The struggling company that makes moissanite, a shiny gemstone marketed as an alternative to diamonds, continues to get squeezed by falling sales.
Late Friday, Charles & Colvard reported that second-quarter sales dropped to $1.3 million, down 64 percent from the same period last year. Consumers hurt by the recession have cut back on spending. And Charles & Colvard's retail customers are reluctant to order more moissanite until demand perks up.
The Morrisville company's net loss was $1.19 million, compared with $1.08 million a year ago.
Charles & Colvard has cut costs and laid off some workers to keep expenses down.
The company is seeking a new CEO with experience in the retail jewelry market, said interim CEO George Cattermole, in a prepared statement. "We believe that, with the right leadership team, we can define a strategic roadmap that can improve our business significantly."
Charles & Colvard's stock also has suffered in recent years. On Friday, the shares closed at 56 cents, down 4 cents.