Charles & Colvard Reports Fourth Quarter Sales Double And Net Income Quadruples Over Prior-Year Period

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 more than doubled while net income quadrupled for the fourth quarter ended December 31, 2011.

The Company’s continued investment in all aspects of its moissanite brand and business was further rewarded by excellent operating results for the year ended December 31, 2011, as well. Both loose moissanite and finished jewelry sales flourished during the period.

Financial Highlights:
  • Q4 net sales increase 105% to $7.2 million vs. $3.5 million in Q4 2010, and full year net sales increase 26% to $16.0 million vs. $12.7 million in 2010
  • Profitable Q4 and full year – Q4 net income of $1.8 million vs. prior-year period net income of $410,000; full year net income of $1.6 million vs. prior-year net income of $1.6 million
  • $10.5 million cash and investments and no long-term debt at 12/31/11
  • Positive cash flow from operations in Q4 of $1.6 million and full year of $3.5 million

Net sales for the three months ended December 31, 2011 increased 105% to approximately $7.2 million, compared with approximately $3.5 million in sales during the corresponding period of the previous year. Loose moissanite gemstone sales increased 149% to approximately $4.8 million, compared with approximately $1.9 million in the corresponding period of the previous year. Finished jewelry sales increased 50% to approximately $2.4 million, compared with approximately $1.6 million in the corresponding period of the previous year.

Net sales for the year ended December 31, 2011 increased 26% to approximately $16.0 million, compared with approximately $12.7 million in net sales during the year ended December 31, 2010. Loose moissanite gemstone sales increased 19% to approximately $12.1 million, compared with approximately $10.2 million in the previous year. Finished jewelry sales increased 57% to approximately $4.0 million, compared with approximately $2.5 million in the previous year.

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