Wednesday May 15, 4:35 pm Eastern Time
SOURCE: The Hartcourt Companies, Inc.
Hartcourt Reports Results for First Quarter 2002
LOS ANGELES, May 15 /PRNewswire-FirstCall/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT - News), www.hartcourt.com , today reported financial results for the first quarter 2002. Revenues for the quarter were $3,547,599 as compared to $253,361 for first quarter 2001. Hartcourt recorded a loss of ($.01) for first quarter 2002 as compared to a loss of ($0.02) for first quarter 2001. Operating cash flow improved from ($762,201) for Q1 2001 to ($321,323) for Q1 2002.
Hartcourt CEO and President, Dr. Wallace Ching stated: "Overall the economic environment is still recovering and the first quarter had the added impact of seasonal weakness associated with the Chinese New Year and increased competitive pressure in our telecom division. However, our companies showed revenue expansion and bottom line improvement on a year over year basis for the first quarter 2002, and cost savings initiated through our re-organization efforts are beginning to work their way to the bottom line. We continue to move forward with our plans to divest subsidiaries and our divisions Hartcourt Capital and ElephantTalk signed key service agreements during the quarter. In spite of the sector weaknesses we experienced this quarter our companies accomplished important strategic goals and we look forward to the challenges ahead."
Significant achievements in Q1 and subsequent events:
4/17 - ElephantTalk MOU to Acquire 100 Percent of GridTel.Net Limited
4/17 - Hartcourt Capital retained by ONSE Telecom for private placement
4/17 - Hartcourt Capital to Obtain Equity Listing for CC&E Communications
4/12 - Sinobull Distributes Financial Data Services in China Via Mobile
Short Messaging (SMS)
4/8 - AI-Asia and Kangrun Technology Ltd. Sign Acquisition Agreement
4/1 - Fintel Granted China Data Distributorship From Bank of China's
Sino Information Services
3/28 - Sinobull to Provide Content For Shanghai Net Bank's Cable TV
3/28 - Sinobull Also Signs Contract With Wise Spot to Provide Similar
3/22 - Sinobull Launches MetaStock and Sinobull Wireless Internet at
Securex Show in Shanghai
3/21 - ElephantTalk Signs Milestone Agreement With EADS Multacoms For
Expansion in Asia
3/14 - ElephantTalk Announces Three Agreements for Internet Protocol
Services In Greater China. Signs Agreements with Jitong
Communications, China Netcom, and Great Wall
The Hartcourt Companies, Inc. is a holding and development enterprise that has built a broad network of Internet, media, and telecommunication companies in Greater China. In partnership with leading Chinese entrepreneurs and government-sponsored entities, Hartcourt is developing and investing in emerging technologies while building an integrated commercial framework for its subsidiaries and their partners. Hartcourt's operative business strategy is designed to facilitate a series of venture divestitures via IPO or public merger to fully realize the value of these assets for its investors. Detailed information on Hartcourt can be obtained via the company's Web site: www.hartcourt.com .
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. http://finance.yahoo.com/q?s=HRCT.OB