Charles and Colvard named top small business

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Charles and Colvard named top small business

July 26, 2007

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Morrisville, N.C.—Charles and Colvard Ltd., the Morrisville, N.C.-based company that has exclusively developed and distributed the lab-grown stone moissanite, has been named to Fortune Small Business's list of the top 100 small public companies for 2006.

Charles and Colvard came in at number 39 on the list, rising 15 spots from number 54 last year.

The annual list, determined by assistance from financial research firm Zacks, ranks public companies with revenues of less than $200 million and a stock price of more than $1, based on their percentage growth in earnings, revenue and stock performance over the past three years.

Helping to boost Charles and Colvard's placement on the list was the company's intense focus on market research. The brand's development of moissanite, a lab-grown stone that looks similar to a diamond, cornered a relatively untouched area of the jewelry industry, the company said.

"Throughout Charles and Colvard's history, we've tried to be sensitive to the consumer's desires in the area of fine jewelry," Charles and Colvard Chief Executive Officer Bob Thomas said in a statement. "Intensive market research and a keen awareness of what women are looking for in the industry has led us here, and we will continue working toward exceptional consumer satisfaction and quality relationships with our retail partners and manufacturers."

The honor comes after the posting of Charles and Colvard's second quarter sales for 2007, in which net sales fell 11 percent amid what the company called a "weak" jewelry retailing environment. Thomas said, however, that the company is working on several initiatives expected to boost consumer awareness and demand.

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