Charles & Colvard, Ltd., (NASDAQ:CTHR) the sole source of moissanite -- a created jewel available for use in fine jewelry -- today reported operating results for the fourth quarter of 2001 and the year ended December 31, 2001.
(the sleeping dog is indeed, waking up :)
The company reported fourth quarter sales of approximately $4.0 million on shipments of approximately 23,200 carats. The net income for the quarter was approximately $457,000 or $.03 per share. In the year-earlier quarter, the company reported sales of approximately $3.3 million on shipments of approximately 18,600 carats. The net loss was approximately $2.7 million or $.37 per share.
Carat shipments during the fourth quarter of 2001 were 24 percent above shipments during the same period of 2000. North American carat shipments were up 61 percent for the quarter, primarily due to distribution expansion into a number of new outlets, offset by a 55 percent decrease in international carat sales. The average selling price for the fourth quarter was four percent below the third quarter and three percent below the fourth quarter of 2000, attributable to a change in product mix.
Sales for the year ended December 31, 2001, were approximately $11.5 million on shipments of 62,900 carats. For the year, the net income was approximately $1.2 million or $.10 per share. For 2000, sales were approximately $12.8 million on shipments of 68,800 carats and the net loss was $7.1 million or $.99 per share.
Bob Thomas, president and chief executive officer of Charles & Colvard, said, "We are pleased with sustained profitability for four consecutive quarters, with the last three having positive cash flow from operations."
Thomas continued, "The company's fourth quarter carat sales represent the highest quarterly shipment in company history. Our 61 percent increase in North American sales is remarkable when compared to the sales levels seen within the jewelry industry during the fourth quarter."
Charles & Colvard, based in the Research Triangle Park area of North Carolina, became a public company in 1997. For more information, please access www.moissanite.com. |
