top 5 ranking in the IT distribution and retail sector and its entry into the very important Northern China market.
The purchase price for 51 percent of Challenger is 31.3 Million RMB (US$3.8 Million) payable in 6,324,748 restricted common shares of Hartcourt, calculated at US$0.60 a share, and an investment of 5 Million RMB (US$610,000) into one of the wholly-owned subsidiaries of Challenger to strengthen its growth. The management team of the group will hold the remaining 49% of Challenger.
Started in 1995, Challenger is currently one of the key regional distributors and marketing partners for IBM (www.ibm.com). Challenger's five subsidiaries specialize in the full range of IBM products including NT server, UNIX server, storage devices, notebook and desktop computers, as well as offering complete range of integrated solutions to its customers in corporate, education, defense, banking, telecommunication and government sectors. Its sales network covers the Northern China market including Beijing, Tianjin, Shandong, Shanxi, Hebei, Henan, and Inner Mongolia.
For the first 10 months of 2003, Challenger recorded combined revenue of RMB 448 mil (US$54.4 Million) and profit of RMB 8.4 mil (US$1.0 Million). Projected revenue and net profit for 2003 are RMB 537.6 Million (US$ 65.2 Million) and RMB10.1Million (US$1.22 Million), respectively. The 5 Hartcourt subsidiaries, Huaqing, Guowei, Newhuasun, Zhongnan, and Pengyang, are projected to reach RMB 1,530 Million (US$185 Million) in revenue and RMB 26 Million (US$ 3.2 Million) in net profit in 2003. The consolidated revenue and earning of these two groups on an annualized basis would be US$ 250.2 Million in revenue and US $4.19 Million in net profit.
More details on Challenger could be obtained from its Web sites, www.changdegroup.com, www.shhelian.com or www.itserver.com.cn.
Mr. Song Ming, Chairman of Challenger Group, comments, "We are excited to join Hartcourt's fast growing network of distribution channels. The synergy with current Hartcourt subsidiaries will enable us to improve our profit margin and financial management. We look forward to contribute strongly to Hartcourt's growth, and we hope to tap into the resources of Hartcourt worldwide to expand strategically with more American and European partners."
About Hartcourt
The Hartcourt Companies, Inc. is one of China's fastest growing companies in the IT distribution and retail services sector. Hartcourt's growth strategy is to acquire controlling interests in profitable companies with proven management within this sector in key geographical areas of China. Recent acquisitions of Hartcourt included six key IT distribution and retail services companies covering all major regions of China that have highest GDP-per-capita in China. Detailed information on Hartcourt can be obtained from our 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.
SOURCE Hartcourt Companies, Inc.
CONTACT: Ms. Cathy Kuang of Hartcourt Companies, Inc., + 8621 5213 0673,
or Fax, + 8621 5213 0664, ckuang@hartcourt.com
URL: www.hartcourt.com
www.prnewswire.com
Omni,
Are you still in CYPT
and where is it headed...
I say olddog wins hands down!!!!
Show
CWIR on the move
Former Finance Director of Dell (China) joins Hartcourt
Stock up .05
Ms. Carrie Hartwick is appointed President and CFO
Los Angeles, CA, December 2nd, -- /MarketWire/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT) (Frankfurt: 900009), www.hartcourt.com , China's fastest growing IT distribution and retail company, today announced that it has appointed Ms Carrie Hartwick as President and Chief Financial Officer as of December 1st, 2003.
Ms Hartwick brings to Hartcourt over 17 years of operating experiences in finance, tax, audit, legal, business operations and information system management. She has spent the last 7 years in China, mastering the internal control system of large US operations in this complex market. Prior to Hartcourt, she served as Finance Director of China for Dell, one of the largest PC/IT companies in the world, managing an annual revenue stream of US$1.3 billion in China, the fastest growing market for Dell. During her distinguished career, she also served as the Finance Director of China for Gillette, and held various positions within Johnson & Johnson including Finance Controller for Johnson & Johnson (Shanghai). Ms Hartwick holds Bachelor of Accounting degree from Rutgers University.
