Charles & Colvard Updates Third Quarter Sales Guidance.MORRISVILLE, N.C. -- Charles & Colvard, Ltd., (Nasdaq:CTHR) the sole source of moissanite - a created jewel available for use in fine jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. - today provided an update increasing estimated sales over its previously given third quarter 2004 sales guidance. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bob Thomas For the Irish footballer, see . Bob Thomas (born March 1, 1965 in Appalachia, Virginia) is a radio personality, actor, and writer. He was one of the top radio announcers in Knoxville, Tennessee for 25 years. , President and Chief Executive Officer of Charles & Colvard, "We were delighted to see a pickup in shipments during the last few weeks of the third quarter. Based upon customer orders and indications, we are increasing our preliminary sales estimate for the third quarter 2004 from the previously announced range of between $3.9 million and $4.2 million to our new estimate of between $4.9 million and $5.2 million or approximately 29% to 37% ahead of last year's $3.8 million. We continue to work hard with all of our manufacturing and distribution partners to expand our distribution base. The company continues to remain debt free with a strong cash position." Mr. Thomas added, "One of our larger customers placed a significant order in the last few days in anticipation of strong retail sales during the upcoming holiday shopping season. We are encouraged with this order and hope that this is an indication of building demand both domestically and overseas as growing numbers of consumers have come to appreciate this jewel and its defining attributes of fire, brilliance and luster." Charles & Colvard, based in the Research Triangle Park Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. area of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , is the sole source of moissanite, a created jewel used in fine jewelry. Moissanite is near colorless col·or·less adj. 1. Lacking color. 2. Weak in color; pallid. 3. Lacking animation, variety, or distinction; dull. See Synonyms at dull. , with more fire, brilliance and luster than a fine diamond, but retails for only a fraction of the cost. For more information, please access www.moissanite.com. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such forward-looking statements are subject to a number of material risks, uncertainties and contingencies that could cause actual results to differ materially from those set forth in the forward-looking statements. Those risks and uncertainties include but are not limited to: the company's reliance on Cree, Inc. as the sole supplier of the raw materials; the cost of developing distribution channels; difficulties obtaining silicon carbide silicon carbide, chemical compound, SiC, that forms extremely hard, dark, iridescent crystals that are insoluble in water and other common solvents. Widely used as an abrasive, it is marketed under such familiar trade names as Carborundum and Crystolon. crystals from the sole supplier in desired qualities, sizes and volumes; and other risks and uncertainties set forth in the Company's 10-K for the year ended December 31, 2003, 10-Q and other filings with the Securities and Exchange Commission. |
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