Charles & Colvard sold more of its lab-made gemstones during the second quarter, as the company continues to improve its financial health.
The Morrisville-based company reported net sales of $3.33 million during the period, more than double the sales a year earlier. Net income was $336,000, reversing a loss of $1.24 million last year.
CEO Randy N. McCullough, who joined Charles & Colvard last fall, has led an effort to boost sales in the U.S. and overseas that were hurt by the recession and weaker consumer demand for fine jewelry. The company added a Russian retailer as a customer during the quarter, its first in that country.
"We have been hard at work during the first half of 2010 to increase sales, reduce expenses and improve profitability," he said in a prepared statement.
The company's stock, which traded at 42 cents a year ago, rose 11 cents today to close at $2.87.