Mr. David Chen will remain as CEO of Hartcourt and assume the additional responsibility as the Interim Chairman of the Board. With the sharing of responsibilities by the new President & CFO, Mr. Chen will now have time to focus his resources on expanding the Hartcourt network of companies by mergers and acquisitions.
Since the recent acquisition of four Chinese companies in the field of IT distribution and retail, Hartcourt has become the fastest growing and one of the largest companies in this sector in China. Under the leadership of Ms Hartwick, Hartcourt will conduct a series of studies on all aspects of its subsidiaries' operations and implement various plans in the area of internal control, finance management, and information systems to improve the overall accountability, return on investment, and operational efficiency and especially, a higher level of corporate governance.
Mr. David Chen, CEO and Interim Chairman of Hartcourt, comments: "We are thrilled to welcome Ms. Carrie Hartwick as the newest member of the Hartcourt team. She will bring invaluable experiences in managing China businesses, especially internal control of operational and financial operations. She will further strengthen our management team and help Hartcourt to streamline and integrate our various subsidiaries to achieve the goal of becoming one of top three IT distribution and retail companies in China".
About Hartcourt
The Hartcourt Companies, Inc. is one of China's fastest growing companies in the IT product distribution and retail services sector. Hartcourt's growth strategy is to acquire controlling interests in profitable companies with proven management within this sector in key geographical areas of China. Recent acquisitions of Hartcourt included four major IT distribution and retail services companies in Eastern and Southern China (amongst the highest GDP-per-capita in China). Detailed information on Hartcourt can be obtained from: 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.
Contact: Ms. Cathy Kuang Tel: 8621 5213 0673 Fax: 8621 5213 0664
Email: cathy.kuang@hartcourt.com
i_like_bb_stock
I'm still in with 50k shares
ADVR .20
Have a great holiday all!!!!
Show
Central Wireless Acquires Towers
November 21, 2003 07:01:00 (ET)
SARASOTA, Fla., Nov 21, 2003 (BUSINESS WIRE) -- Central Wireless, Inc. (CWIR, Trade) announced today that it has acquired three 260 ft. guyed towers for installation at future sites. The towers were acquired from Diversified Management, Inc. Specific terms and conditions were not announced.
Each of the towers are capable of handling up to four wireless carriers. They will be used at sites in the current expansion project underway in the Southeastern United States.
The Company, has set forth on a major construction growth phase in the Southeastern United States. To date, there have been announcements on six major tower construction projects including the 260 ft. Sasser Tower facility, the 280 ft. Ousley Tower facility, the 280 ft. Norman Tower facility, the 360 ft. Georgetown Tower facility, the 195 ft. Line Tower facility, as well as the Greens Cut 300 ft. Tower facility, Steve Troyan, Vice President of construction, said today.
All of the construction projects are being completed for Alliance Tower, Inc. of Sarasota, FL and are located in Georgia and South Carolina.
About Central Wireless, Inc.
Central Wireless, Inc., specializes in providing site development and construction services to the wireless telecommunications industry. Central Wireless understands the needs and complexities found in today's telecommunication marketplace and we are committed to offering our customers both innovative and cost savings solutions. For more information on Central Wireless, Inc. see http://www.centralwirelessinc.com.
Statements about the company's future expectations, including revenues and earnings and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Capital Securities Act of 1933, section 21E of the Securities Exchange Act of 1934, and as the term defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the company will appropriately inform the public.
SOURCE: Central Wireless, Inc.
Central Wireless, Inc., Sarasota
Ken Brand, 941/929-1534
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Get breaking news from companies and organizations worldwide.
Logon for FREE today at
www.BusinessWire.com.
NEWS! NEWS! NEWS!
(PR NEWSWIRE) Hartcourt Filed Third Quarter Results (10QSB)
Hartcourt Filed Third Quarter Results (10QSB)
LOS ANGELES, Nov. 17 /PRNewswire-FirstCall/ -- The Hartcourt Companies,
Inc. (OTC Bulletin Board: HRCT) (Frankfurt: 900009), www.hartcourt.com ,
China's fastest growing IT distribution and retail company, today filed 10QSB
for the third quarter ending September 30, 2003.
