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Charles & Colvard confirms operating sales up 118% in Q3
21 Oct '05
4 min read
A comparison of key operating results for the third quarter and first nine months of 2005 are as follows (in thousands, except for per share data):
On May 23, 2005 the Board of Directors declared a 5 percent stock dividend which was distributed on July 15, 2005 to shareholders of record on June 30, 2005. Share and per share data for all periods presented have been adjusted to reflect the effect of this stock dividend.
In addition on the same date the Board of Directors declared a $.05 cash dividend resulting in $699,000 that was distributed on July 15, 2005 to shareholders of record on June 30, 2005.
Domestic sales, which represent 93 percent of total sales, were up 132 percent for the quarter (137 percent in carats), primarily attributable to the sales resulting from the JCPenney distribution which initially occurred in the fourth quarter of 2004 and the rollout to jewelry departments leased to Finlay Enterprises that began in the first quarter of this year.
International sales for the third quarter increased 24 percent (27 percent in carats) primarily due to increased sales to Thailand, Italy, Canada and Taiwan offset by lower sales to Singapore and Australia. Total shipments of 67,000 carats for the current period were 123 percent above the 30,000 carats in the same period of 2004.
Gross profit as a percentage of sales for the third quarter was 67.5 percent, an increase of 4.3 percentage points when compared to the samequarter in 2004. This increase was primarily caused by lower production costs in the FIFO period that the relieved inventory was produced partially offset by a 3 percent decrease in average selling price per carat, due to a decrease in the size of the average stone sold.
On May 23, 2005 the Board of Directors declared a 5 percent stock dividend which was distributed on July 15, 2005 to shareholders of record on June 30, 2005. Share and per share data for all periods presented have been adjusted to reflect the effect of this stock dividend.
In addition on the same date the Board of Directors declared a $.05 cash dividend resulting in $699,000 that was distributed on July 15, 2005 to shareholders of record on June 30, 2005.
Domestic sales, which represent 93 percent of total sales, were up 132 percent for the quarter (137 percent in carats), primarily attributable to the sales resulting from the JCPenney distribution which initially occurred in the fourth quarter of 2004 and the rollout to jewelry departments leased to Finlay Enterprises that began in the first quarter of this year.
International sales for the third quarter increased 24 percent (27 percent in carats) primarily due to increased sales to Thailand, Italy, Canada and Taiwan offset by lower sales to Singapore and Australia. Total shipments of 67,000 carats for the current period were 123 percent above the 30,000 carats in the same period of 2004.
Gross profit as a percentage of sales for the third quarter was 67.5 percent, an increase of 4.3 percentage points when compared to the samequarter in 2004. This increase was primarily caused by lower production costs in the FIFO period that the relieved inventory was produced partially offset by a 3 percent decrease in average selling price per carat, due to a decrease in the size of the average stone sold.
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