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CHARLES & COLVARD REPORTS FOURTH
AND FISCAL YEAR 2019 FINANCIAL RESULTS
- Accomplishment of Strategic Priorities Drives Full Year Profitability with $0.10 EPS -
- Q4 2019 Revenue Growth of 19% Powered by Traditional Segment Sales Surge -
- Strong Q4 2019 Gross Margin % Performance of 44% up from 35% in Year-Ago Quarter -
- Successful Capital Raise in June 2019 to Fund Future Investments in Marketing -
- Conference Call with Accompanying Slide Presentation Scheduled Today at 4:30 PM ET -
RESEARCH TRIANGLE PARK, N.C. – September 5, 2019 –Charles & Colvard, Ltd. (Nasdaq: CTHR), the original and leading worldwide source of created moissanite, reported financial results for the fourth quarter and fiscal year ended June 30, 2019. For the fourth quarter of fiscal 2019, the Company reported net sales of $7.6 million and net income of $162,000, or $0.01 earnings per diluted share. For the fiscal year ended June 30, 2019, the Company reported net sales of $32.2 million and net income of $2.3 million, or $0.10 earnings per diluted share.
Suzanne Miglucci, President and CEO of Charles & Colvard, said, “This quarter demonstrated one of the key benefits of our omni-channel distribution strategy – diversification of revenue sources that provides balanced revenue and margins. Our revenue growth in the quarter was led by an upturn of 30% growth in our Traditional segment, which was complemented by continued growth in our Online Channels segment. In particular, we had strong revenue growth from our brick-and-mortar partners, international distributors and cross border trade through our e-commerce site.”
“Over the past year, our strategic priorities have focused on driving organic revenue growth in the U.S. and maintaining attractive margins; expanding our gemstone and jewelry offerings; targeting the global market opportunity; and balancing growth-oriented investments to generate sustainable earnings improvement. Our financial performance in fiscal year 2019 confirmed our team’s ability to execute on these priorities. We delivered four consecutive quarters of profitability driven by 16% annual revenue growth and significant gross margin % expansion to 46%. With robust sales from our e-commerce site, we now have an approximately 50/50 balance in our Online Channels and Traditional segments. International sales increased more than 100% in the year to represent 13% of total revenues. We expanded the global availability of our premier gemstone brand, Forever One™, and competitive value-oriented line, Moissanite by Charles & Colvard® and continued to add unique fine and fashion jewelry styles that are responsive to the market demand, including our proprietary Signatures Series,” continued Ms. Miglucci.
“We continue to be encouraged by the growing worldwide acceptance of lab-created gemstones with emerging generations of consumers. We want to take advantage of this critical time to focus efforts on expanding the Charles & Colvard global brand with our target consumer and to further develop our global omni-channel sales strategy. Our recent equity financing raised approximately $11 million in gross proceeds, which we plan to invest into marketing initiatives to drive brand awareness and global revenue growth over the next several years,” Ms. Miglucci concluded.
The following information was filed by Charles Colvard Ltd (CTHR) on Thursday, September 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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