Northvale, New Jersey, Wednesday, November 14, 2012: Elite Pharmaceuticals, Inc. (OTC:BB: ELTP), a specialty pharmaceutical company dedicated to developing and commercializing oral controlled release product formulations and the manufacturing of generic pharmaceuticals, announced results for the fiscal second quarter ended September 30, 2012.
Consolidated revenues were $0.6 million for the quarter, an increase of 131% when compared to the comparable quarter of the prior year. This increase is the result of the continuing growth of the new revenue streams that have been created within the last eighteen months.
In addition, at the end of the quarter, Elite has received FDA approval for two new products, Phentermine 15mg capsules and Phentermine 30mg capsules although the launch of these products is dependent on resolution of the API issues discussed in our press release of October 12, 2012. Elite also currently has two products that are pending approval by the FDA for manufacturing transfer and a third undisclosed generic product under FDA review.
Consolidate loss from operations was $(0.5 million) for this quarter, compared with a loss from operations $(0.6 million) in the comparable quarter of the prior year. GAAP net income for the quarter, including non-cash expenses relating to the accounting treatment of preferred share and warrant derivatives was $1.0 million, compared to a GAAP net income of $13.9 million for the comparable quarter of the prior year, with the difference mostly being due to changes in the value of preferred shares and warrant derivatives. Basic earnings per share was $0.00, on a weighted average of 348.3 million common shares outstanding, compared to a basic earnings per common share of $0.06 and a weighted average common shares outstanding of 248.2 million in the comparable quarter of the prior year. Fully diluted earnings per share was $0.00, on a weighted average diluted shares of 505.8 million, compared to fully diluted earnings per share of $0.03 and a weighted average diluted shares of 454.2 million in the comparable quarter of the prior year. The increase in common shares outstanding is primarily due to conversion of preferred shares into common shares during the last 12 months.
Jerry Treppel, Chairman and CEO of Elite commented, “Our plan to increase revenues from product sales, which are inherently more stable and predictable than a milestone based revenue stream continues apace. We are in active discussions with our phentermine API supplier and are hopeful that a resolution can be reached, although we cannot predict if or when this might occur. We have manufactured larger batches of product in our new facility and begun limited packaging operations as well. We continue to move forward with the development of our abuse-resistant opioid products even as others in the field continue to have problems.”
The Company will host a conference call to discuss the results of operations and provide an update on recent business developments on Thursday, November 15, 2012 at 10:00 AM EST. Company executives will also conduct a question and answer session following their remarks.
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