Charles & Colvard, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended March 31, 2023
May 05, 2023 at 06:14 am EDT
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Charles & Colvard, Ltd. reported earnings results for the third quarter and nine months ended March 31, 2023. For the third quarter, the company reported sales was USD 6.64 million compared to USD 9.75 million a year ago. Net loss was USD 8.4 million compared to net income of USD 0.338508 million a year ago. Basic loss per share from continuing operations was USD 0.28 compared to basic earnings per share from continuing operations of USD 0.01 a year ago. Diluted loss per share from continuing operations was USD 0.28 compared to diluted earnings per share from continuing operations of USD 0.01 a year ago.
For the nine months, sales was USD 24.38 million compared to USD 33.79 million a year ago. Net loss was USD 10.33 million compared to net income of USD 2.33 million a year ago. Basic loss per share from continuing operations was USD 0.34 compared to basic earnings per share from continuing operations of USD 0.08 a year ago. Diluted loss per share from continuing operations was USD 0.34 compared to diluted earnings per share from continuing operations of USD 0.07 a year ago.
Charles & Colvard, Ltd. is a fine jewelry company that specializes in moissanite and lab grown diamonds. The Company operates through two segments: Online Channels and Traditional. The Online Channels segment consists of e-commerce outlets, including charlesandcolvard.com, moissaniteoutlet.com, third-party online marketplaces, drop-ship retail, and other pure-play, exclusively e-commerce outlets. The Traditional segment consists of wholesale and retail customers, including its own Charles & Colvard Signature Showroom and charlesandcolvarddirect.com. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Companyâs premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab grown diamonds and finished jewelry featuring lab grown diamonds for sale in the worldwide fine jewelry market.