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Lazare Kaplan’s sales continue to slide
Though it remains unable to file complete financial statements, Lazare Kaplan International Inc. estimates a 34 percent drop in net sales for fiscal year 2015.
New York--Though it remains unable to file complete financial statements, Lazare Kaplan International Inc. stated in its latest filing with the Securities and Exchange Commission that it anticipates the final figures will show a 34 percent year-over-year drop in net sales.
According to the latest 8-K filed by the diamond company, net sales for the fiscal year 2015 reached $35.7 million, down from $54.2 million in fiscal year 2014.
Total revenue for the fiscal year is estimated at $38.8 million, down 45 percent from $71 million in fiscal year 2014.
Lazare Kaplan noted in the filing that “current uncertain economic conditions” continue to impact the diamond and jewelry industry, including the margin pressure placed on manufacturers by high rough diamond prices.
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A New York-based De Beers sightholder with offices in Belgium, Tokyo and Hong Kong and a factory in Namibia, Lazare Kaplan has been unable to finalize financial statements with the SEC since August 2009 due to ongoing litigation with both Antwerp Diamond Bank and parent company KBC Bank N.V.
Lazare Kaplan said that the existence of this litigation and the uncertainties it creates has a “significant detrimental effect on the company’s ability to transact business in the ordinary course,” including its ability to maintain and/or expand operations.
Also in this most recent 8-K, Lazare Kaplan stated that in April, the U.S. Patent Trial and Appeal Board (PTAB) instituted a review of its patent claims in regards to laser-inscribing gemstones, a review requested by Tiffany & Co.
The patent claims at issue in the Tiffany case are the same as those being disputed in Lazare Kaplan’s long-running legal battle with PhotoScribe Technologies Inc. This latest decision from the PTAB caused the U.S. District Court to enter an order staying proceedings in the PhotoScribe case until the PTAB reaches a decision.
The Gemological Institute of America also was named as defendant in Lazare Kaplan’s suit against PhotoScribe but those two parties reached a settlement in September 2013.
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