Charles & Colvard, Ltd., Morrisville, N.C., the sole source of moissanite—a created jewel available for use in fine jewelry—reported fourth quarter sales of $5.1 million on shipments of 29,800 cts. resulting in income before taxes of $1.04 million for the fourth quarter ended December 31, 2002.
This represents a 28% increase over last year’s fourth quarter sales of $4 million on shipments of 23,200 cts., a 127% gain over last year’s pretax income of $457,000 and a 131% improvement over pro forma net income of $242,000.
Charles & Colvard has reported eight consecutive quarters of profitably, the company said in a statement dated Feb. 13.
Sales for the year ended December 31, 2002, were $16.5 million on shipments of 98,200 cts. For the year, income before taxes was $2.75 million. For 2001, sales were $11.5 million on shipments of 62,900 cts., while pretax income was $1.22 million.