Scio’s revenues up 7.5% in Q1’2017

Scio Diamond Technology Corp. announced financial results for its first fiscal 2017 quarter ending June 30, 2016. Its total revenue amounted to $185,061, an increase of 7.5 percent on y-o-y basis. The increase was attributed to the increases in price of the products sold as the company shifted its sales focus to white diamond gemstone material.

"We are pleased to report quarterly revenue growth as a result of the company's increased production capacity and renewed focus on growing near-colorless, white diamond gemstones," said Gerald McGuire, Scio Diamond CEO.

Cost of goods sold in the said quarter stood at $547,149, an increase of 31.7 percent on y-o-y basis attributed to increased manufacturing costs as the company's product focus shifted to white diamond gemstone material. After the Company returned to full production in April, following the previously reported December 2015 shutdown, it has experienced strong monthly revenue growth.

Added McGuire, “The carat weight of our diamonds continues to increase, our color and clarity capabilities continue to improve, our customer base is growing, and we are beginning to see the resulting improvements in our financials. While short-term cash requirements continue to challenge our efforts, we are optimistic about the market potential for our lab-grown diamonds, and are encouraged by the increasing demand we are seeing from our customers."