Charles & Colvard Reports $1.1 Million Improvement In Third Quarter Profitability, As Sales Increase 40% From Prior-Year Period
Charles & Colvard, Ltd. (NASDAQ Global Select Market: CTHR), the sole manufacturer of moissanite lab-created gemstones, The Most Brilliant Jewel in the World TM , today announced its financial results for the third quarter and first nine months of 2010.
Third Quarter Highlights:
- Profitable Q3 2010 – net income of $511,952 vs. prior-year period net loss of ($569,367)
- Net sales increase 40% to $3.0 million vs. $2.1 million in Q3 2009
- $8.3 million cash and investments, no long-term debt
- Positive cash flow from operations
Net sales for the three months ended September 30, 2010 increased 40% to approximately $3.0 million, compared with approximately $2.1 million in sales during the corresponding period of the previous year. The improvement in net sales during the quarter reflects increased reorders from the Company’s existing customer base, which resulted from the Company’s collaborative efforts with its channel partners to increase retail sell-through of moissanite jewelry to consumers. Net sales for the nine months ended September 30, 2010 approximated $9.2 million, which represented an increase of 54% when compared with approximately $6.0 million in sales during the corresponding period of the previous year. The improvement in year-to-date sales through September 30, 2010 was primarily due to management’s execution of its strategy to revitalize existing customer relationships, along with the addition of several new domestic and international customers during the period.
The Company recorded net income during the quarter of $511,952, or $0.03 per diluted share, representing an approximate $1.1 million improvement relative to a net loss “as adjusted” of ($569,367), or ($0.03) per diluted share, in the third quarter of 2009. For the nine months ended September 30, 2010, net income totaled $1,146,652, or $0.06 per diluted share, representing an approximate $4.2 million improvement relative to a net loss “as adjusted” of ($3,092,877), or ($0.17) per diluted share, in the same period of 2009.
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