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RAPAPORT... Charles & Colvard reported that its sales rose 56 percent year on year to $6.51 million, while costs and expenses rose only 22 percent to $5.98 million for the first quarter that ended on March 31. The company reported profit of $306,273 compared with a loss of $375,846, it held cash and liquid investment assets of $13.1 million and reported no long-term debt at the close of the quarter.
Loose moissanite gemstone sales increased 77 percent to approximately $4.3 million in the first quarter, while finished jewelry sales increased 25 percent to approximately $2.2 million.
“We are extremely pleased with our first quarter revenue and earnings and cash flow, which represents Charles & Colvard’s strongest first quarter performance since my coming on board,” said Randy N. McCullough, the CEO of Charles & Colvard. “Charles & Colvard continues to innovate and execute with insistence across all our businesses, maintaining an intense focus on our core competencies, our biggest innovation opportunities and expanding market share. We believe this will have the greatest impact on getting our company to greater levels of growth and shareholder value. We anticipate that Steve Larkin, who as recently announced was appointed as our Chief Operating Officer, will play a key role in assisting with these initiatives."
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