Elite Pharmaceuticals, Inc. Reports Financial Results for the Second Quarter of Fiscal 2013
Northvale, NJ -
November 14, 2012: Elite Pharmaceuticals, Inc. (OTC:BB: ELTP), a
specialty pharmaceutical company dedicated to developing and
commercializing oral controlled release product formulations and the
manufacturing of generic pharmaceuticals, announced results for the
fiscal second quarter ended September 30, 2012.
Consolidated
revenues were $0.6 million for the quarter, an increase of 131% when
compared to the comparable quarter of the prior year. This increase is
the result of the continuing growth of the new revenue streams that have
been created within the last eighteen months.
In addition, at the
end of the quarter, Elite has received FDA approval for two new
products, Phentermine 15mg capsules and Phentermine 30mg capsules
although the launch of these products is dependent on resolution of the
API issues discussed in our press release of October 12, 2012. Elite
also currently has two products that are pending approval by the FDA for
manufacturing transfer and a third undisclosed generic product under
FDA review.
Consolidate loss
from operations was $(0.5 million) for this quarter, compared with a
loss from operations $(0.6 million) in the comparable quarter of the
prior year. GAAP net income for the quarter, including non-cash
expenses relating to the accounting treatment of preferred share and
warrant derivatives was $1.0 million, compared to a GAAP net income of
$13.9 million for the comparable quarter of the prior year, with the
difference mostly being due to changes in the value of preferred shares
and warrant derivatives. Basic earnings per share was $0.00, on a
weighted average of 348.3 million common shares outstanding, compared to
a basic earnings per common share of $0.06 and a weighted average
common shares outstanding of 248.2 million in the comparable quarter of
the prior year. Fully diluted earnings per share was $0.00, on a
weighted average diluted shares of 505.8 million, compared to fully
diluted earnings per share of $0.03 and a weighted average diluted
shares of 454.2 million in the comparable quarter of the prior year.
The increase in common shares outstanding is primarily due to conversion
of preferred shares into common shares during the last 12 months.
Jerry Treppel,
Chairman and CEO of Elite commented, "Our plan to increase revenues from
product sales, which are inherently more stable and predictable than a
milestone based revenue stream continues apace. We are in active
discussions with our phentermine API supplier and are hopeful that a
resolution can be reached, although we cannot predict if or when this
might occur. We have manufactured larger batches of product in our new
facility and begun limited packaging operations as well. We continue to
move forward with the development of our abuse-resistant opioid
products even as others in the field continue to have problems."
The Company will
host a conference call to discuss the results of operations and provide
an update on recent business developments on Thursday, November 15, 2012
at 10:00 AM EST. Company executives will also conduct a question and
answer session following their remarks.
To access the conference call:
Domestic callers: (800) 346-7359
International callers: (973) 528-0008
Conference Entry Code: 98840
International callers: (973) 528-0008
Conference Entry Code: 98840
A digital telephone
replay will be available approximately one hour after the conclusion of
the call for two weeks until November 29, 2012 by dialing:
Domestic callers: (800) 332-6854
International callers: (973) 528-0005
Conference entry code: 98840
International callers: (973) 528-0005
Conference entry code: 98840
