Charles & Covard Ltd. is the sole global source of moissanite. This is a unique, nearly colorless created gemstone that is distinct from other gemstones and jewels based on its fire, brilliance, luster, durability, and rarity. This gemstone is incorporated into fine jewelry and sold throughout the world.
The company announced yesterday its financial results for the fourth quarter and full year of 2011, ended December 31. It reported that net sales more than doubled while net income quadrupled in the fourth quarter.
Net sales increased 105% to $7.2 million versus $3.5 million in the same period last year. Loose moissanite gemstone sales increased 149% to $4.8 million versus just $1.9 million last year. Finished jewelry sales rose 50% to $2.4 million versus $1.6 million last year. For the full year, net sales rose by 26% to $16 million versus $12.7 million in 2010. 2011 saw sales of loose moissanite gemstones climb 19% to $12.1 million and sales of moissanite jewelry climb by 57% to $4 million.
Charles & Covard also enjoyed increasing profits. Its net income in the fourth quarter rose to $1.8 million, or 9 cents a share, compared to $410,000, or 2 cents a share, in the year ago period. Net income for the full year was flat versus 2010 at $1.6 million, or 8 cents a share. Notably, the company experienced positive cash flow for the entire year of $3.5 million.
The company, especially in the fourth quarter, benefited from its investments in new sales and marketing initiatives throughout its distribution channels. The company’s sales from its television shopping network customers were particularly strong. The company also expanded its sales efforts overseas, including into emerging markets such as China.
For more information about Charles & Covard and moissanite, please visit the company’s website at www.charlesandcovard.com
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