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Charles & Colvard Reports FY Sales +27%, Loss of $1M

Creator of Moissanite Remains Debt Free
Mar 27, 2014 4:18 PM   By Jeff Miller
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RAPAPORT... Charles & Colvard reported that its revenue improved 26.9 percent year on year to $28.49 million for the fiscal year that ended on December 31. Total costs and expenses jumped 35.5 percent to $30.07 million, leading to a net loss of $1.29 million compared with profit of $4.38 million one year earlier.

During the year, loose jewel sales increased 23 percent to $18.5 million and finished jewelry sales increased 34 percent to $10 million. The company’s wholesale business increased 23 percent to $25.6 million, while its direct-to-consumer businesses jumped  78 percent to $2.9 million. International sales rose 40 percent to $7.8 million.

The company explained that income comparisons were difficult because net earnings in 2012 included a $3.8 million income tax benefit. Still, at the end of 2013, Charles & Colvard held cash and liquid investments of $2.6 million, which was down $9.8 million from one year ago; however, the company carried no debt. Inventory, including long-term and consigned inventory, was $42.4 million as of December 31, which was up $9.6 million from 12 months earlier.

“This past year represented the latest step in our four-year-long progressive growth of the company, a journey that we began in 2010,” said Randy N. McCullough, the CEO  of Charles & Colvard. “We achieved compounded annual revenue growth in excess of 30 percent for the past four years and made investments in management and infrastructure to prepare for opportunities in 2014 and beyond.

“As we look ahead to 2014, we are focusing on improving profitability and growing our business on several fronts. These include pursuing additional new customers and channels and increasing public awareness of Forever Brilliant®,” he said.

Tags: charles colvard, fiscal year, Jeff Miller, Jewelry, moissanite, sales
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