Business

March 26, 2014

Charles & Colvard reports best sales quarter since 2006

Moissanite gemstone maker Charles & Colvard eked out a profit in the fourth quarter after reporting its strongest sales quarter since the end of 2006.

Moissanite gemstone maker Charles & Colvard eked out a profit in the fourth quarter after reporting its strongest sales quarter since the end of 2006.

Sales totaled $8.6 million, up 6.6 percent compared to the fourth quarter of 2012 to 8.6 million. The growth was driven primarily by sales of the company’s Forever Brilliant stones, which is a whiter gemstone than the its other moissanite gemstones.

Morrisville-based Charles & Colvard reported net income for the quarter of $104,916, or 1 cent per share, compared with net income of $4.1 million, or 20 cents per share during the fourth quarter of 2012.

Charles & Colvard’s stock has lost more than half its value since September, as the company reported quarterly losses in both the second and third quarters. The company’s shares closed Wednesday at $3.95, down a penny. The stock is down 22 percent this year.

For the full year, Charles & Colvard reported a net loss of $1.3 million, or 6 cents per share, compared with net income of $4.4 million, or 22 cents per share, in 2012. Sales for the year totaled $28.5 million, up 27 percent from 2012.

In a statement, CEO Randy McCullough said the company remains focused on improving profitability, adding new customers and expanding sales channels.

Staff writer David Bracken

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