Sales and net income for moissanite maker Charles & Colvard fell in 2014, as the company de-emphasized global sales and refocused its attention on the domestic market.
Sales for the year totaled $25.6 million, a 10 percent drop from the prior year. U.S. sales grew 7 percent to hit $22.1 million—despite an 11 percent slip in the fourth quarter.
The company once again recorded a loss for the year—$13.1 million, far wider than its $1.3 million loss the year before.
CEO Randy N. McCullough called the year “transitional” and noted the company showed positive cash flows from operations, versus negative cash flows the year before.
In a conference call following the release of its financial results, McCullough says the company’s marketing will emphasize that it’s a sustainable product “made in the U.S.A.,” and it will launch a millennial-focused site, moissy.com.
“The [moissy.com] nickname was started by our younger generation of consumers, primarily on wedding blogs,” McCullough said. “We believe Moissy.com will create a community and aggregate everything social from Instagram, Twitter, and Facebook with content generated from consumers as well as designers.”
The site will launch this summer.Follow JCK on Instagram: @jckmagazine
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