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Saturday August 12, 11:43 am Eastern Time Press Release Hartcourt Reports Second Quarter 2000 Financial Results LOS ANGELES--(BUSINESS WIRE)--Aug. 12, 2000--The Hartcourt Companies, Inc. (OTC: HRCT, Frankfurt: HCT), www.hartcourt.com, today reported financial results for the second quarter 2000. During the quarter the company formalized key acquisitions, added senior management and built out the business plan of its flagship subsidiary, SinoBull.com, Inc. which is currently recognized as one of the top 20 Internet portals in China. The company announced that it is forecasting significant revenue growth for the third and fourth quarters of 2000. Financial Telecom Ltd generated all of the revenue reported for the second quarter. While other SinoBull Group units including StreamingAsia, Shanghai Guo Moa, Shangdi Network and UAC Stock Exchange Online produced significant revenues, their figures could not included in Hartcourt`s second quarter results. Company executives pointed out that the acquisitions of both StreamingAsia and Shanghai Guo Mao were completed in July 2000. Additionally, while the acquisition of UAC was completed during the first quarter of 2000, its revenues were not eligible for inclusion pending receipt of a tax license that UAC predicts will be issued shortly. ``Hartcourt has continued its strategy of expansion through acquisition and has benefited from the synergy created through the interaction of SinoBull financial, its wireless and TV content initiatives as well as internet services,`` said Hartcourt Chairman and Chief Executive Officer Dr. Alan Phan. ``We have continued to enhance SinoBull.com operations and made significant upgrades to the server and network infrastructure. Shortly after the celebratory Beijing launch of the SinoBull platform to senior Chinese government officials and members of the national media, traffic on the SinoBull.com portal jumped from daily page views of 1.6 million to 2.8 million. While we are very pleased with the surge of popularity for our financial portal, we are continuing our focus of developing the transactional portion of our E-finance platform which should assist the company in its goal of achieving profitability in 2001.`` Financial Results To provide more meaningful accounting of Hartcourt`s present business, the company`s reported results include adjustments to eliminate the effect of previous, now unrelated businesses. Revenues from on-going operations for the quarter ended June 30, 2000, were $342,213 compared to zero for the same period last year. Second quarter revenues were derived from the sale of online financial services, paging networks and related Internet and telephone services. Hartcourt incurred a net loss of $880,372 or $0.03 during the quarter ended June 30, 2000 compared to a net loss of $414,740 or $0.02 for the comparable 1999 period. The loss was significantly lower than the loss of $1.7 million reported in the 1st quarter 2000. As of June 30, 2000, the company had cash and current assets of $3,372,690 and current liabilities of $3,587,641. The company pointed out that $2.4 million of the current liabilities were in fact funds due to related parties as a result of recent acquisitions. Those funds, if restated as pending equity in related parties would have given the company a current surplus of $2.2 Million as of the end of the end of June. As of June 30, 2000, total assets were $12 Million and total liabilities were $4,175,990. Shareholders` equity was reported as $7,413,676. All of these figures reflect minor improvements versus figures released for the first quarter. General and Administrative (GNA) expenses for the period was $1 Million versus $1.7 Million for the previous quarter. A significant majority of those GNA expenses were the result of legal and accounting due diligence expenses related to various acquisitions the company negotiated during the second quarter. About Hartcourt The Hartcourt Companies is a holding and development company that is building a network of Internet and telecommunication service companies in The People`s Republic of China (China), including Hong Kong, in partnership with Chinese entrepreneurs as well as Chinese government-owned entities. Hartcourt`s business goal over the next three years is to complete a series of IPO`s or spin-offs focused on three main divisions: the SinoBull E-Finance Platform and wireless financial services; Broadband ISP and Internet infrastructure; and the Financial Transactions Group (online banking, insurance, equipment leasing, mortgages, credit, bill payment, etc.) Detailed information on Hartcourt can be obtained via the company`s Web site, www.hartcourt.com. About The SinoBull Financial Group: SinoBull Group is a financial technology developer and Internet service provider. SinoBull`s subsidiaries include: Beijing UAC Stock Exchange Online, Shanghai Guo Mao Science & Technology, SinoBull Network Technology (formerly Shangdi Networks), Financial Telecom (FTL), StreamingAsia and LogicSpace. In addition to quality financial news, real-time market data, financial analysis and commentary via the SinoBull portals, www.sinobull.com.cn and www.sinobull.com.hk, the SinoBull platform enables brokerage firms to provide their clients with the ability to securely trade securities online. The company`s E-finance platform is an integration of the most advanced Internet, telecommunication and wireless access systems available on the market today. The service platform and collateral content is offered via subscription to leading securities brokerages, investment firms, banks, as well as media companies throughout Greater China. Forward Looking Statements This news release includes forward looking statements which depend on circumstances which may or may not occur including the performance of the companies now held, the acquisition and performance of new companies and other factors listed in the company`s Form 10-KSB for the period ending Dec. 31, 1999. Changes in these factors could alter the company`s financial performance and future prospects. -------------------------------------------------------------------------------- Contact: The Hartcourt Companies, Inc. Jack Westfield, Vice President, Corporate Finance Ph: 310/410-7290 E-mail: JWestfield@hartcourt.com www.hartcourt.com Gruß Hollin |
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| aus der Diskussion: | hartcourt-auf zu neuen ufern! teil lxvIII |
| Autor (Datum des Eintrages): | Hollin (12.08.00 18:39:27) |
| Beitrag: | 7 von 101 (ID:1560484) |
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