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.
