Elite third quarter consolidated revenues increase 34% to $1.2 million

Elite Pharmaceuticals, Inc. (OTCBB:ELTP), a specialty pharmaceutical company dedicated to developing and commercializing oral controlled release product formulations, announced results for the fiscal third quarter ended December 31, 2011.

For the third quarter, consolidated revenues were $1.2 million, an increase of 34% compared with last year's third quarter, with substantially all revenues being derived from the manufacture, sale and lab services related to the Lodrane family of products. 

Profits from operations were $72,931 for the third quarter, as compared to last year's third quarter operating losses of $509,893. This marks the first quarter in which the company has achieved an operating profit and is indicative of results achieved pursuant to the continuing efforts by management to increase manufacturing efficiency and reduce operating costs.

GAAP net income, including non-cash revenues and expenses relating to the accounting treatment of preferred share derivatives and the fair value of warrant derivatives, was $5.9 million. Basic net income was $0.06 per share and fully diluted net income was $0.02 per share.

For the first nine months of fiscal 2011, cash flow from operations was a positive $318,457, compared to a negative operating cash flow of ($1.1 million) for the same period last year.  Approximately $400,000 of cash has been invested in the purchases, previously announced, of three approved ANDA's, and in the continued expansion and improvement of Elite's manufacturing facilities. Total net cash flow for the first three quarters, inclusive of cash from operations and cash used in investing and financing activities was a negative $162,993. Our cash balance as of December 31, 2010 was $415,194.

The company is currently in discussions to license its once daily oxycodone product, ELI-154, to a European marketing partner and is progressing towards scale-up in the development of its abuse-resistant formulation of oxycodone, ELI-216.

Comments

The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
Post a new comment
Post

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.

You might also like...
GLP-1 receptor agonists prove effective for kidney and cardiovascular outcomes