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Saturday, September 05, 2020 11:36:57 AM
We've averaged quarterly revenue growth of 155% as compared to the comparable quarter of the prior year.
Carter Ward, CFO
Thank you, Nasrat and thanks to everyone as always for calling in today. Last Friday, August 14, 2020, we filed our 10-Q for the quarter ended June 30, 2020. So we're on a March fiscal year that means the June quarter is the first quarter of our 2021 fiscal year. The Q is available on the Investor section of our website, which is elitepharma.com, as well as sec.gov and other websites that provide links to our filings. We haven't gone through the Q yet, please get a copy from elitepharma.com or any of the other sites.
Today, I'd like to review some of the key parts of the financials, providing analysis, context and insight into the numbers. As always, we've received questions and comments from shareholders and Elite followers. I'll do my best to address those questions that are related to the financials.
Let's start with the P&L, where we reported our highest-to-date quarterly revenues. Revenues for the quarter ended June 2020 was $7.5 million and that's compared to $3.4 million for the June 2019 quarter, that's a $4.2 million increase or 124% as compared to the last -- same quarter of last year. The increase was driven by revenues from generic extended release Adderall, which was launched on March 30 of this year and we also saw strong growth as compared to last year for the generic immediate release Adderall, Isradipine and Phentermine as well. Also our Naltrexone product has been a steady performer contributing consistent numbers to revenues.
The June 2020 quarter was clearly a very strong one for Elite, it's also the fifth consecutive quarter of double or triple digit revenue growth compared to the comparable quarter of the prior year. Over the last five quarters, encompassing the four quarters of the 2020 fiscal year, plus the first quarter of this 2021 fiscal year, we've averaged quarterly revenue growth of 155% as compared to the comparable quarter of the prior year.
Over the same five-quarter period, when looking on a quarter-to-quarter basis, we have increased our revenues in four of the five quarters, with an average revenue increase of almost 50%, that's quarter-to-quarter. All of our product lines are contributing to this growth, but there is three product lines that particularly standout based not just on the numbers, which are retrospective, but also on the prospective factors as well. Those three products are generic immediate release Adderall, generic extended release Adderall and Isradipine. All three have significant -- significantly contributed to our growing revenues and all three also show future upside potential.
Generic extended release Adderall has been in the market for slightly more than one quarter, having been launched on March 30 of this year. Generic, immediate release Adderall was launched during the June 2019 quarter, so that product has been in the market for just over one year. Both products still have future upside as our alliance partner Lannett continues its penetration of the market. Lannett to date has done an excellent job establishing these products and should we expect -- should continue expanding the market share.
Isradipine is a product with a relatively small market size, but competitive factors predict future upside in Isradipine that would provide contributions to Elite's results above their current levels. The takeaway from our revenues is that we not only achieved record revenues more than doubling the prior year and our fifth consecutive quarterly increase, but the products responsible for most of the growth have the potential for even more future upside.
Much of the credit for Elite's strong performance is due to its manufacturing lab and quality personnel, as well as marketing and supply chain partners. They have all done a phenomenal job ensuring we continue to run on all cylinders producing record volumes, record revenues and all during the COVID-19 pandemic.
Moving down the P&L to the operating income line, you'll see we had an operating profit of 830,000 for the quarter and that's as opposed to a loss of $1.1 million in the prior year. So that's just under a $2 million improvement in profitability on a year-to-year basis. The balance sheet specifically, receivables, payables and inventories provide some context and visibility into how this turnaround is reflected in our financials. Since March 2020, our receivables have increased by $300,000 and our inventories were up $1.4 million, both are indicative of growing revenues. We need to buy and stock more inventory to meet the growing demand and our receivables are naturally higher due to increased billings to customers. On the payables and accruals side, those are also up by approximately $240,000, natural to expect those to increase with operations in revenues but note that the increase in these items is less than the increase in inventories and receivables. This shows the strengthening of our working capital position that results from operating profits on our P&L statement, as well as the positive operating cash flow, which is reported on our cash flow statement.
Finally, on our balance sheet, our overall equity increased by $1.1 million since March 31, almost all of this was due to our net income, which includes the operating income of $800,000 combined with other income and expense items such as derivatives and sales of our state NOLs. So, however, you look at it the financial metrics and ratios they're all moving in a positive direction.
https://seekingalpha.com/article/4369319-elite-pharmaceuticals-inc-eltp-ceo-nasrat-hakim-on-q1-2021-results-earnings-call-transcript?page=2
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