Charles & Colvard(US:CTHR)2020-05-22 17:40Financial Performance - Q3 FY2020 - Net sales decreased by 18% to $65 million compared to $79 million in the same quarter last year[7] - Online channels segment net sales decreased by 12% to $40 million[7] - Traditional segment net sales decreased by 24% to $30 million[7] - Net loss was $62 million, or $021 per diluted share, compared to net income of $08 million, or $004 per diluted share, in the prior year quarter[10] - Gross margin was -41%, impacted by a $53 million write-off of legacy material inventory[13, 14] Balance Sheet - Total cash decreased to $119 million as of March 31, 2020, compared to $130 million as of June 30, 2019[17] - Inventory decreased to $317 million as of March 31, 2020, compared to $337 million as of June 30, 2019[17] - Shareholders' equity decreased to $422 million as of March 31, 2020, compared to $462 million as of June 30, 2019[17] COVID-19 Response - The company furloughed approximately 50% of employees, primarily in operations and manufacturing[3] - Temporary salary reductions were implemented for all employees, including 25% for the CEO and 15% for the CFO & COO[3]