Jeweller Charles & Colvard gives a planned performance
20 Jul '05
5 min read
Moissanite jewels manufacturer Charles & Colvard Ltd reported operating results for the second quarter ended June 30, 2005.
Bob Thomas, President and Chief Executive Officer stated, "This represents another profitable quarter for the Company. A 113% increase in sales which resulted in a 157% increase in net income is most gratifying in light of the level of continuing marketing and sales expenses that the company is incurring to endorse new and existing distribution opportunities."
This coupled with a $5.3 million increase in their cash balance from March 31, 2005 to June 30, 2005 gives me comfort that their business plan is working and that they should have the resources to continue to pursue future growth.
The Company reported second quarter sales of $9.3 million resulting in operating income of $1,239,000 and net income of $740,000 or $.05 per diluted share. This represents a 113% increase over last year's second quarter sales of $4.4 million, a 137% increase versus last year's second quarter operating income of $522,000, and a 157% increase versus last year's net income of $288,000.
The $717,000 increase in operating income in the second quarter was primarily the result of the increase in gross profit resulting from the increased sales partially offset by a $2,063,000 increase in marketing and sales expense and a $330,000 increase in general and administrative expense.
Sales for the six months ended June 30, 2005 aggregated$20.5 million on shipments of 118,500 carats. Net income for the first half of 2005 was $2,752,000 or $.18 per diluted share.
marketing@alchempro.com
