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Charles & Colvard Q2 loss narrows YOY

Charles & Colvard Ltd. said its second-quarter normalized net income amounted to a loss of 3 cents per share, compared with a loss of 8 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $540,130, compared with a loss of $1.6 million in the prior-year period.

The normalized profit margin rose to negative 8.3% from negative 25.1% in the year-earlier period.

Total revenue climbed 5.6% on an annual basis to $6.5 million from $6.2 million, and total operating expenses fell 14.7% from the prior-year period to $7.4 million from $8.7 million.

Reported net income came to a loss of $1.0 million, or a loss of 5 cents per share, compared to a loss of $2.8 million, or a loss of 14 cents per share, in the prior-year period.