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Charles & Colvard Q3 loss narrows YOY

Charles & Colvard Ltd. said its normalized net income for the third quarter came to a loss of 6 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share loss decreased 36.6% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.2 million, compared with a loss of $1.9 million in the year-earlier period.

The normalized profit margin climbed to negative 12.1% from negative 42.3% in the year-earlier period.

Total revenue increased 44.1% year over year to $6.5 million from $4.5 million, and total operating expenses grew 11.8% on an annual basis to $8.5 million from $7.6 million.

Reported net income totaled a loss of $2.1 million, or a loss of 10 cents per share, compared to a loss of $3.1 million, or a loss of 15 cents per share, in the prior-year period.