Financial Highlights for the Third Quarter 2003:
-- Total revenues grew by 3,124% year-over-year to US$34 million led by
growth in the Company's IT distribution and retailing business
-- Gross profit margin increased to 5.5%
-- Net profit reached US$0.5 million compared to net loss of
US$0.08 million of the same quarter in 2002.
The Company reported total revenues of US$33,665,719 for the third
quarter, a 20% increase over total revenues of US$28,112,109 for the preceding
quarter ended June 30, 2003 and a 3,124% increase over total revenues of
US$1,044,252 for the corresponding period in 2002. The Company reported a net
profit of US$514,204, or US$0.0034 per share, compared to the previous
quarter's net profit of US$463,387, or US$0.0037 per share. The same quarter
of the previous year had a net loss of US$77,301.
The drastic turnaround of Hartcourt's financial performance compared to
2002 was attributed to its core business restructuring. The company adopted an
aggressive expansion strategy in IT distribution and retailing, taking
advantage of China's long-term economic growth and continuous double digit IT
spending growth. Through its acquisition programs, Hartcourt is consolidating
the fragmented industry and bringing together a group of complimentary
businesses with strong regional foothold.
Revenues from IT distribution and retailing business for the quarter were
US$33,231,991, representing an 18.5% increase over the preceding quarter's
US$28,047,163. The ratio of distribution and retail revenue is 72:28. The
increase was the result of the consolidation of three months' operations of
GuoWei and NewHuaSun, instead of only two out of three months in the previous
quarter. Hartcourt has also completed its acquisition of WenZhou ZhongNan
Group in October 2003, which should enlarge our marketing network and
capabilities. Financial results of ZhongNan will be consolidated starting
Q4 of 2003.
Revenues from financial data services for the quarter were US$108,585,
representing an 81.4% increase over the preceding quarter's US$59,869 and a
48.9% decrease over US$212,725 for the corresponding period a year ago.
Growth in this revenue segment was largely due to the gradual recovery of Hong
Kong's financial market. On 9 October 2003, Hartcourt filed Schedule 14C with
SEC to distribute all outstanding shares of Financial Telecom Limited (USA)
Inc. to all Hartcourt's shareholders on record date of 17 October 2003. As a
result, Hartcourt will exit the financial data services business and will no
longer include any of its financial results in the future.
Revenues from consulting service for the quarter were US$325,143,
representing a 6,304% increase over US$5,077 for the preceding quarter. The
increase of consulting service revenues was attributed to the increased M&A
and related activities of our acquisition program.
Gross profit for the quarter were US$1,853,265, an increase of 68.6% over
the previous quarter of US$1,099,464 and 1,961% over US$89,941 for the
corresponding period a year ago. The increase in gross profit was contributed
primarily to the increase of revenues.
Total operating expenses for the quarter were US$1,012,841, an increase of
31.6% from the previous quarter of US$778,756 and a 6.1% decrease over
US$1,091,563 from the corresponding period a year ago. This increase was
largely due to the consolidation of three months' operational results of
GuoWei and NewHuaSun, instead of two months recorded in previous quarter.
Total operating profit for the quarter were US$828,255, representing an
improvement over last quarter's operating profit of US$320,708, or an increase
of 158%. In the third quarter of previous year, the Company had an operating
loss of US$1,001,622.
Total net profit for the quarter (after minority interests and income tax)
were US$514,204, an increase of 11.0% over the previous quarter's net profit
of US$463,387 and comparing well to the net loss of US$77,301 for the
corresponding period a year ago. Minority interests accounts for almost
50% of the total net profit.
As of September 30, 2003, the Company's total cash balance was
US$7,384,200, an increase of 21.3% over previous quarter of US$6,085,682. The
cash balance as of 31 December 2002 was US$79,845.
Commenting on Q3 results, David Chen, President and CEO of Hartcourt said,
"The financial performance of this second profitable quarter is the result of
the consistent execution of our business strategy. Our revenues in IT
distribution and retailing sector continue to be robust and the trend will
continued in Q4 as ZhongNan results will be added to our financial statements.
