Charles & Colvard, the manufacturer of created moissanite gemstones, saw net sales jump 56 percent to $6.5 million in the first quarter of 2013.
The company recorded net income of $306,000, compared with a net loss of $376,000 in the first quarter of 2012.
“We are extremely pleased with our first quarter revenue and earnings and cash flow, which represents Charles & Colvard’s strongest first quarter performance since my coming on board,” said CEO Randy N. McCullough in a statement. “With quarterly revenue growth of 56 percent and profit growth of 181 percent, we’re seeing the results of our innovative efforts on all fronts.
Other highlights for the first quarter ended March 31 include:
- Loose moissanite gemstone sales: Up 77% to approximately $4.3 million
- Finished jewelry sales: Up 25% to approximately $2.2 million
The company also appointed Michelle Jones president of Charles & Colvard’s newest direct sales division, Lulu Avenue, effective April 29.
Jones previously served as executive vice president of Take Shape for Life, Medifast’s subsidiary and largest revenue channel. She is also an active member of the Direct Selling Association, currently serving as chair of the member services committee.