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.