MT. VERNON, N.Y.--Michael Anthony Jewelers reported fourth-quarter earnings rose 51 percent to $641,000, or 7 cents a share, from $423,000, or 6 cents, a year ago.
Sales gained 23 percent to $31.4 million from $25.5 million.
Michael Paolercio, chief executive officer, said that gross profit margins in the latest quarter were hurt by a one-time program with a new customer and lower margin sales to other customers.
For the year ended June 30, earnings came to $5 million, or 63 cents, against $1.6 million, or 23 cents after a special charge of $1.27 million related to early termination of employment contracts. Sales climbed 19.4 percent to $142.8 million from $119.6 million.
Paolercio noted that strong earnings combined with an additional stock offering last December have increased the company's capital to its highest level ever. He added that the company has posted comparable store sales gains in every quarter. Michael Anthony manufactures and markets gold jewelry to discount stores, jewelry chain stores, department stores, television shopping networks and wholesalers.

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