Charles & Colvard Q2 net loss slightly widens

Tue. August 18, 2009; Posted: 08:59 AM

Aug 18, 2009 (Datamonitor via COMTEX) -- CTHR | Quote | Chart | News | PowerRating -- Charles & Colvard, a manufacturer of jewelry, has reported a net loss of $1.19 million, or $0.06 per share, for the second quarter ended June 30, 2009, compared to a net loss of $1.08 million, or $0.06 per share, in the second quarter of 2008.

For the second quarter of 2009, net sales were $1.3 million, a 64% decrease, compared to $3.6 million in the second quarter of 2008.

For the first six months ended June 30, 2009, net sales were $3.8 million, a 46% decrease, compared to $7 million for the same period of 2008. Net loss was $2.46 million, or $0.13 per share, compared to a net loss of $1.78 million, or $0.10 per share, in the same period of 2008.

George Cattermole, chairman and interim CEO of Charles & Colvard, said: "We have measurably reduced our cost structure and are much more focused on how we apply our sales and marketing spend. We believe we are in a solid financial position despite the sales decline we are experiencing, and to maintain this position, our current priority is to generate positive cash flow through cost-cutting initiatives and selling down our inventory."

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