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.

Charles & Colvard reported stronger sales of its man-made moissanite gemstones during the first quarter.

The Morrisville company also made money during the three-month period, the first profitable quarter in nearly three years.

The results show that efforts to attract new retailers, distributors and consumers "are taking hold," said CEO Randy N. McCullough, on a conference call this afternoon with analysts. Charles & Colvard hired McCullough last fall to revive sales that sank even before the recession curbed consumer spending.

One effort involves a new online store for "friends and family," including shareholders, that will sell fine jewelry and moissanite gems at a discount. That site is expected to go live Wednesday morning online here.

Charles & Colvard investors got some good news this morning: Its stock won't be delisted from the Nasdaq.

The Morrisville maker of moissanite gemstones faced delisting because its shares had fallen below the required minimum price of $1. But Charles & Colvard took several steps to boost its the price, including announcing plans to buy back 1 million shares.

Executives, including new CEO Randy McCullough, also began buying shares on the open market.

The efforts helped. The stock closed above $1 for 10 consecutive trading days and the company received word from the Nasdaq that its shares were back in compliance.

Several Charles & Colvard executives, including its new CEO, are buying thousands of company shares, part of an effort to boost the stock price and avoid being delisted.

That move, coupled with Charles & Colvard's announcement last week that it plans to buy back 1 million shares, might work.

On Wednesday, the shares closed at $1.09, up 17 cents. That was the first time the stock has closed above $1 since July 2008.

Charles & Colvard shares began trading publicly in Nov. 1997. The stock surged above $25 in late 2005, but has fallen sharply since then.

The Morrisville company has reported that it expects to receive a notice of delisting from the Nasdaq on Dec. 2 if its stock doesn't get back above the required minimum price of $1.

The company's shares have suffered as sales of its man-made moissanite gems used in jewelry have slumped during the recession.

Corporate insiders buying stock can be a signal to other investors that they think the stock is undervalued and poised to rise.

Charles & Colvard, whose stock faces delisting unless it gets above $1 by Dec. 2, announced plans this afternoon to buy back up to 1 million shares.

The Morrisville company is seeing slumping sales of its lab-made moissanite gems, used in fine jewelry. By using some of its more than $7 million in cash to buy its own shares, the company is trying to boost the stock price.

The shares jumped 16 cents to close at 86 cents today. The stock traded as high as $25 in late 2005.

This week, Charles & Colvard named Randy McCullough as its new CEO and reported that it lost $501,458 during the third quarter. That was an improvement from a $3.1 million loss during the same quarter last year.

Chief financial officer Tim Krist told investors on a conference call that the company is "pursuing every opportunity to try to" avoid delisting by the Nasdaq, "but there's no guarantee we'll be able to accomplish that."

Charles & Colvard reported another weak quarter, as sales of its lab-made moissanite gems continue to suffer during the economic downturn.

The Morrisville company's sales for the three months ended Sept. 30 were $2.1 million, down 48 percent.

The third-quarter net loss was $501,458, an improvement from the loss of $3.1 million a year earlier. Charles & Colvard has been cutting costs and jobs in the past year to offset slower sales of its gems used in fine jewelry.

The company now employs 25 people. That includes its new CEO, Randy McCullough, 56, who took the top spot this week.

"In my 36 years in the jewelry industry, I can't remember being more excited about the potential for a product," he told investors on a conference call. "We believe our jewel has great potential as we reposition its future."

Company executives said they're focused on promoting moissanite gems to women as an affordable luxury compared with diamonds.

Charles & Colvard named a new CEO this morning, the fifth executive to take the top spot during the past 18 months at the maker of moissanite gemstones.

Randy N. McCullough, 56, has spent 36 years in the jewelry business, most recently as CEO of Samuels Jewelers, a chain with 150 stores.

He takes the helm at Charles & Colvard as the recession dampens interest in fine jewelry using the Morrisville company's manmade gems. In August, the company reported that second-quarter sales fell 64 percent to $1.3 million.

Charles & Colvard is scheduled to report its third-quarter results on Thursday. The company has been cutting costs as its sales have slumped, and it now employs 25 people.

McCullough replaces interim CEO George Cattermole, who is chairman.

With the new CEO and several other new managers, "we believe we have the right cross-section of talent that can execute the strategic initiatives to increase shareholder value and to reintroduce Charles & Colvard to the world," Cattermole said in a prepared statement.

Charles & Colvard's stock rose 5 cents to 66 cents this morning. The stock hasn't traded above $1 since June 2008.

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.

The chairman of Charles & Colvard, the struggling maker of moissanite gemstones, has been named interim CEO.

The appointment of George R. Cattermole, 68, is for three months or until a permanent CEO is hired – whichever comes first, the Morrisville company disclosed in a regulatory filing.

Cattermole is temporarily succeeding Richard A. Bird, who resigned earlier this month after just five months on the job. Bird resigned in the face of “mounting evidence that recovery of the depressed worldwide jewelry markets will be slower than previously expected,” the company said at the time.

Cattermole will receive $6,000 per week as CEO – 70 percent in cash and 30 percent in stock.

Charles & Colvard lost $1 million in the first quarter as sales plummeted 27 percent to $2.5 million.

MORRISVILLE — Charles & Colvard's turnaround plan has stalled.

The Morrisville maker of moissanite gemstones said Tuesday that CEO Richard Bird has resigned "due to mounting evidence that recovery of the depressed worldwide jewelry markets will be later and slower than previously expected." Bird was named CEO in February when the company shuffled its management.

Bird has agreed to be a consultant until the end of August to aid the transition to a new management team, according to the company. In the meantime, employees will report to the chief financial officer, Timothy Krist, who joined the business last month.

Charles & Colvard lost $1 million in the first quarter as sales plummeted 27 percent to $2.5 million.