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4-Traders Homepage  >  Equities  >  Nasdaq  >  Charles & Colvard, Ltd.    CTHR

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Charles lvard : Reports Fourth Quarter and Full Year 2016 Financial Results

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03/16/2017 | 07:16pm CEST

By a News Reporter-Staff News Editor at Marketing Weekly News -- Charles & Colvard, Ltd. (NASDAQ: CTHR), the original and leading worldwide source of created moissanite, reports financial results for the fourth quarter and full year ended December 31, 2016. Continuing operations for the quarter and prior periods do not include the results of Charles & Colvard Direct, LLC (dba Lulu Avenue®), which are now being reported as a discontinued operation following the sale of certain assets on March 4, 2016 to Yanbal USA, Inc.

Suzanne Miglucci, President and CEO of Charles & Colvard, said, "We remain focused on our vision to create the world's most brilliant gem, leading the way for environmentally and socially responsible choices in the jewelry industry at a revolutionary value. We made substantial progress during the year by executing a corporate re-branding initiative designed to position our brand as a premier, consumer-facing provider of fine jewelry. We shifted to an up-market offering led by our innovative and popular Forever One™ moissanite collection and expanded our jewelry line featuring a curated bridal collection. We enhanced our omni-channel distribution network, expanding partnerships with leading online marketplaces, retailers and a pilot roll out in more than 50 stores of a well-respected national fine jewelry retailer."

"2016 was a pivotal year for Charles & Colvard from both a marketing and financial perspective. We are gradually improving our financial performance and balance sheet position as our strategic actions take effect. For the full year of 2016, net sales increased 14%, gross margin percentages expanded by approximately 400 basis points and net loss declined by 53% compared to the full year of 2015. On a quarterly basis, comparisons were impacted first, by the transition to the redesigned e-commerce website in the fourth quarter of 2016 with a strategy that requires attracting a new customer base, and second, by the reduction of online clearance sales in fourth quarter 2016 versus 2015 due to the rebranding of Charles & Colvard on the new website. As we move forward with our transformation into 2017, we are committed to continuing product innovation, investing in key retail and wholesale partnerships and leveraging traditional and non-traditional sales channels," Ms. Miglucci concluded. Recent Corporate Highlights: Expanded the Forever One™ moissanite collection through continuous research and development to include four sought-after shapes: emerald, hearts and arrows, pear and radiant;

Continued product line expansion and increased customer options with the introduction of Forever One™ in a second quality grade (G-H-I);

Extended the robust lifetime guarantee of Charles & Colvard Created Moissanite® gemstones to include protection against usage damage;

Launched an updated brand platform in the fourth quarter of 2016 through the redesigned Charles & Colvard website;

Continued deployment of digital marketing, social media and public relations campaigns to increase market awareness of Charles & Colvard brands, products and marketplaces; and

Enhanced the management team with the addition of Jose Ayala, Senior Director of Merchandising, who brings extensive brand management expertise having worked in premier organizations including Colombian Emeralds, Tiffany & Co, Saks Fifth Avenue and HSN/Cornerstone Brands. Financial Summary for the Fourth Quarter 2016: Net sales from continuing operations were $6.0 million for the quarter, compared with $7.4 million in the year-ago fourth quarter, a decrease of 18%.

Loose jewel net sales from continuing operations were $3.3 million for the quarter, compared with $4.7 million for the year-ago fourth quarter, a decrease of 30%.

Finished jewelry net sales from continuing operations were $2.8 million for the quarter, compared with $2.7 million in the year-ago fourth quarter, a 2% increase.

The Company's wholesale business net sales decreased 11% to $4.9 million, or 81% of net sales for the quarter compared with $5.5 million, or 75% of net sales in the year-ago fourth quarter.

The Company's direct-to-consumer e-commerce business, charlesandcolvard.com (formerly Moissanite.com), net sales decreased 40% to $1.1 million, or 19% of net sales for the quarter compared with $1.9 million, or 25% of net sales in the year-ago fourth quarter.

Operating expenses from continuing operations were $3.0 million for the fourth quarter of 2016, compared with $3.3 million in the year-ago fourth quarter.

Net loss from continuing operations for the fourth quarter of 2016 was $1.1 million, or $0.05 per share, compared with a net loss of $1.0 million, or $0.05 per share, in the year-ago fourth quarter.

Net loss for the fourth quarter of 2016 was $1.1 million, or $0.05 per share, compared with a net loss of $1.9 million, or $0.09 per share, in the year-ago fourth quarter. Financial Summary for Full Year 2016: Net sales from continuing operations for the year ended December 31, 2016 were $29.2 million compared with $25.7 million in the year-ago period, an increase of 14%.

Loose jewel net sales from continuing operations were $21.5 million in 2016 compared with $15.1 million for the year-ago period, an increase of 42%.

Finished jewelry net sales from continuing operations were $7.7 million in 2016 compared with $10.6 million in the year-ago period, a 27% decrease.

The Company's wholesale business net sales increased 21% to $24.5 million, or 84% of net sales in 2016, compared with $20.3 million, or 79% of net sales in the year-ago period.

The Company's direct-to-consumer e-commerce business, charlesandcolvard.com, net sales decreased by 15% to $4.6 million, or 16% of net sales in 2016, compared with $5.4 million, or 21% of net sales in the year-ago period.

Operating expenses from continuing operations were $12.7 million in 2016, compared with $11.8 million in the year-ago period.

Net loss from continuing operations in 2016 was $4.0 million, or $0.19 per share, compared with a net loss of $5.1 million, or $0.25 per share, in the year-ago period.

Keywords for this news article include: Marketing, Advertising, Charles & Colvard Ltd..

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

(c) 2017 NewsRx LLC, source Business Newsletters

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Managers
NameTitle
Suzanne T. Miglucci President, Chief Executive Officer & Director
Neal Ira Goldman Executive Chairman
Kenneth Beltran Director-Operations & Technology
Ollin B. Sykes Independent Director
Anne M. Butler Independent Director
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