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Charles & Colvard Reports Second Quarter Sales Increase 29% 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 six months ended June 30, 2013 increased 29% and 41%, respectively, over the prior-year periods.

Financial and Business Highlights:

  • Q2 net sales increase 29% to $6.5 million vs. $5.1 million in Q2 2012
  • Q2 net loss of $492,000 after approximate $761,000 incremental year-over-year investment in consumer-direct business models vs. prior-year period net income of $549,000
  • Increased our capacity to deliver Forever Brilliant ® to meet growing demand
  • Recently entered into a wholesale distribution agreement with Amazon.com
  • Announce Kyle Macemore as chief financial officer

Net sales for the three months ended June 30, 2013 increased 29% to approximately $6.5 million, compared with approximately $5.1 million in net sales during the corresponding period of the previous year. Loose moissanite gemstone net sales were flat compared with the corresponding period of the previous year at approximately $4.1 million. Finished jewelry net sales increased 151% to approximately $2.4 million, compared with approximately $972,000 in the corresponding period of the previous year.

Net sales for the six months ended June 30, 2013 increased 41% to approximately $13.0 million, compared with approximately $9.2 million in net sales during the corresponding period of the previous year. Loose moissanite gemstone net sales increased 29% to approximately $8.4 million, compared with approximately $6.5 million in the corresponding period of the previous year. Finished jewelry net sales increased 70% to approximately $4.6 million, compared with approximately $2.7 million in the corresponding period of the previous year.

The Company recorded a net loss of $492,000, or $0.02 per share, in the second quarter of 2013, compared with net income of $549,000, or $0.03 per diluted share, in the second quarter of 2012. For the first six months of 2013, the Company recorded a net loss of $185,000, or $0.01 per share, compared with net income of $173,000, or $0.01 per diluted share, in the corresponding period of the prior year. The Company sold slow moving inventory at reduced margins, negatively impacting the Company‚Äôs overall gross margin percentage in the second quarter of 2013.

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