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Saturday, February 18, 2012

Elite Pharmaceuticals, Inc. Reports Financial Results for the Third Quarter of Fiscal 2012

lite Pharmaceuticals, Inc. ELTP -0.86% , a specialty pharmaceutical company dedicated to developing and commercializing generic and branded oral controlled release products announced results for the fiscal third quarter ended December 31, 2011.Consolidated revenues for the quarter ended December 31, 2011 increased by 86% as compared with revenues from the prior quarter ending September 31, 2011. This increase is the result of the continued growth of the phentermine product launched earlier this year and the launch of the Lodrane D(R) products during this quarter. The company achieved a 117% increase in manufacturing revenues and a 234% increase in contract product development fees, but offset by an 80% decrease in royalty revenues which resulted from the removal of the extended release Lodrane products from the market in August 2011. Loss from operations decreased to $430k this quarter from a loss of $592k the previous quarter.On a year to date basis, consolidated revenues through the first 3 fiscal quarters decreased by 42%, from $3.1 million last year to $1.8 million for the first nine months of this fiscal year. Revenue streams, while expanding, have not yet offset the revenues earned last year from the extended release Lodrane(R) products discontinued at the beginning of this fiscal year. The loss of this revenue stream has been the primary factor in the increased operating losses sustained by Elite this year. Last year, Elite achieved an operating profit of $72k for the 3rd quarter, and a nine month operating loss of $155k. This year, Elite's operating losses for the 3rd quarter and nine months were $430k and $1.4million, respectively.Elite expects revenues from the products launched this year to continue to grow and its contract product development activities to continue at current levels. Elite anticipates an expansion in revenues from the contract manufacture of generic methadone, first shipped in January 2012, and from the launch of Elite's recently approved Hydromorphone product.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 $8.8 million, or $0.03 basic net income per share and $0.02 fully diluted net income per share.Cash flow from operations for the first nine months of fiscal 2012 was a negative $789k, compared to a positive operating cash flow of $318k for the comparable period last year. Net cash flow for the first nine months, inclusive of cash used in investing and financing activities, was a negative $1.3million. Cash as of December 31, 2011 was $569k.Chairman & CEO Jerry Treppel states that "our business and strategic plans as we discussed in our prior earnings calls are proceeding as expected. Our revenues from our newly launched products will continue to grow aided by the launch of additional new products. Beginning to utilize our new manufacturing space, increased batch size production, and start up of our packaging line, should all increase profitability in the coming quarters. It remains our corporate goal to achieve positive cash flow on an operating basis as soon as practicable. Additionally, we are working diligently to complete the Socius capital raise transaction so we can aggressively pursue our R&D objectives."The Company will host a conference call to discuss the results of operations and provide an update on recent business developments on Wednesday, February 15, 2011 at 2:00 PM EST. Company executives will also conduct a question and answer session following their remarks.To access the conference call:Domestic callers: (800) 346-7359International callers: (973) 528-0008Conference Entry Code: 98840A digital telephone replay will be available approximately one hour after the conclusion of the call for two weeks until February 29, 2012 by dialing:Domestic callers: (800) 332-6854International callers: (973) 528-0005Conference entry code: 98840Financial Statements                               ELITE PHARMACEUTICALS, INC. AND SUBSIDIARIES                         CONDENSED CONSOLIDATED BALANCE SHEETS                         ASSETS                                                          December 31,                                                     201       March 31, 201                                                 (Unaudited)     (Audited)                                                -------------  -------------           CURRENT ASSETS            Cash and cash equivalents                $568,691     $1,825,858            Accounts receivable, (net of             allowance for doubtful accounts             of zero)                                 483,311        571,667            Inventories (net of allowance of             $93,338 and $ 1,047,456,             respectively)                            431,400        616,362            Prepaid expenses and other current             assets                                    58,798        133,472                                                                  -------------  -------------                       Total current assets                  1,542,200      3,147,359                                                -------------  -------------                    PROPERTY AND EQUIPMENT, net of            accumulated depreciation and            amortization of $4,542,590 and            $4,189,618, respectively                4,243,604      4,118,274                                                -------------  -------------                                                                  -------------  -------------           INTANGIBLE ASSETS -- net of            accumulated amortization of zero          629,963        597,556                                                -------------  -------------                    OTHER ASSETS             