Elite Pharmaceuticals, Inc. (PNK:ELTP) Q2 2024 Earnings Call Transcript
Elite Pharmaceuticals, Inc. (PNK:ELTP) Q2 2024 Earnings Call Transcript November 17, 2023
Operator: Good morning, ladies and gentlemen, and welcome to Elite Pharmaceuticals Conference Call. At this time all lines have been placed on a listen-only moder. Before management begins speaking, the conference has the following statement. Elite would like to remind the 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 forward 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.
A research laboratory arranged with a variety of test tubes filled with liquids for biopharmaceutical research.
More complete information regarding forward-looking statements, risks and uncertainties can be found in the reports Elite files with the SEC, which is available on Elite's website at elitepharma.com under the Investor Relations section. Elite encourage 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, the Boomerang Ward will give you a summary of the company financials, after which, I'll give you an update and answer some of the questions that you've submitted to Diane. Carter, welcome back, and you have the floor.
Carter Ward: Thank you, Nasrat. Good morning, everybody. Let me just start by, I guess, reintroducing myself. My name is Carter Ward, and this is my second sort of duty here at Elite. Some of you, longer-term investors may remember me. But I was the CFO here from 2009 to 2021. For 12-years, and I rejoined Elite about two months ago and very, very happy to be back home with [Miante] (ph) here at Elite and hoping that I can do my best to contribute to future success at Elite. So yesterday, we filed our 10-Q. It's the second quarter of our 2020 fiscal year. Our fiscal year, as always, they end March 31. So March 31, 2024, is our 2024 fiscal year and September 30, this quarter is the second quarter of that year. As I've done -- before I'm going to provide some context, some color to the financial statements.
And as I go through my comments here, I'll be -- I received a bunch of questions overnight and I'll do my best to answer those as well. Let's start with the P&L. And total revenues for the quarter were $14.2 million, and you can compare that to $8.6 million for September ‘22 quarter -- 2022 quarter and also $9 million for the June 2023 quarter. So that's a year-on-year increase of 65% and a 58% increase since our last quarter, the June 2023 quarter. Our operating income was $1.9 million profit. We compare that to a profit of $1.1 million last year and $1.6 million for the last quarter. That's a 73% year-on-year increase and a 19% increase since the last quarter. It's pretty clear that the increases are the result of one very big event that happened actually in April of this year, the beginning of our fiscal year, and that's the launch of the Elite label.
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