Charles & Colvard Ltd., had a disappointing net sales in the year 2007. During the year it faced a net loss of $24,424 as compared to a net profit of $6.1 million a year earlier.
For the fourth quarter ending December 31, 2007, net sales decreased by 35% to $7.9 million, while for the entire year it dipped by 32% to $27.81 million.
The net loss in the quarter amounted to $1.1 million, whereas it has earned a net income of $1.3 million, per diluted share in 2006. The company said they faced problems with their distribution model. In the US, sales in the fourth quarter dipped by 40% to $6.6 million, while international sales increased 20% to $1.3 million. Charles & Colvard has decided to discontinue its policy of providing future guidance on sales, gross profit margins and marketing and sales expenses.
http://www.diamondworld.net/newsroom/news.asp?newsid=2027
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