Lazare Kaplan Q3 Income $3.3 Mln, Rough Diamond Sales Slide
April 13, 08 by Edahn Golan
Lazare Kaplan International (LKI) posted a third quarter net income of $3.3 million compared to $58,000 the year before. Polished diamond revenues were $38.1 million, compared to $35.3 million, while rough diamond sales were only $44.1 million compared to $68.9 million in the third quarter of 2007.
The company said the results reflect increased sales of both branded diamonds and fine cut commercial diamonds.
Net sales for the nine months ended February 29, 2008 declined to $275.3 million from $337.6 million for the prior year period. While polished diamond revenue for the nine months rose to $115.0 million, compared to $109.9 million, rough diamond sales fell to $160.3 million, compared to $227.7 million a year ago.
Net income for the nine-month period was $4.0 million compared to a $3.1 million loss.
