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Scio Revenue Halves, Loss Narrows to $4M
Jul 6, 2015 3:43 AM
By Ronen Shnidman
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RAPAPORT... Scio Diamond Technology said declining diamond sales and licensing income led to a 49 percent drop in revenue to $726,193 for the year that ended on March 31. The U.S. synthetic diamond producer said its net loss for the period was $4.1 million, after it reduced spending on outside professional and consulting services, compared with a loss of $4.8 million one year ago.
“We knew this would be a challenging year, but we’ve met all of our milestones with one exception," said Gerald McGuire, Scio's CEO. "We had planned on revenue from our retail channel development efforts to start materializing sooner than it did. Our customers needed more time to develop their own plans to market lab-grown diamonds."
The South Carolina-based company generates all licensing revenue from specially designed diamond-growing machines it provides to China synthetic diamond producer Grace Rich. Scio owns a 30 percent stake in the producer.
Scio's filing to the U.S. Securities and Exchange Commission included a going concern warning, reflecting the low level of revenue generated by the company to date.
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Tags:
artificial, man-made, Ronen Shnidman, scio, synthetic
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