The Morrisville company that sells lab-made moissanite gemstones reported its third consecutive profitable quarter.
Charles & Colvard announced this afternoon that third-quarter sales rose to $3 million, up 40 percent from a year earlier. The company's net income of $511,952 reversed a net loss of $569,367.
The company, which was hit hard as consumers cut back on discretionary spending during the recession, has slowly rebuilt its sales by adding new retailers in the U.S. and overseas. Its gems are used in fine rings, necklaces and other fine jewelry.
"During my 39 years in the jewelry industry, I have never been as excited as I am today regarding our progress and the opportunities we have identified at Charles & Colvard," said CEO Randy N. McCullough, in a prepared statement. McCullough joined the company last year.
Charles & Colvard released its results after the close of regular stock market trading. The shares, which have more than tripled in the past year, closed unchanged at $1.88 today.