Charles & Colvard Reports Smaller Loss with Higher Revenue

8/3/17

By Chris Roush, NC BIZ News

Charles & Colvard Ltd., which manufactures and markets moissanite diamonds, reported a smaller loss during the second quarter on a sales increase, according to a filing Thursday with the Securities and Exchange Commission.

The Research Triangle Park-based company reported a net loss of $402,781, or a loss of 2 cents per share, during the second quarter, compared to a net loss of $987,964, or a loss of 5 cents per share, in the same quarter a year ago.

Revenue rose 2 percent to $6.6 million from $6.4 million in the same quarter of 2016.

“At the halfway point in 2017, we have made tremendous progress in executing our strategic plan for the year,” said Chief Executive Officer Suzanne Miglucci in a statement. “We saw positive results in the second quarter of 2017 compared to the year-ago quarter, based on several key drivers of success.”

Charles & Colvard’s shares rose 4 cents to 88 cents in after-hours trading on Thursday.

Loose jewel net sales from continuing operations were $4.7 million for the quarter, a 4 percent decrease from loose jewel net sales of $5 million for the year-ago second quarter.

Finished jewelry net sales from continuing operations were $1.9 million for the quarter, a 21 percent increase compared with $1.6 million in the year-ago second quarter.

Sales through wholesale, retail and television customers decreased 2 percent to $4.4 million, or 66 percent of net sales for the quarter, compared with $4.5 million, or 69 percent of net sales in the year-ago second quarter.

Online sales increased 10 percent to $2.2 million, or 34 percent of net sales for the quarter, compared with $2 million, or 31 percent of net sales in the year-ago second quarter.

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