Charles & Colvard Q2 Sales Up 6%

Charles & Colvard’s second quarter sales stood at $4.3 million, brining pre-tax quarterly income to $918,000 and net income to $502,000, a 6 percent increase over last year's second quarter sales of $4.1 million, a 44 percent gain over last year's pretax income of $638,000, and a 45 percent improvement over 2002 pro forma net income of $347,000.

Charles & Colvard are the makers and sole source of moissanite – a created jewel used in fine jewelry.

During the first half year the company sold 48,600 carats of moissanite, netting in a 67 percent increase in pro forma net income over the same period last year.

Bob Thomas, Charles & Colvard CEO, says, "A 52 percent increase in operating income versus the second quarter of last year demonstrates our commitment to our shareholders. Although our top line growth did not meet our internal goals, the 9 percent increase in North American sales volume is, we feel, a major achievement, given the current economic climate".