Charles & Colvard, Ltd., a globally recognized fine jewelry company specializing in lab created gemstones, today announced preliminary key financial results for the fourth quarter and fiscal year ended June 30, 2021.
“Over the past fiscal year, we transitioned the direction of the business in all functional areas, which enabled us to deliver these key financial highlights,” said Don O’Connell, President and CEO of Charles & Colvard. “The estimated increase in net sales for fiscal year 2021 is primarily attributed to the continued rise in finished jewelry net sales, which were the highest in Company history. We are excited to be able to share these highlights ahead of the upcoming JCK show, the jewelry industry’s leading annual trade event hosted in Las Vegas, August 27-30. We look forward to sharing our complete fourth quarter and fiscal 2021 financial results in our earnings call next week.”
The Company also reports that net income for the fiscal quarter ended June 30, 2021 will also include the effect of the release of the Company’s deferred tax valuation allowance that is expected to result in the recognition of an income tax benefit of between $6 million and $6.5 million. Additionally, net income for the fiscal quarter ended June 30, 2021 will reflect the non-recurring impact of the gain on extinguishment of debt relating to the forgiveness of the Company’s Paycheck Protection Program loan, including accrued and unpaid interest, in the amount of approximately $974,000.
Investor Conference Call
The Company will host an investor conference call and webcast presentation to discuss its financial results for the fourth quarter and fiscal year ended June 30, 2021 at 4:30 p.m. ET on Thursday, September 2, 2021. The investor conference call and accompanying presentation slides will be webcast live and can be accessed in the Investor Relations section of the Company’s website at https://ir.charlesandcolvard.com/events.
To participate via telephone, callers should dial 844-875-6912 (U.S. toll-free) or 412-317-6708 (international) and ask to be connected to the “Charles & Colvard, Ltd. Conference Call” a few minutes before 4:30 p.m. ET on Thursday, September 2, 2021.
A replay of this conference call will be available until September 9, 2021 at 877-344-7529 (U.S. toll-free) or 412-317-0088 (international). The replay conference ID is 10159158. The call will also be available for replay in the Investor Relations section of the Company’s website at https://ir.charlesandcolvard.com/events.