Elite Pharmaceuticals, Inc. Reports Financial Results for the Fiscal Year Ended March 31, 2013, FQ4/13 Revenues Highest in Corp
Elite Pharmaceuticals, Inc. (OTCBB: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, 2013.
Consolidated revenues were $3.4 million for the fiscal year, an increase of $1.0 million or approximately 40% over consolidated revenues for the prior year. Revenues for the quarter ended March 31, 2013, were exceptionally strong, totaling $1.5 million, the highest quarterly revenue level in corporate history, 131% above quarterly revenues for the comparable period of the prior year. The large increases in revenues are the result of the successful launch and strong growth in new product revenues which have mostly been created during the past 18 months.
Since the end of the fiscal year, Elite launched two new products, Phentermine 15mg capsules and Phentermine 30mg capsules, both being distributed under license by TAGI Pharma. These new products did not generate revenues during the fiscal year ended March 31, 2013, but are generating revenues currently. Shortly, Elite will begin manufacture of naltrexone 50 mg tablets, a recently approved ANDA whose revenues are not represented in Elite's fiscal year 2013 results.
Elite's operations incurred a $1.9 million negative cash flow, due in large part to the financing of a $1.4 million increase inventory and receivables generated by the rapid increase in revenues.
Consolidated loss from operations was $1.6 million, and GAAP net income, including non-cash income relating to the accounting treatment of preferred share and warrant derivatives was $1.5 million. Basic earnings per share were $0.00 on a weighted average 349.1 million common shares outstanding. Fully diluted loss per share was $(0.00), on a weighted average of 526.9 million shares outstanding on a fully diluted basis.
Jerry Treppel, Chairman and CEO of Elite commented, "It has been a remarkable year for Elite. We launched new products, substantially increased our revenues, and lowered our operating losses. Most importantly, I can now tell you that we expect our first commercially scaled-up, abuse-resistant opioid product to enter human pilot studies later this year. We have also conducted work on another abuse-resistant opioid product. We have also received FDA feedback on clinical protocols for the extended release brompheniramine product and have filed a Citizen Petition regarding the extended release brompheniramine/pseudoephedrine product, which, if successful, would put this product in a position to also begin clinical trials and eventually secure approvals for bringing these products on to the market. The Company will host a conference call to discuss the results of operations and provide an update on recent business developments on Monday, June 24, 2013 at 11:00 AM EDT. 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
