Lazare Kaplan Reports Soaring Sales, Profits

U.S. diamond firm Lazare Kaplan reported soaring net sales and a jump in profits for the three-month and six-month periods ending November 30 due to substantial increases in sales of both polished and rough diamonds.

For the quarter ending November 30, sales soared 78 percent on the year-earlier period to $93.2 million. For the half year, net sales were $171.5 million, an increase of $65.0 million or 61 percent over the comparable prior year period.

Net income for the quarter periods ended November 30 was $1.1 million from $100,000 a year earlier. For the half year, net income was $3.6 million compared with $500,000 for the same period of 2003.

Gross margin for the quarter was $8.1 million compared to $5.6 million in the prior year period, while for the half year it rose to $18.0 million from $11.7 million.