ELTP 8-K
Elite Pharmaceuticals Inc /Nv/ (ELTP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
November 16, 2020
Date of Report (Date of earliest event reported)
ELITE PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
| Nevada | 001-15697 | 22-3542636 | ||
| (State or other jurisdiction | (Commission | (IRS Employer | ||
| of incorporation) | File Number) | Identification No.) |
165 Ludlow Avenue, Northvale, New Jersey 07647
(Address of principal executive offices)
(201) 750-2646
(Registrant’s telephone number, including area code)
| (Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 16, 2020, Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) filed its quarterly report on Form 10-Q for the quarter ended September 30, 2020 and, thereafter, issued a press release announcing its financial results for that quarter. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
As noted in the press release, the Company will host a conference call at 11:30 AM Eastern Standard Time (EST) on Tuesday, November 17, 2020, to provide a general business update. Elite will respond to various stockholder questions submitted prior to the call.
Conference Call Information
| Date: | November 17, 2020 |
| Time: | 11:30 AM EST |
| Dial- in numbers: | 1-800-346-7359
(domestic) 1-973-528-0008 (international) |
| Conference number: | 98840 |
| Questions: | [email protected]
Financial questions by 9:00 PM EST on Monday, November 16, 2020 |
| Audio Replay: | https://elite.irpass.com/events_presentations |
Item 7.01 Regulation FD Disclosure.
The information disclosed in Item 2.02 above is incorporated into this Item 7.01. The information included in this Current Report on Form 8-K (including the exhibit hereto) is being furnished under Item 2.02, “Results of Operations and Financial Condition,” Item 7.01, “Regulation FD Disclosure” and Item 9.01 “Financial Statements and Exhibits” of Form 8-K. As such, the information (including the exhibit) herein shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing. This Current Report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release dated November 16, 2020 |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 16, 2020 | ELITE PHARMACEUTICALS, INC. | |
| By: | /s/ Nasrat Hakim | |
| Nasrat Hakim, President and CEO | ||
2
Exhibit 99.1
Elite
Pharmaceuticals, Inc. Reports Financial Results For The Second Quarter of Fiscal Year 2021 Ended
September 30, 2020 and Provides
Conference Call Information
Conference Call Scheduled for Tuesday, November 17 at 11:30 AM EST
Northvale, NJ – November 16, 2020: Elite Pharmaceuticals, Inc. (“Elite” or the “Company”) (OTCBB: ELTP), a specialty pharmaceutical company developing and manufacturing niche generic products, announced results for the second quarter of fiscal year 2021 ended September 30, 2020 (“Second Quarter”).
Consolidated revenues for the Second Quarter were $7.4 million, an increase of approximately 60% as compared to revenues for the comparable quarter of the prior fiscal year. This marks the sixth consecutive quarter of year-on-year revenue growth during which the revenues grew an average of 112% per quarter on a year-on-year basis.
The increase in revenues was largely attributed to generic extended extended-release Adderall® which was launched earlier in this fiscal year and increased sales of generic immediate-release Adderall® during the Second Quarter.
Income from operations during the Second Quarter was $1.3 million, an increase of approximately $1.8 million from the operating loss of $0.5 million for the comparable quarter of the prior fiscal year.
Cash provided by operations during the six months ended September 30, 2020 was $2.7 million, an increase of approximately $3.0 million from the net cash used in operations of $0.3 million during the comparable period of the prior fiscal year. Elite has now achieved operating profits and positive operating cash flows for two consecutive quarters for the first time.
Conference Call Information
Elite’s management will host a conference call to discuss the Second Quarter financial results for fiscal year 2021 ended September 30th and provide an update on recent business developments. Stockholder questions should be submitted to the company in advance of the call.
| Date: | November 17, 2020 |
| Time: | 11:30 AM EST |
| Dial- in numbers: | 1-800-346-7359
(domestic) 1-973-528-0008 (international) |
| Conference number: | 98840 |
| Questions: | [email protected]
Financial questions by 9:00 PM EST on Monday, November 16, 2020 |
| Audio Replay: | https://elite.irpass.com/events_presentations |
The financial statements can be viewed for Elite’s Fiscal Year 2021 Second Quarter Report on Form 10-Q here.
About Elite Pharmaceuticals, Inc.
Elite Pharmaceuticals, Inc. is a specialty pharmaceutical company which develops niche generic products. Elite specializes in developing and manufacturing oral, controlled-release drug products. Elite owns multiple generic products which have been licensed to Lannett Company, Glenmark Pharmaceuticals, Inc., and TAGI Pharma. Elite operates a cGMP and DEA registered facility for research, development, and manufacturing located in Northvale, NJ.
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
www.elitepharma.com