Elite Pharmaceuticals, Inc, a specialty pharmaceutical company dedicated to developing and commercializing oral controlled release product formulations, announced results for the fiscal second quarter ended September 30, 2010.
For the second quarter, consolidated revenues were $994,646, an increase of 28% compared with last year's second quarter, with substantially all revenues being derived from the manufacture, sale and lab services related to the Lodrane family of products.
Operating losses were reduced by 66% to $136,807 from last year's second quarter operating loss of $406,659. The significant decrease in operating losses represents the continuing efforts by management to increase manufacturing efficiency and reduce operating costs.
GAAP net income, including non-cash revenues and expenses relating to the accounting treatment of preferred share derivatives and the fair value of warrant derivatives, was $1,864,224, or $0.02 basic net income per share and $0.01 fully diluted net income per share.
Cash flow from operations was a positive $354,788 during the second quarter of fiscal 2011, compared to a negative operating cash flow of ($1,057,184) for last year's second quarter. The majority of the positive cash flow generated from operations during the quarter was from a licensing fee related to the previously disclosed marketing agreement with Precision Dose, Inc. Most of the cash flow generated from operations was re-invested during the quarter in the purchases, previously announced, of two approved ANDA's and one ANDA pending approval, as well as in the continued expansion and improvement of Elite's manufacturing facilities. Net cash flow for the quarter, inclusive of cash used in investing and financing activities, was a positive $15,666. Cash as of September 30, 2010 was $593,853.
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