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Charles & Colvard Q1 loss widens 59.1% YOY

Charles & Colvard Ltd. said its first-quarter normalized net income amounted to a loss of 2 cents per share, compared with a loss of 1 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 $431,420, compared with a loss of $271,190 in the prior-year period.

The normalized profit margin climbed to negative 3.8% from negative 3.9% in the year-earlier period.

Total revenue climbed 62.4% year over year to $11.4 million from $7.0 million, and total operating expenses increased 62.2% year over year to $12.1 million from $7.4 million.

Reported net income totaled a loss of $829,220, or a loss of 4 cents per share, compared to a loss of $603,230, or a loss of 3 cents per share, in the year-earlier period.