Moissanite gemstone maker Charles & Colvard reported Thursday that sales increased 76 percent in the third quarter to $5.1 million.
Net income for the quarter was $124,000, or 1 cents per share, compared with $110,000 and 1 cent per share during the same period in 2011.
The Morrisville company’s operating expenses rose 29 percent during the quarter and are up 46 percent over the first nine months of the year. The increases are being driven mainly by increases in sales and marketing expenses.
Charles & Colvard has initiated a series of marketing and branding initiatives over the past 18 months, including selling finished jewelry products directly to consumers at its moissanite.com website.
Finished jewelry sales were up 90 percent in the third quarter, while loose moissanite gemstone sales increased 71 percent.
Last quarter, Charles & Colvard unveiled its newest product, a whiter gemstone called Forever Brilliant.
CEO Randy McCullough said in a statement that the company ended the second quarter with a backlog of orders for the gemstone and that Forever Brilliant accounted for 25 percent of its loose gemstone sales in the third quarter.
Charles & Colvard shares closed up 9 cents at $3.74 on Thursday. The stock is up 46 percent this year.