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Moissanite Sales Drop.
Charles & Colvard reported that Net sales during the second quarter slid 8.5 percent to $8.513 million, however the company drove up profits 48 percent to $1.096 million. Cost of goods dropped 34 percent to $2.13 million and operating expenses fell 2.6 percent to $4.71 million.
Bob Thomas, president and CEO said that while revenues fell during the second quarter the year-to-year comparison was difficult due to a large order by K&G Creations in 2005 required for the rollout of moissanite products into Finlay store locations.
Charles & Colvard's domestic sales in the second quarter decreased 15 percent to $7.2 million. International sales for the second quarter increased 59 percent to $1.3 million.
Shipments for the quarter dropped 5 percent to 51,100 carats.
Thomas said that Charles & Colvard expects to increase the number of doors with Finlay and introduce an exclusive collection of jewelry inspired by Sarah Ferguson, the Duchess of York. "We believe that we are positioned for a strong Christmas holiday season. We also expect an initial shipment of moissanite jewelry into approximately 170 doors at a major, national retail chain which has over 700 retail locations as well as a test of 22 doors at the jewelry counter of a major, national retail chain that has over 900 locations," he said.
For the first half of 2006, Charles & Colvard reports net sales declined 19.5 percent to $16.530 million and profits fell 4.8 percent to $2.620 million.
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