CHARLES & COLVARD REPORTS FOURTH QUARTER AND FULL FISCAL YEAR 2022 FINANCIAL RESULTS

• Net sales increased 10% to $43.1 million for the fiscal year ended June 30, 2022, compared to $39.2 million in the year-ago period.
• Online Channels segment net sales increased 15% year over year to $26.8 million, representing 62% of total net sales, for the fiscal year ended June 30, 2022, compared to $23.2 million, or 59% of total net sales in the year-ago period.
• Traditional segment net sales increased 2% year over year to $16.3 million, representing 38% of total net sales, for the fiscal year ended June 30, 2022, compared to $16.0 million, or 41% of total net sales, in the year-ago period.
• Finished jewelry net sales increased 22% to $29.7 million for the fiscal year ended June 30, 2022, compared to $24.4 million in the year-ago period.
• Loose jewel net sales were $13.4 million for the fiscal year ended June 30, 2022, a decrease of 10%, compared to $14.8 million in the year-ago period.
• Cost of goods sold increased 10% to $22.8 million for the fiscal year ended June 30, 2022, compared to $20.8 million in the year-ago period.
• Gross profit was $20.2 million for the fiscal year ended June 30, 2022, compared to $18.4 million in the year ago period.
• Operating expenses increased 34% to $17.4 million for the fiscal year ended June 30, 2022, compared to $12.9 million in the year-ago period.
• Net income was $2.4 million, or $0.08 earnings per diluted share, for the fiscal year ended June 30, 2022, compared to $12.8 million, or $0.42 per diluted share, in the year-ago period.
• Weighted average shares outstanding on a diluted basis were 31.3 million for the fiscal year ended June 30, 2022, compared to 30.2 million in the year-ago period.
• As disclosed above, during the fourth quarter of Fiscal 2021, the Company's PPP Loan forgiveness was approved and processed by the SBA, which resulted in approximately $974,000 that was recognized and included in the gain on extinguishment of debt in the fiscal year ended June 30, 2021.
• In addition, as disclosed above, at June 30, 2021, the Company's management reduced its valuation allowance against certain deferred tax assets that resulted in an income tax benefit recognized during the fiscal year ended June 30, 2021, of approximately $6.3 million.

Financial Position

Cash, cash equivalents and restricted cash totaled $21.2 million as of June 30, 2022, representing a decrease of $268 thousand from $21.4 million as of June 30, 2021. Total inventory increased to $33.5 million as of June 30, 2022, compared to $29.2 million as of June 30, 2021. During the fiscal year ended June 30, 2022, our working capital decreased $1.0 million, or 4%, to $29.1 million from $30.1 million at June 30, 2021. The Company had no debt outstanding as of June 30, 2022 and June 30, 2021.

Investor Conference Call

Charles & Colvard will host an investor conference call and webcast presentation to discuss its financial results for the fourth quarter and fiscal year ended June 30, 2022 at 4:30 p.m. ET on Thursday, September 1, 2022.  The investor conference call and accompanying presentation slides will be webcast live and can be accessed in the Investor Relations section of the Company's website at https://ir.charlesandcolvard.com/events.

To participate via telephone, callers should dial 844-875-6912 (U.S. toll-free) or 412-317-6708 (international) and ask to be connected to the "Charles & Colvard, Ltd. Conference Call" a few minutes before 4:30 p.m. ET on Thursday, September 1, 2022.

A replay of this conference call will be available until September 8, 2022 at 877-344-7529 (U.S. toll-free) or 412-317-0088 (international). The replay conference ID is 5034150. The call will also be available for replay in the Investor Relations section of the Company's website at https://ir.charlesandcolvard.com/events.

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd. (Nasdaq: CTHR) believes fine jewelry can be accessible, beautiful and conscientious. Charles & Colvard is the original creator of lab grown moissanite, a rare gemstone formed from silicon carbide. The Company brings revolutionary gemstones and jewelry to market through its pinnacle Forever One^TM moissanite brand and its premium Caydia^® lab grown diamond brand. Consumers seek Charles & Colvard fashion, bridal and fine jewelry because of its exceptional quality, incredible value and shared beliefs in environmental and social responsibility. Charles & Colvard was founded in 1995 and is based in North Carolina's Research Triangle Park. For more information, please visit www.charlesandcolvard.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements expressing expectations regarding our future and projections relating to our products, sales, revenues, and earnings are typical of such statements and are made under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations, and contentions and are not historical facts and typically are identified by use of terms such as "may," "will," "should," "could," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "continue," and similar words, although some forward-looking statements are expressed differently.

