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Hartcourt`s Revenues Increased to $68 Million in Profitable First Quarter
Monday May 24, 4:48 am ET
LOS ANGELES, CA--(MARKET WIRE)--May 24, 2004 -- The Hartcourt Companies, Inc. (OTC BB:HRCT.OB - News) (Frankfurt: 900009), www.hartcourt.com, China`s fastest growing IT distribution and retail company, today filed 10QSB for the first quarter ending March 31, 2004.
Financial Highlights for the First Quarter of 2004:
-- Total revenue grew by 1,083% year-on-year to a record US$67.7 million
-- Gross profit increase by 799% year-over-year to US$3.52 million
-- Net profit increased to $57,842 compared to $186,916 loss in the same
period of 2003
-- Cash position increased to $6,837,164
-- Current Ratio is 1.4
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Mr. David Chen, Hartcourt`s Chairman and CEO, comments, " Our share price has gone down 42% since 30 June 2003, while our revenue and operating profit have increased 141% and 220%, respectively, during the same period. We share our shareholders` frustration at this reverse logic. However, with the continuing improvement in performance results, as evidenced by this quarter`s numbers, we believe the market will eventually understand the strong fundamentals of Hartcourt`s business strategy."
