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ELTP - Currently under attack my MMs. Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year Ended March 31, 2014

Revenues Increase by 35%, Product Development Accelerating

Conference Call Scheduled for Tuesday, July 1 at 12:00 PM EDT

NORTHVALE, N.J., June 30, 2014 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (ELTP), a specialty pharmaceutical company dedicated to developing and commercializing oral abuse-resistant controlled release product formulations and the manufacturing of generic pharmaceuticals, announced results for the fiscal year ended March 31, 2014 ("Fiscal 2014").

Consolidated revenues were $4.6 million for the fiscal year, an increase of $1.2 million or approximately 35% over consolidated revenues for the prior year. During the fiscal year, Elite launched 3 new products, acquired 12 approved ANDA's, and saw strong and sustained growth in its line of commercial generic products. This marks the second consecutive year in which Elite achieved revenue growth in excess of $1 million.

During Fiscal 2014, Elite continued to expand and accelerate the development of its abuse resistant opioid technology, successfully completing a bio equivalence study, initiating a second bioequivalence study and a human abuse liability study and securing additional patents in the U.S. and internationally. As a result, product development costs increased from less than $1 million in the prior year to almost $4 million in Fiscal 2014. Elite expects to file the first of its range of abuse resistant opioid products by the end of calendar 2014.

Elite's balance sheet was also its strongest on record, reporting a working capital surplus of $3.8 million, the first working capital surplus in 5 years. Based on the strength of its balance sheet, combined with the growth in commercial operations and access to significant financing, management determined that Elite is sufficiently capitalized to operate as a going concern. Elite's independent auditors agreed with this determination, and have issued an unqualified opinion without a going concern paragraph. This is the first audit opinion without a going concern paragraph since 2002.

Nasrat Hakim, CEO of Elite commented, "Fiscal 2014 will be known as the year of Elite's turnaround. We successfully completed a bioequivalence study for ELI-200, initiated other human trials, and are well positioned to file the first of our abuse resistant opioid products by the end of this year. We have emerged as one of the leaders in the development of abuse deterrent opioids. In addition, we launched three new generic products and acquired twelve additional generic products, which we expect to provide a stable and growing foundation of revenues to sustain us on an ongoing basis. I want to thank and congratulate the entire Elite team for the spectacular accomplishments during Fiscal 2014, on which we continue to build and move forward."

The Company will host a conference call to discuss the results of operations and provide an update on recent business developments on Tuesday, July 1, 2014 at 12 Noon EDT. Company executives will conduct a question and answer session following their remarks.

To access the conference call:
Domestic callers: [phone]
International callers: [phone]
Conference Entry Code: 98840

A digital telephone replay will be available approximately one hour after the conclusion of the call for two weeks until July 15, 2014 by dialing:
Domestic callers: [phone]
International callers: [phone]
Conference entry code: 98840

The financial statements can be viewed in Elite's Annual Report on Form 10-K at: http://www.elitepharma.com/sec_filings.asp.

Ref. http://finance.yahoo.com/news/elite-pharmaceuticals-inc-reports-financial-180537076.html