Charles & Colvard declares Q2 2006 financial results
24 Jul '06
3 min read
As we look to the fiscal third quarter, we expect to continue to make progress with current customers and to further expand our customer base. We are expecting to continue to increase the number of new doors at Finlay with the introduction of K&G's exclusive collection of jewelry inspired by Sarah Ferguson, the Duchess of York.
In the second quarter, the company's cash position decreased to $15.6 million from $20.9 million at March 31, 2006. This $5.3 million decrease was primarily due to the $2.9 million used to buy 280,000 shares of company stock, $2.6 million increase in inventory and the $1.5 million cash dividend paid on June 15, 2006 offset by the $1.9 million of pre tax income generated.
Charles & Colvard, based in the Research Triangle Park area of North Carolina, is the sole source of moissanite, a created jewel used in fine jewelry. Moissanite is near-colorless, with more fire, brilliance and luster than a fine diamond, but retails for only a fraction of the cost.
marketing@alchempro.com
