Charles & Colvard reported revenue growth of 26.9% year-on-year to $ 28.49 million for the fiscal year ended December 31, 2013, Rapaport reported. However, operating expenses and expenses for the reporting year jumped by 35.5% to $ 30.07 million, which resulted in the company completing the year with a net loss of $ 1.29 million compared to a profit of $ 4.38 million a year earlier.
Sales of unmanaged moissanites increased 23% to $ 18.5 million during the year, and final jewelry sales jumped 34% to $ 10 million. Wholesale sales increased 78% to $ 2.9 million. International sales rose 40% to $ 7 million. , 8 million.
The company explained that the comparative analysis of revenues is complicated by the fact that net income for 2012 accounted for a deferred tax on profits of $ 3.8 million.
"Last year, we took further steps to implement the strategy of progressive growth, calculated for four years from 2010," said Randy N. McCullough, CEO of Charles & Colvard. "We received an average annual revenue growth of 30% over the past four years and also invested in management and infrastructure to prepare for business opportunities in 2014 and beyond."
"In 2014, we will focus on improving profitability and business growth in several areas, including attracting new customers and using new channels, and increasing consumer awareness of the Forever Brilliant® brand," McCullag said.