Investment in Novel Laboratories              Inc.                                  3,329,322      3,329,322             Security deposits                         14,913         28,377             Restricted cash -- debt service              for EDA bonds                           333,246        291,420             EDA Bond offering costs, net of              accumulated amortization             of $89,497 and $78,898,              respectively                            264,955        275,554                                                                  -------------  -------------                       Total other assets                    3,942,436      3,924,673                                                -------------  -------------                                 TOTAL ASSETS                       $10,349,203    $11,787,862                                                =============  =============                                  LIABILITIES AND STOCKHOLDERS' DEFICIT                                                          December 31,    March 31,                                                     2011           2011                                                 (Unaudited)     (Audited)                                                -------------  -------------           CURRENT LIABILITIES            EDA Bonds payable                      $3,385,000     $3,385,000            Short term loans and current             portion of long-term debt                 10,257         13,105            Accounts payable and accrued             expenses                               1,227,152        935,797            Customer Deposits                              --         39,400            Deferred Revenues -- Current               13,333         13,333            Preferred share derivative             interest payable                          86,326        282,680                                                -------------  -------------                    Total Current Liabilities                4,722,068      4,669,315                                                -------------  -------------                    LONG TERM LIABILITIES            Deferred Revenues                         168,891        178,890            Other long term liabilities                78,379         75,463            Derivative Liability -- Preferred             Shares                                10,646,711     14,192,329                     Derivative Liability -- Warrants        9,043,464     10,543,145                                                -------------  -------------                        Total Long-Term Liabilities         19,937,445     24,989,827                                                -------------  -------------                                                                  -------------  -------------                         Total Liabilities                  24,659,513     29,659,142                                                -------------  -------------                    COMMITMENTS AND CONTINGENCIES:                    STOCKHOLDERS' DEFICIT                     Common Stock -- par value of $0.001, Authorized 355,516,558             Issued and outstanding --              264,830,735 shares and              180,545,657 shares, respectively        264,831        180,546                     Additional paid-in capital            108,645,839     97,116,044                     Accumulated deficit                 (122,914,139)  (114,861,029)                     Treasury stock, at cost (100,000             common shares)                         (306,841)      (306,841)                                                                  -------------  -------------                     Total Stockholders' Deficit          (14,310,310)   (17,871,280)                                                -------------  -------------                    TOTAL LIABILITIES AND STOCKHOLDERS'            DEFICIT                               $10,349,203    $11,787,862                                                =============  =============                                                         ELITE PHARMACEUTICALS, INC. AND SUBSIDIARIES                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                                              ------------------------                                                        Three Months Ended                                                  December 31,                                            ------------------------                                                        2011         2010                                            (unaudited)  (unaudited)                                            -----------  -----------                    REVENUES:            Manufacturing Revenues             $170,099    $ 901,653            Royalties and Profit Splits          20,127      231,742                     Lab Fee Revenues                    319,712       92,902                                            -----------  -----------                       Total Revenues                    509,938    1,226,297                                            -----------  -----------                             Cost of Revenues                     156,590      641,524                                            -----------  -----------                       Gross Profit                      353,348      584,773                                            -----------  -----------                    OPERATING EXPENSES            Research and Development            386,430      179,525            General and Administrative          288,416      315,537            Non-cash compensation through             issuance of stock options and             warrants                             6,113        7,580                     Depreciation and amortization       