Elite Pharmaceuticals, Inc. Reports Financial Results for Third Quarter of Fiscal Year 2024 ended December 31, 2023 and Provides Conference Call Information

Rhea-AI Summary

Elite Pharmaceuticals, Inc. reported strong financial results for the third quarter of fiscal year 2024, with consolidated revenues of $15.5 million, a 68% increase from the previous year. Operating profits also rose by 80% to $3.5 million, driven by increased sales of Elite Laboratories label products. A conference call is scheduled for February 15, 2024, to discuss the financial results and recent business developments.

Positive

• Consolidated revenues for the third quarter of fiscal year 2024 were $15.5 million, up by 68% compared to the previous year.
• Operating profits increased by 80% to $3.5 million from the comparable period of the prior year.
• The rise in operating profits was mainly due to higher revenues from the sale of Elite Laboratories label products launched during the current fiscal year.
• Elite Pharmaceuticals, Inc. will host a conference call on February 15, 2024, to review the financial results and provide updates on recent business developments.

Negative

• None.

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

NORTHVALE, NJ / ACCESSWIRE / February 14, 2024 / Elite Pharmaceuticals, Inc. ("Elite" or the "Company")(OTCBB:ELTP), a specialty pharmaceutical company engaged in the development, manufacture, and distribution of niche generic products, announced results for the third quarter of fiscal year 2024 ended December 31, 2023 ("Third Quarter").

Consolidated revenues for the three-month period ended December 31, 2023, were $15.5 million, an increase of $6.3 million or 68% as compared to the comparable period of the prior fiscal year. Operating profits were $3.5 million, an increase of $1.6 million or 80% from the comparable period of the prior year. The increase in operating profits was primarily attributed to increased revenues achieved from the sale of Elite Laboratories label products, which were launched during the current fiscal.

Conference Call Information

Elite's management will host a conference call to discuss the Third Quarter financial results and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.

Date:	February 15, 2024
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 Wednesday, February 14, 2024
Audio Replay:	https://elite.irpass.com/events_presentations

The financial statements can be viewed for Elite's Second Quarter of Fiscal Year 2024 on Form 10-Q here.

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops, manufactures, and distributes niche generic products. Elite's product lines consist of immediate-release and controlled-release, solid oral dose products, which are marketed under the Elite Laboratories label, as well as pursuant to licenses granted to third-party pharmaceutical marketing and distribution organizations. 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 the original press release on accesswire.com

FAQ

What were Elite Pharmaceuticals, Inc.'s consolidated revenues for the third quarter of fiscal year 2024?

Elite Pharmaceuticals, Inc.'s consolidated revenues for the third quarter of fiscal year 2024 were $15.5 million.

By what percentage did the operating profits increase for Elite Pharmaceuticals, Inc. in the third quarter of fiscal year 2024?

The operating profits for Elite Pharmaceuticals, Inc. increased by 80% in the third quarter of fiscal year 2024.

What was the main reason behind the increase in operating profits for Elite Pharmaceuticals, Inc. in the third quarter of fiscal year 2024?

The increase in operating profits was primarily attributed to higher revenues from the sale of Elite Laboratories label products launched during the current fiscal year.

When is the conference call scheduled for Elite Pharmaceuticals, Inc. to discuss the financial results and recent business developments?

The conference call for Elite Pharmaceuticals, Inc. is scheduled for February 15, 2024, to discuss the financial results and recent business developments.