The spin-off of FTL will further enable us to focus our resources in our core
business. We believe profitable companies will continue to join Hartcourt,
creating the top marketing network in China."
"Hartcourt continues to be well positioned to achieve its goals, both in
terms of our rapidly growing distribution network and our compelling business
strategy. We will continue to focus on making additional acquisitions that
will take us closer to being the leading player in the sector."
About Hartcourt
The Hartcourt Companies, Inc. is one of China's fastest growing companies
in the IT distribution and retail services sector. Hartcourt's growth
strategy is to acquire controlling interests in profitable companies with
proven management within this sector in key geographical areas of China.
Recent acquisitions of Hartcourt included four major IT distribution and
retail services companies in Eastern and Southern China (amongst the highest
GDP-per-capita in China). Detailed information on Hartcourt can be obtained
from: 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.
SOURCE The Hartcourt Companies, Inc.
-0- 11/17/2003
/CONTACT: Ms Cathy Kuang of The Hartcourt Companies, Inc.,
+011 8621 52130673, or fax, +011 8621 5213 0664, info@hartcourt.com/
/Web site: http://www.hartcourt.com /
(HRCT)
CO: Hartcourt Companies, Inc.
ST: California, China
IN: CPR REA OTC
SU: ERN
*** end of story ***
Hartcourt Filed Third Quarter Results (10QSB)
November 17, 2003 08:14:27 (ET)
LOS ANGELES, Nov 17, 2003 /PRNewswire-FirstCall via Comtex/ -- The Hartcourt Companies, Inc. (HRCT, Trade) (Frankfurt: 900009), www.hartcourt.com , China's fastest growing IT distribution and retail company, today filed 10QSB for the third quarter ending September 30, 2003.
Financial Highlights for the Third Quarter 2003:
-- Total revenues grew by 3,124% year-over-year to US$34 million led by
growth in the Company's IT distribution and retailing business
-- Gross profit margin increased to 5.5%
-- Net profit reached US$0.5 million compared to net loss of
US$0.08 million of the same quarter in 2002.
The Company reported total revenues of US$33,665,719 for the third quarter, a 20% increase over total revenues of US$28,112,109 for the preceding quarter ended June 30, 2003 and a 3,124% increase over total revenues of US$1,044,252 for the corresponding period in 2002. The Company reported a net profit of US$514,204, or US$0.0034 per share, compared to the previous quarter's net profit of US$463,387, or US$0.0037 per share. The same quarter of the previous year had a net loss of US$77,301.
The drastic turnaround of Hartcourt's financial performance compared to 2002 was attributed to its core business restructuring. The company adopted an aggressive expansion strategy in IT distribution and retailing, taking advantage of China's long-term economic growth and continuous double digit IT spending growth. Through its acquisition programs, Hartcourt is consolidating the fragmented industry and bringing together a group of complimentary businesses with strong regional foothold.
Revenues from IT distribution and retailing business for the quarter were US$33,231,991, representing an 18.5% increase over the preceding quarter's US$28,047,163. The ratio of distribution and retail revenue is 72:28. The increase was the result of the consolidation of three months' operations of GuoWei and NewHuaSun, instead of only two out of three months in the previous quarter. Hartcourt has also completed its acquisition of WenZhou ZhongNan Group in October 2003, which should enlarge our marketing network and capabilities. Financial results of ZhongNan will be consolidated starting Q4 of 2003.
Revenues from financial data services for the quarter were US$108,585, representing an 81.4% increase over the preceding quarter's US$59,869 and a 48.9% decrease over US$212,725 for the corresponding period a year ago. Growth in this revenue segment was largely due to the gradual recovery of Hong Kong's financial market. On 9 October 2003, Hartcourt filed Schedule 14C with SEC to distribute all outstanding shares of Financial Telecom Limited (USA) Inc. to all Hartcourt's shareholders on record date of 17 October 2003. As a result, Hartcourt will exit the financial data services business and will no longer include any of its financial results in the future.
Revenues from consulting service for the quarter were US$325,143, representing a 6,304% increase over US$5,077 for the preceding quarter. The increase of consulting service revenues was attributed to the increased M&A and related activities of our acquisition program.
