Charles & Colvard 131% Increase in Net Income

February 16, 03 by Nikki Glekin

Charles & Colvard, the sole source of moissanite, a created jewel for use in fine jewelry, reported a 131 percent increase in net income for 2002 to $557,000 from $242,000 in 2001.

There was a 28 percent increase from 2001 in fourth quarter sales of $5.1 million on shipments of 29,800 carats. Sales for the year ending December 31, 2002 were $16.5 million on shipments of 98,200 carats.

Charles & Colvard has enjoyed eight consecutive quarters of profitably resulted in the company recording a one-time $6.7 million non-operating and non-cash addition to fourth quarter earnings.

Carat shipments for the final 2002-quarter were 28 percent above shipments during the same period of 2001. North American carat shipments, which represent 90 percent of total shipments, were up 30 percent for the quarter, primarily due to expansion into a number of new markets. International sales for the quarter increased 14 percent due to growing sales through home shopping customers.

Bob Thomas, President of Charles & Colvard, says, "Our company's fourth quarter carat sales represent the highest quarterly shipment in our history. Our 30 percent increase in North American sales is extraordinary in light of the relatively flat sales levels seen within the jewelry industry during the fourth quarter. I am very pleased with these record results. We have high expectations for 2003. Overall, moissanite demand is building both domestically and overseas as growing numbers of consumers have come to appreciate this jewel and its defining attributes of fire, brilliance and luster."

Diamond Index

Charles & Colvard 131% Increase in Net Income

Newsletter