Business

Morrisville’s Charles & Colvard significantly narrows its losses

Shares of Moissanite gemstone maker Charles & Colvard were unchanged Thursday, a day after the company reported significantly lower losses for the second quarter.

The Morrisville company reported after the markets closed Wednesday that its net loss for the second quarter was $987,964, or five cents per share, down from a $4 million loss a year ago.

Expenses for the quarter fell to $7.4 million, down from $9.1 million a year ago.

Revenue from continuing operations rose 6 percent to $6.5 million.

“We’re executing on the core elements of our strategy and are beginning to see the positive impact of that execution in our financial performance,” CEO Suzanne Miglucci told analysts during a conference call.

Charles & Colvard sells its man-made gemstone to wholesalers and directly to consumers through its e-commerce website, Moissanite.com, and online marketplaces. In March, it sold its home party business, Lulu Avenue, for $500,000.

Miglucci said that sales of the company’s newest and priciest gemstone, Forever One, is improving the company’s gross margins.

“We’ve been in market with this product for 10 months and it already represents 60 percent of our total sales,” she said.

David Ranii: 919-829-4877, @dranii

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