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Charles & Colvard Q2 loss widens 82.0% YOY

Charles & Colvard Ltd. said its normalized net income for the second quarter came to a loss of 11 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 4 cents per share.

The per-share loss grew 81.5% year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $2.3 million, compared with a loss of $1.2 million in the year-earlier period.

The normalized profit margin declined to negative 25.1% from negative 15.9% in the year-earlier period.

Total revenue declined year over year to $7.5 million from $7.8 million, and total operating expenses increased 12.9% from the prior-year period to $11.1 million from $9.8 million.

Reported net income came to a loss of $4.1 million, or a loss of 20 cents per share, compared to a loss of $6.3 million, or a loss of 31 cents per share, in the prior-year period.