Moissanite Sales Soar, but Charles & Colvard Still Posts Loss

Moissanite manufacturer Charles & Colvard recorded its strongest first quarter revenue in 10 years, but the company still finished the period in the red.

Overall sales increased 38 percent to $8.4 million, compared to last year’s $6.1 million, with strong growth seen in its home sales division (up 562 percent to $1.4 million) and online sales (up 56 percent, to $1.1 million).

The company’s backbone remains its wholesale division, where sales rose 15 percent to $5.9 million.

Its balance sheet still recorded a $1.7 million loss for the quarter, up from $1.1 million from last year.

In a conference call following the release of the financial results, newly appointed CEO Marvin Beasley announced that chief operating officer Steve Larkin is now in charge of its wholesale division and Moissanite.com.

 

JCK News Director