Lazare Kaplan Sales Fall 30 Percent

Lazare Kaplan says its sales fell 30 percent in the first quarter of fiscal year 2014, according to an Oct. 16 filing with the SEC.

Overall net sales were estimated at $13.5 million, down from $19.3 million the prior year. 

The decrease steams mostly from a drop “in sales of commercial (non-branded) polished diamonds,” the company said. 

Lazare Kaplan also once again did not file a full financial report, as it hasn’t for the past four years, due to “material uncertainties,” including its ongoing litigation against Antwerp Diamond Bank. Its inability to file financial results has led to delisting from the NYSE.

The company’s board also decided to repurchase 625,000 shares of common stock from president Leon Tempelsman. The shares were purchased at $1.40 per share, Tempelsman’s original purchase price.

JCK News Director