103,339        9,200                                            -----------  -----------                       Total Operating Expenses          784,298      511,842                                            -----------  -----------                                                              -----------  -----------                    LOSS FROM OPERATIONS               (430,950)       72,931                                            -----------  -----------                    OTHER INCOME / (EXPENSES):            Interest expense                   (57,138)     (58,059)            Change in fair value of             outstanding warrant             derivatives                      4,586,076    2,064,745            Change in fair value of             preferred share derivatives      4,749,332    4,156,097            Interest expense attributable             to dividends accrued to             preferred share derivative             liabilities                       (86,325)    (306,440)                                            -----------  -----------              Total Other Income /               (Expense)                      9,191,945    5,856,343                                            -----------  -----------                                                              -----------  -----------           INCOME BEFORE PROVISION FOR            INCOME TAXES                      8,760,995    5,929,274                    Provision for Income Taxes                --        1,062                                                              -----------  -----------           NET INCOME ATTRIBUTABLE TO            COMMON SHAREHOLDERS             $ 8,760,995  $ 5,928,212                                            ===========  ===========                    NET INCOME PER SHARE              BASIC                              $ 0.03       $ 0.06              DILUTED                            $ 0.02       $ 0.02                    WEIGHTED AVERAGE NUMBER OF            COMMON SHARES OUTSTANDINGS              BASIC                         262,067,348   96,873,523              DILUTED                       427,037,498  307,830,425                 
Cannabis Science Signs Multi-Company Acquisition & Licensing Deals that will Boost Revenues, Its Pharmaceutical Operations and Management Team While B
15 February, 2012 11:24 AM
Cannabis Science, Inc. CBIS +44.62% , a pioneering US biotech company developing pharmaceutical cannabis products, is pleased to announce that it has signed a major multi-company acquisition agreement that will boost revenues, strengthen pharmaceutical operations and our management team.These additions will enhance our internal operations and help to fast track our full line of Cannabis Science Brand pharmaceutical and over the counter products through multiple distribution channels to be made available nationally. Over the coming days there will be several announcements outlining the outstanding growth opportunities that will be enhanced by these deals.Cannabis Science Inc., President & CEO, Dr Robert Melamede Ph.D., stated, "These deals put Cannabis Science in a very strong position to grow our Company quickly. We have increased our corporate structure to handle the impressive growth opportunities that are unfolding before us. We have already begun a limited production of the Cannabis Science brand product line with their successful therapeutic functionality demonstrated by the case studies of cancer patients that are posted on the Cannabis Science homepageIt has taken time and effort to develop many important relationships, the first of which are now coming to fruition. These advancements will take Cannabis Science to the next level with multiple products that will have multiple distribution channels nationwide. These deals include strategic relationships with pharmacists and the exclusive production of organically grown strains for our scientific medicinal formulations. Additional accessory businesses will include laboratory capacity for product quality assurance and testing, and educational platforms to produce and distribute information about the science of cannabis that will further our cause through education."The main elements of this group of deals are the following:1. New Executive Management Appointments2. Licensing agreement for exclusive strains, lab facilities, and commercial manufacturing.3. A "Cannabis University" acquisition to be converted to Cannabis Science Brand4. New Cannabis Science Brand product lines5. Multiple national product distribution channels6. Focused continued growth plan based on operational expertise and market opportunities7. Critical ailment target expansionsApothecary Genetics, a cannabis seed breeding company signed a licensing agreement with Cannabis Science. Apothecary will produce several Cannabis Science Brand Formulations for the California medical cannabis market. As well, Apothecary will provide research and development facilities with full circle operations including a California laboratory facility for internal research and development, along with 16 unique genetic strains specifically generated and maintained by a cancer survivor who recognizes the importance of proper growth and breeding.GGECO University, an online video-based medical cannabis education system, offering courses dealing with medical cannabis law, the benefits of medical marijuana, cooking, horticulture, and bud tending, has been acquired by Cannabis Science, following the university's name to Cannabis Science University. Cannabis Science hopes to use this platform to educate the general public, patients, and even those who have already been involved in the medical cannabis industry on the medical benefits of cannabis, how it is grown, how to use it safely, and the many applications or ways to administer the medication.


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