Moissanite gemstone maker Charles & Colvard reported a net loss in the first quarter as revenue declined 7 percent.
Morrisville-based Charles & Colvard reported Wednesday a net loss for the quarter of 1.1 million, or 5 cents per share, compared with net income of $300,000 million, or 2 cents per share during the first quarter of 2013.
Sales totaled $6.1 million. While U.S. sales were up 12 percent, international sales fell to $400,000, compared to $1.4 million in the first quarter of 2013.
In a statement, CEO Randy McCullough said the company has made a number of new sales and marketing hires designed too drive new sales.
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“We do not believe the financial results for this quarter represent our long term growth opportunity,” he said.
Loose Moissanite gemstone sales were down 15 percent in the quarter to $3.7 million, while finished jewelry sales were up 11 percent to $2.4 million.
One bright spot was the company’s direct-to-consumer business which increased 89 percent to $900,000.
Charles & Colvard shares are down 60 percent this year. After reaching a high of $8.22 in September, the stock was trading at $2 Friday afternoon.