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Charles and Colvard reports fourth quarter and 2007 financial results

February 21, 2008

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For the three months ended Dec. 31, 2007, moissanite manufacturer Charles and Colvard reported a 35 percent decrease in net sales to $7.9 million, compared with $12.1 million for the same period in 2006.

Lower sales and a $1.1 million increase in bad debt expenses have resulted in a drop in operating profit to $1.7 million, compared with an operating profit of $1.9 million in the previous year.

Although Charles and Colvard is disappointed with its fourth-quarter sales and earnings, the company recently turned to Kanter International for an evaluation and recommendation to improve sales performance, according to President and Chief Executive Officer Bob Thomas.
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