The maker of moissanite gemstones reported a decline in sales and profit during the second quarter.

But officials with Morrisville-based Charles & Colvard are optimistic about new efforts to boost sales. That includes more shows on home-shopping TV networks devoted to moissanite jewelry and the company's direct-to-consumer web site.

Also, Charles & Colvard plans to begin testing home parties later this year to build sales.

Moissanite is a lab-made gem that's used in fine jewelry. Some are sold through retailers such as Kohl's, but sales have suffered in recent years as consumers cut spending on discretionary items.

"On a longer-term basis, we remain confident in our belief that moissanite is destined to significantly expand its share of the $120 billion global jewelry market," CEO Randy McCullough said in a prepared statement.

Charles & Colvard, which continues to rebuild its business, now is trying to attract renewed attention from Wall Street.

The Morrisville-based maker of moissanite gemstones announced this morning it has hired RJ Falkner, an investment research and financial communications firm. Falkner works with companies "to broaden their exposure within the investment community and expand the level of interest among investment professionals."

Charles & Colvard fell out of favor in 2008 and 2009 as it lost money, replaced management and revamped its operations. Its shares tanked, closing as low as 19 cents two years ago. No Wall Street analysts currently follow the stock, according to Bloomberg data.

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.

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 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.