Elite Pharmaceuticals, Inc. (PNK:ELTP) Q3 2024 Earnings Call Transcript
Elite Pharmaceuticals, Inc. (PNK:ELTP) Q3 2024 Earnings Call Transcript February 15, 2024
Elite Pharmaceuticals, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, ladies and gentlemen, and welcome to the Elite Pharmaceuticals Conference Call. At this time, all lines have been placed on a listen-only mode. Before management begins speaking, the company has the following statement. Elite would like to remind their listeners that remarks made during this call may contain forward-looking statements that involve risks and uncertainties that are subject to change at any time, including, but not limited to, statements about Elite's expectations regarding future operating results. Forward-looking statements are made pursuant to the Safe Harbor provisions of the federal securities laws and represent management's current expectations. Actual results may differ materially.
Elite disclaims any obligation to update or revise its forward-looking statements, except as required by law. More complete information regarding forward-looking statements, risks and uncertainties can be found in the reports Elite Files, with the SEC, which are available on Elite's website at elitepharma.com under the Investor Relations section. Elite encourages you to review these documents carefully. With that covered, it is now my pleasure to turn the floor over to your host, Mr. Nasrat Hakim, President and Chief Executive Officer of Elite Pharmaceuticals. Sir, the floor is yours.
Nasrat Hakim: Thank you, Matthew, and good morning, ladies and gentlemen. Thank you for joining us today. My name is Nasrat Hakim. I am Elite's Chairman and CEO. This is our earnings call. Our CFO, Carter Ward, will give us a summary of the company's financials, after which I'll give a brief update and answer some of the questions you've submitted to Dianne. Carter, you have the floor.
A biopharmaceutical facility with technicians working on a manufacturing line of treatments and preventions.
Carter Ward: Thank you, Nasrat, and good morning, everybody. Thank you to everybody calling in today. Yesterday, we filed our 10-Q for the third quarter of our 2024 fiscal year. We have a fiscal year ending March 31st. So December 31st, 2023, is the third quarter of our 2024 fiscal year. It is available on elitepharma.com, sec.gov and any place else, you get your SEC filings. So please, if you haven't seen it yet, I would appreciate you taking a look at that. I'm going to give you a little context and go over some of the more relevant areas of the financial statements. And along the way, we received a lot of questions. Thank you so much for all the questions. We really did get a lot last night, and I'll do my best to answer all of them, as I go through.
So let's start with the P&L. Total revenues for the quarter were $15.5 million. You can compare that to $9.3 million for December 2022 last year for that quarter and $14.2 million for the September 2023 quarter, the last quarter. Percentage-wise, that's a 67% year-on-year increase, and it's a 9% increase since the last quarter. And I got a lot of questions, and the answer to the question is, yes, Prasco shipment made in December is included in the revenue numbers. For the full nine months on our P&L, the revenues were $38.7 million for this year. You can compare that to $25.5 million last year. That is a 52% year-on-year increase. Our operating income for the quarter ended December 31st, 2023, was $3.5 million, compare that to $2 million for last year.
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