Charles & Colvard reports fourth-quarter and year-end results

Charles & Colvard, Ltd., Morrisville, N.C., the sole source of moissanite—a created jewel available for use in fine jewelry—reported fourth quarter sales of $5.1 million on shipments of 29,800 cts. resulting in income before taxes of $1.04 million for the fourth quarter ended December 31, 2002.

This represents a 28% increase over last year’s fourth quarter sales of $4 million on shipments of 23,200 cts., a 127% gain over last year’s pretax income of $457,000 and a 131% improvement over pro forma net income of $242,000.

Charles & Colvard has reported eight consecutive quarters of profitably, the company said in a statement dated Feb. 13.

Sales for the year ended December 31, 2002, were $16.5 million on shipments of 98,200 cts. For the year, income before taxes was $2.75 million. For 2001, sales were $11.5 million on shipments of 62,900 cts., while pretax income was $1.22 million.

“Our Company’s fourth quarter carat sales represent the highest quarterly shipment in our history. Our 30% increase in North American sales is extraordinary in light of the relatively flat sales levels seen within the jewelry industry during the fourth quarter,” said Bob Thomas, president and CEOof Charles & Colvard “We have high expectations for 2003. Overall, moissanite demand is building both domestically and overseas.”