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(PR NEWSWIRE) Hartcourt Reports Profitable Second Quarter
Hartcourt Reports Profitable Second Quarter

Revenue Increased to $28 Million and Net Profit Was $463,378

LOS ANGELES, Aug. 6 /PRNewswire-FirstCall/ -- The Hartcourt Companies,
Inc. (OTC Bulletin Board: HRCT, Frankfurt: 900009), www.hartcourt.com , today
reported financial results for the second quarter of 2003. Revenues for the
quarter were $ 28,112,109 as compared to $1,795,965 for the same quarter of
2002. Hartcourt recorded a net profit of $463,387 or $0.004 per share, as
compared to a loss of $1,061,185 during the same quarter of 2002.
The increase in revenue was due to the consolidation of two-month
operation of NewHuaSun and Guo Wei and three-month operation of HuaQing.
Revenue of ZhongNan, a recent acquisition, would be recorded in Q3. The cash
position has improved from $79,845 as of 31 December 2002 to $6,085,682 as of
30 June 2003. The current ratio of assets over liabilities remains positive.
Mr. Richard Yan, Acting CFO of Hartcourt, comments, "The positive trend
should continue in Q3 and Q4 as new acquisitions are coming on stream. Our
financial priorities now are building a stronger cash position and to
strengthen our internal audit control to prepare for 2004. That will be a
crucial year to achieve the ambitious goal of our business strategy."
Since February 2003, Hartcourt has acquired controlling interest of
HuaQing, NewHuaSun, GuoWei and ZhongNan, all top PC marketers and distributors
in China and dominant players in their own geographical areas. The combined
revenue in 2002 of these subsidiaries was US$181 Million with a net profit of
US$3.1 Million. IDC expects the PC market in China to grow an average of
18-22% percent from now to 2006.
The company marks its 20th anniversary on August 7th, 2003 by hosting a
reception at the Four Seasons Hotel in Shanghai. Over 150 dignitaries from IT
industries, multi-nationals, financial institutions, government and media are
expected to attend the event.

About Hartcourt
The Hartcourt Companies, Inc. is an investment and development company
focusing on the acquisition and consolidation of fast-growing IT companies in
China. Detailed information on Hartcourt can be obtained via 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.

SOURCE The Hartcourt Companies, Inc.
-0- 08/06/2003
/CONTACT: Stokley Akers of The Hartcourt Companies, Inc.,
[phone], or fax, [phone], [e-mail] /
/Web site: http://www.hartcourt.com /
(HRCT)

CO: Hartcourt Companies, Inc.
ST: California, New York
IN: FIN CPR OTC
SU: ERN


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