Charles & Colvard reported that moissanite sales for the third quarter of 2013 increased 39 percent, although the company still posted a loss for the period.
Overall sales hit $6.9 million versus $5.1 million the prior year. The net loss for the period was $1.2 million, compared with a $124,000 profit the year before.
The sales increase was driven by sales of its whiter Forever Brilliant jewels, the company said. CEO Randy McCullough said in a statement that while Charles & Colvard’s investments in technology and increased capacity “have impacted gross margins and operating costs, we view them as a critical aspect of our long-term strategy.”
Other highlights of Charles & Colvard’s third quarter balance sheet:
- Loose jewel sales: Up 28% to $4.8 million
- Finished jewelry sales: Up 56% to $2 million
- Wholesale business: Up 35% to $6.4 million
- Direct-to-consumer businesses: Up 33% to $503,000
Charles & Colvard also announced that it has secured a $10 million line of credit with PNC Bank.
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