All forward-looking statements are subject to the risks and uncertainties inherent in predicting the future. You should be aware that although the forward-looking statements included herein represent management's current judgment and expectations, our actual results may differ materially from those projected, stated, or implied in these forward-looking statements as a result of many factors including, but not limited to, (1) our business and our results of operations could be materially adversely affected as a result of general economic and market conditions; (2) our future financial performance depends upon increased consumer acceptance, growth of sales of our products, and operational execution of our strategic initiatives; (3) the effects of COVID-19 and other potential future public health crises, epidemics, pandemics or similar events on our business, operating results, and cash flows are uncertain; (4) we face intense competition in the worldwide gemstone and jewelry industry; (5) our information technology infrastructure, and our network may be impacted by a cyber-attack or other security incident as a result of the rise of cybersecurity events; (6) constantly evolving privacy regulatory regimes are creating new legal compliance challenges; (7) we are subject to certain risks due to our international operations, distribution channels and vendors; (8) our business and our results of operations could be materially adversely affected as a result of our inability to fulfill orders on a timely basis; (9) we are currently dependent on a limited number of distributor and retail partners in our Traditional segment for the sale of our products; (10) we may experience quality control challenges from time to time that can result in lost revenue and harm to our brands and reputation; (11) seasonality of our business may adversely affect our net sales and operating income; (12) our operations could be disrupted by natural disasters; (13) sales of moissanite and lab grown diamond jewelry could be dependent upon the pricing of precious metals, which is beyond our control; (14) our current customers may potentially perceive us as a competitor in the finished jewelry business; (15) we depend on a single supplier for substantially all of our silicon carbide, or SiC, crystals, the raw materials we use to produce moissanite jewels; if our supply of high-quality SiC crystals is interrupted, our business may be materially harmed; (16) if the e-commerce opportunity changes dramatically or if e-commerce technology or providers change their models, our results of operations may be adversely affected; (17) governmental regulation and oversight might adversely impact our operations; (18) the execution of our business plans could significantly impact our liquidity; (19) the financial difficulties or insolvency of one or more of our major customers or their lack of willingness and ability to market our products could adversely affect results; (20) negative or inaccurate information on social media could adversely impact our brand and reputation; (21) we rely on assumptions, estimates, and data to calculate certain of our key metrics and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business; (22) we may not be able to adequately protect our intellectual property, which could harm the value of our products and brands and adversely affect our business; (23) environmental, social, and governance matters may impact our business, reputation, financial condition, and results of operations; (24) if we fail to evaluate, implement, and integrate strategic acquisition or disposition opportunities successfully, our business may suffer; (25) some anti-takeover provisions of our charter documents may delay or prevent a takeover of our Company; (26) we cannot guarantee that our share repurchase program will be utilized to the full value approved, or that it will enhance long-term stockholder value and repurchases we consummate could increase the volatility of the price of our common stock and could have a negative impact on our available cash balance; and (27) our failure to maintain compliance with The Nasdaq Stock Market's continued listing requirements could result in the delisting of our common stock, in addition to the other risks and uncertainties described in more detail in "Risk Factors" in Part I, Item 1A, of this Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur except as required by the federal securities laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission, or SEC, that discuss other factors relevant to our business.

- Financial Tables Follow -

Appendix A
CHARLES & COLVARD, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended June 30,						Year Ended June 30,
	2022			2021			2022			2021
	(unaudited)			(unaudited)			(unaudited)
Net sales	$	9,303,743		$	9,726,699		$	43,089,024		$	39,235,839
Cost of goods sold		5,498,676			5,352,475			22,845,702			20,809,690
Gross profit		3,805,067			4,374,224			20,243,322			18,426,149
Operating expenses:
Sales and marketing		2,679,364			2,136,862			12,421,138			8,476,716
General and administrative		1,068,296			1,163,195			4,948,980			4,441,441
Total operating expenses		3,747,660			3,300,057			17,370,118			12,918,157
Income from operations		57,407			1,074,167			2,873,204			5,507,992
Other income (expense):
Gain on extinguishment of debt		-			974,328			-			974,328
Interest income		17,313			455			19,277			5,581
Interest expense		-			(1,635)			-			(8,953)
Loss on foreign currency exchange		-			-			(34)			(603)
Total other income (expense), net		17,313			973,148			19,243			970,353 Werbung Mehr Nachrichten zur Charles & Colvard Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:12 - PR Newswire Norges Bank - Form 8.3 - Anglo American plc 02:30 - PR Newswire Lancashire Holdings Ltd - Result of AGM Im Herzen Europas    „Special Situation“-Aktie mit Multi-Tenbagger-Potenzial im heißesten Rohstoff-Markt weiterlesen» Anzeige wo-site-teaser-box-16815_site-teaser-box_2024-05-02_08%253A00%253A00_2024-05-03_09%253A00%253A59