Charles & Colvard Ltd (CTHR) Misses Q3 EPS by 5c; Names New CEO

Charles & Colvard Ltd (NASDAQ: CTHR) reported Q3 EPS of ($0.10), $0.05 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $6.5 million versus the consensus estimate of $4.59 million.

The company also announced that its Board selected board member Suzanne Miglucci to be the next President and Chief Executive Officer. This follows H. Marvin Beasley’s decision to retire from his current roles of President, Chief Executive Officer and Director, effective December 1, 2015.

“Retail is undergoing a monumental transformation,” said Neal Goldman, Executive Chairman of the Board of Directors of Charles & Colvard. “For brand manufacturers like Charles & Colvard to compete successfully, we believe we need to embrace omni-channel marketing and distribution strategies designed to increase consumer awareness and acceptance of Charles & Colvard moissanite. Ms. Miglucci brings these talents along with deep branding expertise to us in her new role as President and Chief Executive Officer of our Company.”

Mr. Goldman continued, “As corporations strive to optimize the customer experience and gain market share in an increasingly complex digital marketing space, it is no surprise they are turning to their marketing bench to lead the charge. With our decision to appoint Ms. Miglucci, Charles & Colvard joins the ranks of other brand name market-leading companies which have also recently appointed marketing executives to their helms. We believe Suzanne, as our new President and Chief Executive Officer, will advance the Company to its next levels of success.”

In June 2012, Ms. Miglucci stepped into the Chief Marketing Officer role at ChannelAdvisor Corporation, an e-commerce software and services solution provider, where she played a pivotal role in the company’s Initial Public Offering and substantial growth. Prior to joining ChannelAdvisor, she served as Senior Director, Global Procurement Solution Marketing, at SAP, a market leader in enterprise application software. Ms. Miglucci has also held executive marketing positions at SciQuest, Inc., MicroMass Communications and Arsenal Digital Solutions. She has served as a Director of Charles & Colvard since August 2015.

“Charles & Colvard’s stunning gemstones offer a unique value proposition for today’s socially conscious consumer,” said Ms. Miglucci. “I look forward to expanding the Company’s footprint through traditional and online channels, and to extending the Charles & Colvard brand to a global audience. Mr. Beasley has created a strong foundation from which we will grow, and we thank him for his many years of service.”

For earnings history and earnings-related data on Charles & Colvard Ltd (CTHR) click here.

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