Elite Pharmaceuticals, Inc. Reports Financial Results for the First Quarter of Fiscal Year 2025 Ended June 30, 2024 and Provides Conference Call Information
Rhea-AI Summary
Elite Pharmaceuticals (OTCQB: ELTP) reported financial results for Q1 FY2025 ended June 30, 2024. Highlights include:
- Consolidated revenues of $18.8 million, up 109% year-over-year
- Operating profits of $3.9 million, increased 144% year-over-year
- Net income attributable to common shareholders of $0.6 million
The significant growth in operating profits was primarily due to higher sales of Elite label products. The company will host a conference call on August 15, 2024, at 11:30 AM EDT to discuss the results and provide business updates. Stockholders can submit questions in advance to dianne@elitepharma.com by August 14, 2024, 7:00 PM EDT.
AI-generated analysis. Not financial advice.
Positive
- Consolidated revenues increased by 109% to $18.8 million
- Operating profits grew by 144% to $3.9 million
- Net income attributable to common shareholders of $0.6 million
- Higher sales achieved by Elite label product line
Negative
- None.
News Market Reaction – ELTP
On the day this news was published, ELTP declined 3.97%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Conference Call Scheduled for Thursday, August 15 at 11:30 AM EDT
Northvale, New Jersey--(Newsfile Corp. - August 14, 2024) - Elite Pharmaceuticals, Inc. (OTCQB: ELTP) ("Elite" or the "Company"), a specialty pharmaceutical company engaged in the development, manufacture, and distribution of niche generic products, announced results for the three months ended June 30, 2024, which is the first quarter of the Company's fiscal year ending on March 31, 2025 ("First Quarter").
Consolidated revenues for the three-month period ended June 30, 2024, were
Conference Call Information
Elite's management will host a conference call to discuss the First 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: | August 15, 2024 |
| Time: | 11:30 AM EDT |
| 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 EDT on Wednesday, August 14, 2024 |
| Audio Replay: | https://elite.irpass.com/events_presentations |
The financial statements can be viewed for Elite's First Quarter of Fiscal Year 2025 on Form 10-Q here.
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops and distributes niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products, some of which are licensed to Prasco, 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219806