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Published Wed, Feb 01, 2012 04:27 AM
Modified Wed, Feb 01, 2012 07:45 AM

Gemstone maker stock rises 11%

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BY DAVID BRACKEN - STAFF WRITER

Moissanite gemstone maker Charles & Colvard's stock jumped 11 percent Tuesday after the Morrisville company announced that its preliminary net sales increased more than 90 percent in the fourth quarter over the same period in 2010.

The company had sales of $3.5 million in the fourth quarter of 2010.

"Our preliminary results for the fourth quarter are very encouraging as we focus on growing our company in 2012," CEO Randy McCullough said in a release.

Charles & Colvard initiated a series of marketing and branding initiatives last 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 third quarter.

Charles & Colvard's revenue in the third quarter fell 4 percent to $2.9 million. When the company announced those results in late October, it said fourth quarter sales were $1.7 million about one-third of the way through the quarter.

The company's stock closed up 30 cents at $3.07.

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