Charles & Colvard reports Q2 net loss of $1.1 million

Mon. July 28, 2008; Posted: 10:40 AM

Jul 28, 2008 (Datamonitor via COMTEX) -- CTHR | Quote | Chart | News | PowerRating -- Charles & Colvard, a jewelry company, has reported a net loss of $1.1 million, or $0.06 per diluted share, for the second quarter of 2008, compared to net income of $529,000, or $0.03 per diluted share, in the comparable period of 2007.

Net sales decreased 52% to $3.6 million, as compared to $7.6 million in the second quarter of 2007. Operating loss was $1.6 million, compared to operating income of $889,000 for the same period in 2007. Gross profit decreased 62% to $2.1 million, compared to $5.5 million in the prior-year period.

For the six months ended June 30, 2008, net sales were $7.04 million, compared to $13.36 million for the same period of 2007. Net loss $1.78 million, compared to net income of $868,262 in the same period of 2007.

Dennis Reed, president and chief marketing officer, said: "As we navigate this difficult economic environment, particularly with its deep impact on the jewelry industry, our priority for the near term is to improve our cash position, by turning our current inventory investment to cash and deepening our cost-cutting initiatives."

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