Gross profit for the quarter were US$1,853,265, an increase of 68.6% over the previous quarter of US$1,099,464 and 1,961% over US$89,941 for the corresponding period a year ago. The increase in gross profit was contributed primarily to the increase of revenues.
Total operating expenses for the quarter were US$1,012,841, an increase of 31.6% from the previous quarter of US$778,756 and a 6.1% decrease over US$1,091,563 from the corresponding period a year ago. This increase was largely due to the consolidation of three months' operational results of GuoWei and NewHuaSun, instead of two months recorded in previous quarter.
Total operating profit for the quarter were US$828,255, representing an improvement over last quarter's operating profit of US$320,708, or an increase of 158%. In the third quarter of previous year, the Company had an operating loss of US$1,001,622.
Total net profit for the quarter (after minority interests and income tax) were US$514,204, an increase of 11.0% over the previous quarter's net profit of US$463,387 and comparing well to the net loss of US$77,301 for the corresponding period a year ago. Minority interests accounts for almost 50% of the total net profit.
As of September 30, 2003, the Company's total cash balance was US$7,384,200, an increase of 21.3% over previous quarter of US$6,085,682. The cash balance as of 31 December 2002 was US$79,845.
Commenting on Q3 results, David Chen, President and CEO of Hartcourt said, "The financial performance of this second profitable quarter is the result of the consistent execution of our business strategy. Our revenues in IT distribution and retailing sector continue to be robust and the trend will continued in Q4 as ZhongNan results will be added to our financial statements. The spin-off of FTL will further enable us to focus our resources in our core business. We believe profitable companies will continue to join Hartcourt, creating the top marketing network in China."
"Hartcourt continues to be well positioned to achieve its goals, both in terms of our rapidly growing distribution network and our compelling business strategy. We will continue to focus on making additional acquisitions that will take us closer to being the leading player in the sector."
About Hartcourt
The Hartcourt Companies, Inc. is one of China's fastest growing companies in the IT distribution and retail services sector. Hartcourt's growth strategy is to acquire controlling interests in profitable companies with proven management within this sector in key geographical areas of China. Recent acquisitions of Hartcourt included four major IT distribution and retail services companies in Eastern and Southern China (amongst the highest GDP-per-capita in China). Detailed information on Hartcourt can be obtained from: 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.
SOURCE The Hartcourt Companies, Inc.
Ms Cathy Kuang of The Hartcourt Companies, Inc.,
+011 8621 52130673, or fax, +011 8621 5213 0664, info@hartcourt.com
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China's Industrial Output Picks Up Pace
Sun Nov 9, 8:37 PM
By ELAINE KURTENBACH, AP Business Writer
SHANGHAI, China - Strong domestic and overseas demand energized China's industrial output in October, a strong indication that the economy has shrugged off the impact of SARS, the National Bureau of Statistics reported Monday.
The quickened pace of output comes as officials and economists voice worries that the economy might be growing too fast, raising concerns over politically risky price inflation.
Value-added industrial output, the key measure of manufacturing production, jumped 17.2 percent over a year earlier in October to $45.4 billion, the bureau said in a report posted on its Web site.
That was faster than the 16.3 percent year-on-year growth registered in September but below the 19.8 percent figure for February _ the highest so far this year. Analysts had predicted a 16.5 percent rise in October.
The outbreak of SARS, or severe acute respiratory syndrome, hit tourism and related sectors hard last spring, but the impact on the economy appears to have been limited and transient. Output has steadily recovered since the epidemic subsided in June.
The fastest growth was in high-tech sectors such as electronics and telecommunications equipment, and export-oriented production. Output of mobile phones, for example, jumped 37.4 percent over a year earlier, the bureau reported.
Production for export climbed 29.4 percent over a year earlier to $30.2 billion. The figure was also a 3.3 percent jump over a month earlier.
China's central bank has recently taken steps to curb credit expansion amid worries the economy may be overheating. Economic growth expanded 9.1 percent during the third quarter of this year, and the consumer price index rose 1.1 percent in September.
CWIR on the way back up!