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Press Release Source: The Hartcourt Companies, Inc.
Hartcourt Announces First Quarter 2006 Results
Monday October 17, 9:40 am ET
SHANGHAI--(MARKET WIRE)--Oct 17, 2005 -- The Hartcourt Companies, Inc. (OTC BB:HRCT.OB - News) (Frankfurt:900009.F - News), today announced its first quarter 2006 results as of August 31, 2005.
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Revenue was nearly $11 million for the first quarter, up 25% compared to a year ago same period, excluding the Zhejiang market which we exited at the beginning of 2005. Samsung notebook sales were the driving force behind the revenue increase. Notebook sales accounted for 20% of overall revenue, a tremendous growth since we entered this market in late December 2004. "We made a strategic move last year and time has proofed it was a wise one," commented Ms. Hartwick, CEO of Hartcourt, "notebook is the fastest growing segment of the Chinese consumer electronic market and we are participating in this exciting phenomenon."
First quarter gross margin improved to 3.46%, up from 3.03% a year ago, resulted from better product mix. Operating expenses lowered to $488K, or 16% reduction compared to a year ago, a result of tight expenditure control. Net income was $32K, compared to a loss of $2,848K a year ago. "We have consistently stayed on the course of generating net income since the beginning of 2005," Ms. Hartwick said, "overcome many hurdles during the year. We will continue to drive cost reductions to make ourselves competitive in the market place."
Details of this financial report can be found in our 10Q filing on www.sec.gov.
About Hartcourt
Hartcourt's achievements and operations can be found on its 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.
Contact:
Contact:
Ms Tingting Ni
Tel: + 86 21 51521577
Fax: + 86 21 51521579
Email: Email Contact
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Source: The Hartcourt Companies, Inc.
