Charles & Colvard reports Q4 EPS (30c) vs. 0c last year

Reports Q4 revenue $5.6M vs. $9.3M last year. “While the challenging macroeconomic backdrop and weakened consumer outlook created significant headwinds on the jewelry and gemstone industry, and on the company’s Q4 and FY23 revenues, the company’s cash position remained strong at $15.6M. The downward pricing pressure on moissanite and lab grown diamond impacted margins and, as a result, the Company recently reevaluated its supply chain, gemstone cost, pricing methodology and go-to-market strategy,” said CEO Don O’Connell. “We firmly believe that our proactive measures, combined with our unwavering determination, will enable us to overcome the obstacles that we and the industry have encountered and pave the way for a brighter future. We are confident that our long-term business strategy will create long-term value for our shareholders. As we continue to look ahead, we remain optimistic and excited about the future prospects of the company and our commitment to the company’s strategic initiatives”.