Elite Pharma Reports Financial Results For The Second Quarter Of Fiscal Year 2017 And Provides Conference Call Information
NORTHVALE, N.J., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc. ("Elite" or the “Company") (OTCBB:ELTP), a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products, announced results for the six months ended September 30, 2016, the second quarter of its 2017 fiscal year.
Consolidated revenues for the second quarter were $2.7 million, consisting of $2.0 million in manufacturing revenues and $0.7 million in license fees. Consolidated revenues for the quarter decreased by approximately 7% as compared to revenues for the second quarter of the prior year primarily due to timing differences in shipments. On a year-to-date basis, consolidated revenues were $6.0 million for the six months ended September 30, 2016, an increase of approximately 18% over revenues for the comparable period of the prior year. The primary driver of this growth is the continued expansion and establishment of Elite’s generic product lines in the market.
Consolidated revenues for the second quarter were $2.7 million, consisting of $2.0 million in manufacturing revenues and $0.7 million in license fees. Consolidated revenues for the quarter decreased by approximately 7% as compared to revenues for the second quarter of the prior year primarily due to timing differences in shipments. On a year-to-date basis, consolidated revenues were $6.0 million for the six months ended September 30, 2016, an increase of approximately 18% over revenues for the comparable period of the prior year. The primary driver of this growth is the continued expansion and establishment of Elite’s generic product lines in the market.