Hartcourt Reports Results for Second Quarter 2002; Loral International CPA Firm Appointed as Hartcourt's New Independent Auditor
LOS ANGELES, Aug 19, 2002 /PRNewswire-FirstCall via COMTEX/ -- The Hartcourt Companies, Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today reported financial results for the second quarter 2002. Revenues for the quarter were $1,795,965 as compared to $1,877,865 for second quarter of 2001. For the six months ended June 30, 2002, revenues were $5,343,564 as compared to $2,131,226 for the same period in 2001. Hartcourt recorded a loss of ($0.01) a share for second quarter of 2002, unchanged from 2001.
At the same time, the company announced that it has appointed Loral International CPA firm as its new independent auditor for the fiscal year of 2002. The move will increase efficiency on the auditing process as Loral has branch offices in Hong Kong and China.
Hartcourt's new President, Mr. David Chen comments: "The economic environment of the hi-tech sector during the last few months has gone from bad to worse. However, our operations are holding up well, waiting for better time. Meanwhile, we are busy cutting overhead cost to a bare minimum and trying to dispose or spin-off all unprofitable divisions. Our main goal is to start 2003 as a profitable concern."
About Hartcourt
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 .
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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