Elite Pharmaceuticals, Inc. Reports Financial Results for the Second Quarter of Fiscal Year Ended September 30, 2021 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals, Inc. (OTCQB:ELTP) reported second quarter fiscal year 2022 financial results for the period ending September 30, 2021. The company achieved revenues of $8.6 million, reflecting a 16% increase from the previous year, driven by strong sales of Amphetamine IR Tablets and ER Capsules. Operating profits rose to $1.4 million, and net income was $1.8 million. A conference call regarding these results is scheduled for November 16, 2021, at 11:30 AM EST.

Positive

• Revenues increased by 16% to $8.6 million compared to the previous year.
• Operating profits improved to $1.4 million, demonstrating growth.
• Net income reached $1.8 million, indicating a successful quarter.

Negative

• None.

Conference Call Scheduled for Tuesday, November 16^th at 11:30 AM EST

NORTHVALE, NJ / ACCESSWIRE / November 15, 2021 / Elite Pharmaceuticals, Inc. ("Elite" or the "Company")(OTCQB:ELTP), a specialty pharmaceutical company developing niche generic products, announced results for the second quarter of fiscal year 2022 ended September 30, 2021 ("Second Quarter").

Consolidated revenues for the Second Quarter were $8.6 million, an increase of $1.2 million or 16% as compared to the corresponding period of the prior year, primarily due to stronger sales of Amphetamine IR Tablets and Amphetamine ER Capsules. Operating profits of $1.4 million, an increase of $0.1 million from the comparable period of the prior year, and net income was $1.8 million.

Conference Call Information

Elite's management will host a conference call to discuss the Second Quarter financial results for fiscal year 2022 ended September 30^th and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.

Date:	November 16, 2021
Time:	11:30 AM EST
Dial- in numbers:	1-800-346-7359 (domestic) 1-973-528-0008 (international)
Conference number:	98840
Questions:	dianne@elitepharma.com Financial questions by 7:00 PM EST on Monday, September 15, 2021
Audio Replay:	https://elite.irpass.com/events_presentations

The financial statements can be viewed for Elite's Second Quarter of Fiscal Year 2022 on Form 10-Q here.

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products which have been licensed to Lannett Company, Prasco, LLC, Epic Pharma, LLC, and TAGI Pharma. Elite operates a cGMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ. For more information, visit www.elitepharma.com.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, those related to the effects, if any, on future results, performance or other expectations that may have some correlation to the subject matter of this press release. Readers are cautioned that such forward-looking statements involve, without limitation, risks, uncertainties and other factors not under the control of Elite, which may cause actual results, performance or achievements of Elite to be materially different from the results, performance or other expectations that may be implied by these forward-looking statements. These forward-looking statements may include statements regarding the expected timing of approval, if at all, of products by the FDA, and the actions the FDA may require of Elite in order to obtain such approvals. These forward-looking statements are not guarantees of future action or performance. These risks and other factors are discussed, without limitation, in Elite's filings with the Securities and Exchange Commission, including its reports on forms 10-K, 10-Q, and 8-K. Elite is under no obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
For Elite Pharmaceuticals, Inc.
Dianne Will, Investor Relations, 518-398-6222
Dianne@elitepharma.com
www.elitepharma.com

SOURCE: Elite Pharmaceuticals, Inc.

View source version on accesswire.com:
https://www.accesswire.com/672979/Elite-Pharmaceuticals-Inc-Reports-Financial-Results-for-the-Second-Quarter-of-Fiscal-Year-Ended-September-30-2021-and-Provides-Conference-Call-Information

FAQ

What were Elite Pharmaceuticals' revenues for Q2 FY 2022?

Elite Pharmaceuticals reported revenues of $8.6 million for the second quarter of fiscal year 2022.

When is the conference call for Elite Pharmaceuticals' Q2 results?

The conference call is scheduled for November 16, 2021, at 11:30 AM EST.

What were the operating profits for Elite Pharmaceuticals in Q2 FY 2022?

Operating profits for Elite Pharmaceuticals in the second quarter of fiscal year 2022 were $1.4 million.

What is the net income reported by Elite Pharmaceuticals for Q2 FY 2022?

Elite Pharmaceuticals reported a net income of $1.8 million for the second quarter of fiscal year 2022.