Elite Pharmaceuticals Inc (ELTP)

[Couch]

Huh and yet the company says otherwise.

So let's start on the P&L statement, revenues were $2.3 million for the quarter and $8.3 million for the nine months ended December 31, 2016 and that's compared to $2.2 million and $7.3 million for the quarter and nine months of the prior-year. That's a 6% increase for the quarter as compared to last year and a 13% increase for the year-to-date as compared to last year. These are solid revenue numbers.

Moving down the P&L statement, operating expenses where we had research and development cost of $1.5 million for the quarter and $4.3 million for the nine months ended December 31, 2016. That's down from $3.2 million and $10 million for the comparable periods of the prior-year.

One last point on the P&L statement and that would be the general and administrative expense line item which was essentially unchanged year-to-year. G&A expenses were 700,000 and 2.1 million for the quarter and nine months ended December 31, 2016 this year and this is virtually unchanged from the 700,000 and 2 million in G&A expenses in the prior-year.

I won't talk too much about G&A expenses usually but the takeaway here is that revenues are growing, product development activities continue, new products are being file and trials and bio studies ongoing and all of that is being managed within the same overhead structure. We're always looking to cut costs and be more efficient and here is the metric that demonstrates we are getting more out of our overheads than ever before.