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Hartcourt Company Inc(HRCT) Hartcourt Company Inc. is an educational services provider in China focusing on professional education.
On July 23, 2008, Hartcourt closed the acquisition of Beijing Yanyuan, on October 31, 2008, Hartcourt closed the acquisition of China Arts and Science Academy. The company completed important steps in implementing the business plan and toward becoming a leading provider of vocational education.
On October 15, 2008, Hartcourt filed 10Q for the first quarter of fiscal 2009 with revenues. On January 14, 2009, Hartcourt filed 10Q for the second quarter of fiscal 2009 with profits. The profits of the whole quarter (3 months) for Beijing yanyuan, and profits of 1 month for China Arts and Science Academy have been consolidated in the second quarter of fiscal year 2009. The substantially improved financial report of Q2 marked our continual ability to deliver solid earnings growth in the future.
Our two profitable subsidiaries, Beijing Yanyuan and China Arts & Science Academy, all finished their profits commitment successfully, which are above the expectation, in spite of the global financial crisis, the global economic slowdown or the economic slowdown in China.
Revenues were $643,996 for the three months ended November 30, 2008 compared to zero for the same period in 2007. Net income from continuing operations for the three months ended November 30, 2008 was $274,633, compared to loss of $900,657 for the same period in 2007. As shown in our accompanying financial statements, we had a Net income of $251,571 for the six months ended November 30, 2008, as compared to a net loss of $1,146,873 for the same period in 2007.
The profits for the whole quarter (3 months) for Beijing yanyuan, and profits for the whole quarter (3 months) for China Arts and Science Academy will be consolidated in the third Quarter; the relevant financial report of Q3 will be improved substantially. We look forward to the profitable fiscal year 2009.
The finished two successful acquisitions, which proved to be very profitable, were parts of our long-term strategy to gain a solid footing in China education field, with the foundation built, the further acquisitions will speed up.
Based on our great achievements during the past 232 days, several Chinese investors have will to loan fund to Hartcourt for further acquisitions using more cash, which is under negotiation now.
With the major hindrance behind us and aggressive restructuring and acquisitions under way, we believe Hartcourt can lead the way in delivering exceptional growth, value and opportunity to our shareholders in Fiscal 2009 and beyond.
