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Charles & Colvard, Ltd. (Nasdaq: CTHR) is a pioneer in the fine jewelry industry, recognized globally as the original creator of lab-grown moissanite. Since its inception in 1995, the company has been synonymous with innovation, quality, and ethical practices. Headquartered in North Carolina's Research Triangle Park, Charles & Colvard produces and markets created gems and fine jewelry using exclusively Made, not Mined™ above-ground gemstones and 100% recycled precious metals.
Charles & Colvard's flagship products include the Forever Classic™, Forever Brilliant®, and Forever One™ moissanite gems. These gems exhibit superior fire, brilliance, and sparkle compared to fine diamonds, yet are available at a fraction of the cost. The company also offers Caydia® lab-grown diamonds, catering to a variety of jewelry needs from bridal to high fashion and everyday wear.
The company's operations are divided into two segments: the Online Channels and the Traditional segments. Through its e-commerce outlets—including charlesandcolvard.com and moissaniteoutlet.com—Charles & Colvard generates the majority of its revenue. It also sells its products through third-party online marketplaces, drop-ship retail, and other exclusively e-commerce outlets. In addition to online sales, their jewelry is distributed through fine jewelry stores, shopping networks, and catalogs, both domestically and internationally.
In recent developments, Charles & Colvard has reported a strong financial condition despite industry challenges. As of the latest fiscal quarter, the company maintains a robust cash position with no debt, ensuring stability and confidence among shareholders. The company has also announced strategic initiatives, including a new digital B2B trade portal, Charles & Colvard Direct, aimed at supporting independent jewelers and retailers. This platform offers the company's premium moissanite brands directly to the trade, bypassing traditional distributor models.
Another notable achievement is the exclusive strategic alliance with the International Gemological Institute (IGI). This collaboration introduces comprehensive grading reports for Charles & Colvard's moissanite gemstones, enhancing consumer confidence by providing standardized measures of quality and authenticity.
Charles & Colvard remains committed to its mission of delivering exquisite, ethical jewelry. Recent partnerships, such as the endorsement by actress Skyler Samuels, aim to enhance brand awareness and consumer education on the benefits of choosing lab-grown gems.
For more information, please visit www.charlesandcolvard.com.
Charles & Colvard, Ltd. (Nasdaq: CTHR) reported a 30% increase in net sales for Q1 Fiscal 2022, totaling $10.3 million. Their net income stood at $827,000, with earnings per share at $0.03, stable compared to the previous year. Online sales increased 20% to $5.4 million, while traditional net sales surged 42% to $4.9 million. Operating expenses rose 51% to $4.3 million, primarily driven by increased marketing investments. The company maintained a strong cash position of $19.2 million with no outstanding debt.
Charles & Colvard, Ltd. (Nasdaq: CTHR) announced the grand opening of a wholesale distribution center in Panyu, Guangdong, China, on November 3, 2021. This facility aims to enhance the Company's global presence and showcase its Forever OneTM moissanite gemstones. President and CEO Don O'Connell emphasized the importance of this center in allowing retailers to experience the quality of their products firsthand, thereby strengthening the Charles & Colvard brand in the Asia Pacific region.
Charles & Colvard, Ltd. (Nasdaq: CTHR) will host an investor conference call on November 4, 2021, at 4:30 p.m. ET to discuss its financial results for the first quarter of fiscal year 2022, ending September 30, 2021. The results will be released after market close that day. Investors can access the live webcast in the Investor Relations section of the company’s website. A replay will be available until November 11, 2021.
Charles & Colvard, Ltd. (Nasdaq: CTHR) has commenced construction of its first Signature Showroom at its North Carolina headquarters. This retail space will feature exclusive designs from the Signature Collection and an array of Forever One™ moissanite and Caydia® lab-grown diamond jewelry. President and CEO Don O'Connell highlighted the showroom's role in enhancing the omnichannel strategy, allowing customers to experience products in-person. The showroom will also facilitate design development and the Corporate Alliance Program.
Charles & Colvard, Ltd. (Nasdaq: CTHR) announced its participation in the Lytham Partners Fall 2021 Investor Conference on October 7, 2021, at 1:15 p.m. ET. The event will feature a live webcast accessible through the Investor Relations section of their website. Additionally, the management will conduct virtual one-on-one meetings on October 5-6, 2021. Interested parties can arrange meetings via Lytham Partners by contacting 1x1@lythampartners.com or registering at their dedicated link.
Charles & Colvard reported impressive financial results for Q4 and FY 2021, with net sales soaring 120% to $9.7 million in Q4 and 34% to $39.2 million for the full fiscal year. Net income surged to $8.4 million ($0.27 EPS) for Q4, compared to a net loss of $1.0 million in the prior year. Online sales rose 40% to $23.2 million, while traditional sales climbed 28% to $16.0 million. The company also successfully secured a PPP loan forgiveness of approximately $974,000, enhancing its financial position with $21.4 million in cash and no outstanding debt as of June 30, 2021.
Charles & Colvard, Ltd. (Nasdaq: CTHR) reported preliminary financial results for the fourth quarter and fiscal year ended June 30, 2021, highlighting a significant increase in net sales, primarily driven by record finished jewelry sales. The company anticipates a net income boost of $6 million to $6.5 million from a deferred tax valuation allowance and approximately $974,000 from the forgiveness of a Paycheck Protection Program loan. Full results will be disclosed in an earnings call on September 2, 2021.
Charles & Colvard, Ltd. (NASDAQ: CTHR) will host an investor conference call on September 2, 2021, at 4:30 p.m. ET to discuss its financial results for the fourth quarter and fiscal year ending June 30, 2021. The results will be released after market close the same day. Investors can access the call via telephone or through a live webcast on the company's Investor Relations website. A replay will be available until September 9, 2021. Charles & Colvard is recognized for its lab-created gemstones and commitment to quality and sustainability.
Charles & Colvard, Ltd. (Nasdaq: CTHR) announced a significant strategic banking partnership with JPMorgan Chase Bank, executing a $5 million credit facility on July 12, 2021. This new relationship follows the termination of its previous credit facility with White Oak Commercial Finance. The partnership aims to enhance Charles & Colvard's financial capabilities and support its business scaling initiatives. CEO Don O'Connell emphasized the importance of this transition for the company, while JPMorgan Chase highlighted its expertise in e-commerce to help fuel the company's growth.
Charles & Colvard (Nasdaq: CTHR) has been added to the Russell Microcap Index as of June 28, 2021. This inclusion, part of the annual reconstitution by FTSE Russell, highlights the company's disciplined growth strategy over the past three quarters. Being part of the index will enhance its visibility and potentially attract more investment, as Russell indexes are benchmarks for about $10.6 trillion in assets. CEO Don O'Connell emphasized this milestone as a reflection of the company's positive momentum since leadership changes.
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