Follow our blogs on Twitter: .biz blog | Centsible Saver | Tech Junkie | Mouthful | Green Scene | Warm TV

Published Fri, Oct 28, 2011 04:39 AM
Modified Fri, Oct 28, 2011 07:28 AM

Revenue down for gem maker Charles & Colvard

Article

0 COMMENTS

Email Print Order Reprint

Share This

Text

tool goes here

BY DAVID RANII - STAFF WRITER

Moissanite gemstone maker Charles & Colvard reported that revenue fell for the second consecutive quarter.

The Morrisville company said that revenue in the third quarter fell 4 percent to $2.9 million. That, plus higher expenses, lowered the company's net income to $109,655, or 1 cent per share, down from $511,952 a year ago.

"While our goal was that the year-to-date execution of our strategies would have resulted in stronger revenue in the third quarter," CEO Randy McCullough said in a prepared statement, "we are very encouraged by the apparent rebound in sales that we are seeing in the fourth quarter."

Charles & Colvard's fourth-quarter sales through Wednesday, not quite one-third of the way through the quarter, have totaled $1.7 million - amounting to nearly half of last year's fourth-quarter sales.

Charles & Colvard has been initiating a series of marketing and branding initiatives this year, including selling finished jewelry products directly to consumers at its moissanite .com website. That site launched in the third quarter.

Increased marketing and sales expenses were the primary drivers in a 35 percent increase in operating expenses during the quarter.

Get the biggest news in your email or cellphone as it's happening. Sign up for breaking news alerts.

Email Print Order Reprint

More Economy

Embittered Facebook investors ponder next move
To say that Facebook's debut as a public company was bungled is something like saying Facebook is a website you might have heard of.
Men chase success in jobs traditionally held by women
Wearing brick-red-hued scrubs and chattering in Spanish, Miguel Alquicira settled a tiny girl into an adult-size dental chair and soothed her through a set of X-rays. Then he ushered the dentist, a woman, into the room and stayed on to serve as interpreter.
Recession generation has adulthood on hold
Alyssa Kjellberg still can’t believe it. Two years beyond college, her career path has led only to jobs at a greenhouse, a hotel front desk, an aunt’s office and a seasonal landscaping company – all paying less than $12 an hour.
To find a job, get your space and yourself organized
Dealing with unemployment requires an organized mind, a place for everything and a good tool kit.
Triangle jobless rate dips slightly to 7.7 percent in April
The unemployment rate declined to 7.6 percent in Raleigh, and remained unchanged in Durham at 7.4 percent. The Triangle’s unemployment rate remains well below the state rate of 9.4 percent.
May's consumer confidence at highest level since 2007
WASHINGTON-Despite Europe's economic troubles, American consumers are feeling better about the economy than at any time since the start of the Great Recession.
Buffett affirms local news’ value
Warren Buffett reaffirmed Thursday that he will take a “hands-off” approach to the 26 daily newspapers, including the Winston-Salem Journal, that a Berkshire Hathaway subsidiary is buying from Media General Inc.
Typical CEO made $9.6M last year, AP study finds
Profits at big U.S. companies broke records last year, and so did pay for CEOs.
Expect modest drop in gas prices for summer
Nationwide, the price of a gallon of regular gasoline has drifted lower by about half a cent a day over the past month, and energy analysts say that trend should continue over the next few weeks, in at least some states.
US stocks open mixed ahead of holiday weekend
U.S. stocks are opening mixed as traders worry that European leaders don't have a concrete plan for dealing with Greece's financial troubles.