August 13, 2001
Lazare Kaplan's Income, Polished Diamond Sales Rise
Lazare Kaplan International Inc. reports net income of $1.5 million for the fiscal year ended May 31. That's up from a $0.7 million loss the previous year. Despite the increase in income, net sales fell 25% to $270.8 million.
Polished diamond sales rose 40% to $193.8 million. According to the company, the increase reflects growth in sales of diamonds produced in Russia, Lazare Diamonds (R) and Bellataire Diamonds (TM). "We are pleased to report significant full-year growth in our polished diamond revenue despite the difficult and uncertain conditions existing in the economy," says President Leon Tempelsman.
Rough diamond sales, meanwhile, fell 65% to $77 million. LKI attributed the decrease to termination of its rough buying operation in Angola.
Overall gross margin for the year was 11.1%, up from 8.1% the previous year.
For the fourth quarter alone, polished diamonds sales dropped 9% to $43.1 million, accounting for 72% of sales.
- by Julia M. Duncan