Charles & Colvard has announced its financial results for the first quarter of 2010. Its sales increased by 15 percent to $2.9 million, and total costs and expenses were cut down by 28 percent to $2.7 million. The said three months generated a net income of $298,385, as compared to the $1.3 million loss of the same period a year ago.

At the end of the quarter, the company’s cash holdings were worth $2.79 million, liquid long-term investments stood at $5.05 million, total inventory, including long-term and consignment inventory, valued $38.49 million (reduced from $39.13 million of the corresponding quarter last year). Raw material worth $289,000 was purchased in first quarter of 2010.

According to reports, this is the first profitable quarter for the company since the third quarter of fiscal 2007. This the company attributes to its new growth strategy.