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Charles & Colvard changes fiscal year

The board of jewelry maker Charles & Colvard Ltd. on Jan. 30 approved a change in the company's fiscal year, according to a Feb. 1 SEC filing.

The company's fiscal year was changed from one beginning Jan. 1 and ending Dec. 31 to a fiscal year beginning July 1 and ending June 30. Charles & Colvard said this change will help management shift its annual planning and budgeting process away from the holiday season so that it can focus on "revenue-generating opportunities."

As a result of the change in fiscal year, the North Carolina-based jeweler said the timing of its annual shareholders meeting will be moved to November from May.

Charles & Colvard also released preliminary results for the fourth quarter ended Dec. 31, 2017. The company expects net sales to range between $8.2 million and $8.5 million for the period, up from $6 million a year prior. The company also expects positive net income and EPS for the quarter.

Earnings for fourth quarter and full year 2017 are scheduled to be announced March 8.