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Charles & Colvard Q3 loss widens 16.1% YOY

Charles & Colvard Ltd. said its third-quarter normalized net income was a loss of 3 cents per share, compared with a loss of 3 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $715,400, compared with a loss of $616,250 in the prior-year period.

The normalized profit margin dropped to negative 13.7% from negative 12.1% in the year-earlier period.

Total revenue increased on an annual basis to $5.2 million from $5.1 million, and total operating expenses increased from the prior-year period to $6.4 million from $6.1 million.

Reported net income came to a loss of $1.3 million, or a loss of 6 cents per share, compared to a loss of $617,140, or a loss of 3 cents per share, in the year-earlier period.