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 fourth quarter and year ended December 31, 2012, increased 13% and 40%, respectively, over the prior-year periods.
- Q4 net sales increase 13% to $8.1 million vs. $7.2 million in Q4 2011, and full year net sales increase 40% to $22.4 million vs. $16.0 million in 2011
- Profitable Q4 and full year – Q4 net income of $4.2 million after approximate $471,000 incremental quarter-over-quarter investment in consumer-direct business models, vs. prior-year period net income of $1.8 million; full year net income of $4.4 million after approximate $2.7 million incremental year-over-year investment in consumer-direct business models, vs. prior-year net income of $1.6 million
- Income tax benefit in Q4 of $3.8 million and full year of $4.1 million
- $12.4 million cash and investments and no long-term debt at 12/31/12
- Positive cash flow from operations in Q4 of $679,000 and full year of $2.8 million
Net sales for the three months ended December 31, 2012, increased 13% to approximately $8.1 million, compared with approximately $7.2 million in net sales during the corresponding period of the previous year. Loose moissanite gemstone sales decreased 3% to approximately $4.7 million, compared with approximately $4.8 million in the corresponding period of the previous year. Finished jewelry sales increased 45% to approximately $3.4 million, compared with approximately $2.4 million in the corresponding period of the previous year.
Net sales for the year ended December 31, 2012, increased 40% to approximately $22.4 million, compared with approximately $16.0 million in net sales during the year ending December 31, 2011. Loose moissanite gemstone sales increased 24% to approximately $15.0 million, compared with approximately $12.1 million in the previous year. Finished jewelry sales increased 87% to approximately $7.4 million, compared with approximately $4.0 million in the previous year.
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