Jewelry Makers Report Quarterly Sales

April 16, 2001

Jewelry Makers Report Quarterly Sales

Lazare Kaplan International Inc. last week reported its polished diamond sales increased 31% in the third fiscal quarter ended Feb. 28, 2001. Polished diamond sales accounted for 75% of all sales and increased to $41.1 million from $31.3 million in the same period last year. The company attributes the increase to higher sales of Lazare Diamonds and Bellataire Diamonds. For the nine months ended Feb. 28. 2001, polished diamond sales were up 66% to $150.7 million, a $59.7 million increase from the same period last year.

Despite the positive results for polished diamond sales, Lazare Kaplan reported net sales for the quarter were down, dropping to $55.1 million from $106.2 million in the third quarter of last year. The main cause of the decline was the termination of the company's rough buying operation in Angola in the fourth quarter of fiscal 2000. Rough sales in the third quarter were $14 million compared to $74.9 million in the third quarter of last year. Net income for the period was $250,000, down from $2.8 million in last year's comparable quarter. Net sales for the nine months reached $211 million, compared to $287.9 million in the same period last year. Net income for the nine months was $2 million.

Michael Anthony Jewelers last week reported its net sales decreased 19% in the fourth fiscal quarter ended Jan. 27, 2001. Net sales were $33.2 million compared to $40.7 million in the same period last year. The net loss for the fourth quarter was $218,000 compared to a net gain last year of $1.29 million. For the fiscal year, net sales were down 14% to $124.7 million. The net loss for the year was $1.4 million compared to a net gain of $2.6 million in the last fiscal year.

Charles & Colvard, the sole source of moissanite, announced last week it expects to report positive earnings for the first quarter of 2001. Revenue is expected to be slightly lower than the first quarter of 2000. The company will announce its final results on April 24.

- by Julia M. Duncan