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Elite Pharmaceuticals, Inc. Reports Financial Results For The Third Quarter Of Fiscal 2013

Stocks in this article: ELTP

NORTHVALE, N.J., Feb. 14, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. (OTCBB:ELTP), a specialty pharmaceutical company dedicated to developing and commercializing oral controlled release product formulations, abuse-resistant opioid formulations, and the manufacturing of generic pharmaceuticals, announced results for the fiscal second quarter ended December 31, 2012.

Consolidated revenues were $0.7 million for the quarter, an increase of 31% when compared to the comparable quarter of the prior year. This increase is the result of the continuing growth of the new product revenue streams that have been created within the last eighteen months.

Consolidated loss from operations was $(0.3 million) for this quarter, compared with a loss from operations $(0.4 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 $9.4 million, compared to a GAAP net income of $8.8 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 $0.03, on a weighted average of 350.2 million common shares outstanding, compared to a basic earnings per common share of $0.03 and a weighted average common shares outstanding of 262.1 million in the comparable quarter of the prior year. Fully diluted earnings per share was $0.02, on a weighted average diluted shares of 486.2 million, compared to fully diluted earnings per share of $0.02 and a weighted average diluted shares of 427.0 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.

During the quarter, Elite also resolved the raw material supply issues related to its Phentermine product line which caused delays in the launch of its recently approved Phentermine 15mg and Phentermine 30mg capsules. In addition, subsequent to the end of the quarter, Elite received FDA approval for a third product, Naltrexone 50mg tablets. These products, when launched, represent continued expansion of Elite's product lines and are expected to contribute to further growth in revenue streams.

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