Charles & Colvard updates fiscal 2007 financial guidance
22 Jan '08
3 min read
We believe that Kanter's recommendations will be highly beneficial to us, as we advance our efforts to build our brand and capitalize on the growth opportunities that exist for our Company. We intend to disclose any material developments with respect to this strategic review once Kanter International has completed its review and the Board has assessed their recommendations, which is expected by early second quarter."
Financial Outlook: The Company has not yet completed its financial review of the 2007 fourth quarter ending December 31, 2007 however, based on the sales information as of January 11, 2008, the Company currently expects fiscal 2007 revenue to be in the range of $27.0 million to $28.4 million.
This compares to prior fiscal 2007 revenue guidance of $30 million to $33 million. The Company maintains its outlook for gross profit margin in the range of 70% to 75% for fiscal 2007 and for marketing and sales expense to be in the range of approximately 49% to 53% of total net sales.
As noted above, the Company is in the process of finalizing its fourth quarter financial statements. Accordingly, the preliminary results described in this press release for the Company's fiscal year ended December 31, 2007 are subject to further adjustments and such adjustments could be material.
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