Hartcourt Announces Profit for Third Quarter Ended Sept. 30, 1998
Business Wire - November 16, 1998 20:35
LOS ANGELES--(BUSINESS WIRE)--Nov. 16, 1998--The Hartcourt Cos. Inc. (OTC BB:HRCT) Monday announced record earnings
for the quarter ended Sept. 30, 1998.
Revenues for the third quarter ended Sept. 30, 1998, were $6,909,047, up $1,339,141, or 24 percent from revenues for the
second quarter ended June 30, 1998. The company recorded its first net profit of $71,193, compared with a loss of $79,542 in
the second quarter ended June 30, 1998.
Dr. Alan Phan, chairman and chief executive officer of the Hartcourt Cos., in reviewing this this profitable result, stated: "It is the
performance of our wholly owned subsidiaries, Pego Systems Inc. and Electronics Computer & Systems Inc. (ECS), that has
made this event possible.
"We anticipate continued progress in their operations. These third-quarter profits reflected the growth of the company as a whole
and the ability of management to address conditions as a single cohesive group," Phan added.
Electronics Computer & Systems, one of the wholly owned subsidiaries of the company, is a contract manufacturer of hi-tech
electronic products, generating annual revenues in excess of $18 million. Pego Systems specializes in industrial-process and
pollution-control equipment and engineering, and it anticipates annual revenues of $8 million.
Hartcourt management believes that the current acquisition effort will continue so as to make Hartcourt's role as a holding
company on the ascent even more effective. In addition to appreciation through acquisition, the profit-making trend of its wholly
owned subsidiaries will add significantly to its profits and overall value.
Hartcourt's wholly owned subsidiaries' primary clients include Coca-Cola (NYSE:KO), Proctor & Gamble (NYSE:PG), General
Instruments (NYSE:GIC), Arco (NYSE:ARC), Mobil (NYSE:MOB), AT&T (NYSE:T), Motorola (NYSE:MOT), Intel (Nasdaq:INTL) and
many others.
Certain statements in this news release may constitute "forward-looking" statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors that may cause
the actual results, performance or achievement expressed or implied by such forward-looking statements to differ.
CONTACT: Hartcourt Cos. Inc., Los Angeles
Leonard J. Roman, 310/788-2634
www.hartcourt.com
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