Charles & Colvard Ltd the sole source of moissanite, a created jewel available for use in fine jewelry reported third quarter 2006 operating results.
For the three months ended September 30, 2006, net sales increased 7 percent to $12.1 million as compared to $11.3 million in the third quarter of 2005.
Gross profit margins increased to 68.9 percent in the third quarter of 2006 from 67.5 percent in the comparable quarter of 2005 primarily as a result of improved production costs offsetting a 4 percent decrease in average selling price per carat due to a slight reduction in the size of the stone sold during the period.
Operating income for the three months ended September 30, 2006 increased 12 percent to $3.5 million from $3.1 million for the same period in 2005.
Net income for the third quarter 2006 was $2.2 million, or $0.12 per diluted share, which approximated the net income of $2.2 million, or $0.12 per diluted share, in the comparable period of 2005.
Charles & Colvard's domestic sales in the third quarter increased 3 percent to $10.8 million compared to the third quarter of 2005.
International sales for the third quarter increased 59 percent to $1.3 million, with strong results from all key geographic regions.
Total shipments of 77,300 carats for the current period were 15 percent more than the 67,200 carats shipped in the same period of 2005. Shipments of carats in the U.S. increased 12 percent while international shipments of carats increased 57 percent.
marketing@alchempro.com
