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Charles & Colvard Reports Third Quarter Sales Increase 76% Over Prior-Year Period

Stocks in this article: CTHR

Charles & Colvard, Ltd. (NASDAQ Global Select Market: CTHR), the sole manufacturer of created moissanite gemstones, The Most Brilliant Jewel in the World ® , today announced that net sales for the three and nine months ended September 30, 2012 increased 76% and 61%, respectively, over the prior-year periods.

Financial Highlights:

  • Q3 net sales increased 76% to $5.1 million vs. $2.9 million in Q3 2011
  • Q3 net income of $124,000 after approximate $684,000 incremental year-over-year investment in consumer-direct business models, vs. prior-year period net income of $110,000
  • $11.9 million cash and investments and no long-term debt at 9/30/12
  • Q3 positive cash flow from operations of $689,000, year to date of $2.1 million

Net sales for the three months ended September 30, 2012 increased 76% to approximately $5.1 million, compared with approximately $2.9 million in sales during the corresponding period of the previous year. Loose moissanite gemstone sales increased 71% to approximately $3.8 million, compared with approximately $2.2 million in the corresponding period of the previous year. Finished jewelry sales increased 90% to approximately $1.3 million, compared with approximately $682,000 in the corresponding period of the previous year.

Net sales for the nine months ended September 30, 2012 increased 61% to approximately $14.3 million, compared with approximately $8.9 million in sales during the corresponding period of the previous year. Loose moissanite gemstone sales increased 43% to approximately $10.3 million, compared with approximately $7.2 million in the corresponding period of the previous year. Finished jewelry sales increased 147% to approximately $4.0 million, compared with approximately $1.6 million in the corresponding period of the previous year.

The Company recorded net income of $124,000, or $0.01 per diluted share, in the third quarter of 2012, representing an approximate $14,000 improvement relative to net income of $110,000, or $0.01 per diluted share, in the third quarter of 2011. For the first nine months of 2012, the Company recorded net income of $296,000, or $0.01 per diluted share, representing an approximate $526,000 improvement relative to a net loss of $230,000, or $0.01 per share, in the corresponding period of the prior year.

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