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Charles & Colvard confirms operating sales up 118% in Q3

21
Oct '05
North Carolina based Charles & Colvard Ltd reported operating results for the third quarter ended September 30, 2005. The Company reported third quarter sales of $11.3 million resulting in operating income of $3,113,000 and net income of $2,238,000 or $.15 per diluted share.

This represents a 118 percent increase over last year's third quarter sales of $5.2 million, a 372 percent increase versus last year's third quarter operating income of $659,000, and a 639 percent increase versus last year's net income of $303,000.

Bob Thomas, President and Chief Executive Officer stated that Company's third quarter sales represent the highest quarterly revenue in their history. The 132 percent increase in domestic sales is a result of obtaining increased acceptance of their beautiful jewel as a new category of jewelry for consumers.

He is leased with these sales levels and their ability to generate net income that represents 20 percent of total sales.

The $2,454,000 increase in operating income in the third quarter was primarily the result of the increase in gross profit resulting from the increased sales and a 4.3 percentage point increase in gross profit percentage partially offset by a $1,537,000 increase in marketing and sales expense and a $375,000 increase in general and administrative expense.

Sales for the nine months ended September 30, 2005 aggregated $31.9 million on shipments of 186,000 carats. Net income for the first nine months of 2005 was $4,990,000 or $.33 per diluted share. Year-to-date sales are 110 percent ahead of first nine month 2004 sales of $15.2 million on shipments of 86,000 carats. Nine months 2005 net income was 335 percent above 2004 net income of $1,147,000 or $.08 per diluted share.


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