Charles & Colvard Reports Third Profitable Quarter

October 24, 2001

Charles & Colvard Reports Third Profitable Quarter

Charles & Colvard, the producer of created moissanite, announced a net income of $161,000 on sales of $2.1 million in the third quarter ended Sept. 30. In last year's third quarter, sales were $2.9 million and the company reported a loss of $1.1 million.

Third-quarter sales in North America reached $1.8 million, and international sales were $380,000. Carat shipments were 11,800 – 25% below shipments during the third quarter last year. Gross margin increased to 59%, up from 51% last year.

Sales for the nine months ended Sept. 30 reached $7.5 million on shipments of 39,700 carats, down from $9.5 million on shipments of 50,300 carats in the same period last year. The net income for the nine months was $767,000, compared to a net loss of $4.4 million in the first nine months of 2000.

- by Julia M. Duncan

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