Elite Pharmaceuticals, Inc. Reports Financial Results for the Third Quarter of Fiscal Year Ended December 31, 2021 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals, Inc. (OTCQB:ELTP) reported a strong performance for the third quarter of fiscal year 2022, ended December 31, 2021. Consolidated revenues reached $9.0 million, up 48% year-over-year, driven by increased sales of Amphetamine IR Tablets and ER Capsules. The company also posted an operating profit of $1.8 million, an increase of $0.8 million compared to the prior year, and net income of $2.3 million. A conference call is scheduled for February 15 at 11:30 AM EST to discuss these results and recent developments.

Positive

• Consolidated revenues of $9.0 million, a 48% increase year-over-year.
• Operating profits of $1.8 million, up $0.8 million from the previous year.
• Net income of $2.3 million.

Negative

• None.

Conference Call Scheduled for Tuesday, February 15 at 11:30 AM EST

NORTHVALE, NJ / ACCESSWIRE / February 14, 2022 / Elite Pharmaceuticals, Inc. ("Elite" or the "Company")(OTCQB:ELTP), a specialty pharmaceutical company developing niche generic products, announced results for the third quarter of fiscal year 2022 ended December 31, 2021 ("Third Quarter").

Consolidated revenues for the Third Quarter were $9.0 million, an increase of $2.9 million or 48% 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 $1.8 million, an increase of $0.8 million from the comparable period of the prior year, and net income was $2.3 million.

Conference Call Information

Elite's management will host a conference call to discuss the Third Quarter financial results for fiscal year 2022 ended December 31^st and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.

Date:	February 15, 2022
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, February 14, 2022
Audio Replay:	https://elite.irpass.com/events_presentations

The financial statements can be viewed for Elite's Third 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/688641/Elite-Pharmaceuticals-Inc-Reports-Financial-Results-for-the-Third-Quarter-of-Fiscal-Year-Ended-December-31-2021-and-Provides-Conference-Call-Information

FAQ

What were the financial results of Elite Pharmaceuticals for the third quarter of fiscal year 2022?

Elite Pharmaceuticals reported revenues of $9.0 million and net income of $2.3 million for the third quarter ended December 31, 2021.

When is the conference call for Elite Pharmaceuticals to discuss financial results?

The conference call is scheduled for February 15, 2022, at 11:30 AM EST.

What factors contributed to the revenue increase for Elite Pharmaceuticals?

The revenue increase was primarily due to stronger sales of Amphetamine IR Tablets and Amphetamine ER Capsules.

How much did Elite Pharmaceuticals' operating profit increase in the third quarter of fiscal year 2022?

Operating profits increased by $0.8 million, reaching $1.8 million compared to the same period last year.