Elite Pharmaceuticals, Inc. Reports Financial Results for the Third Quarter of Fiscal 2013

Elite Pharmaceuticals, Inc. Reports Financial Results for the Third Quarter of
Fiscal 2013

Revenues From New Products Continue to Grow

NORTHVALE, N.J., Feb. 14, 2013 (GLOBE NEWSWIRE) -- Elite Pharmaceuticals, Inc.
(OTCBB:ELTP), a specialty pharmaceutical company dedicated to developing and
commercializing oral controlled release product formulations, abuse-resistant
opioid formulations, and the manufacturing of generic pharmaceuticals,
announced results for the fiscal second quarter ended December 31, 2012.

Consolidated revenues were $0.7 million for the quarter, an increase of 31%
when compared to the comparable quarter of the prior year. This increase is
the result of the continuing growth of the new product revenue streams that
have been created within the last eighteen months.

Consolidated loss from operations was $(0.3 million) for this quarter,
compared with a loss from operations $(0.4 million) in the comparable quarter
of the prior year. GAAP net income for the quarter, including non-cash
expenses relating to the accounting treatment of preferred share and warrant
derivatives was $9.4 million, compared to a GAAP net income of $8.8 million
for the comparable quarter of the prior year, with the difference mostly being
due to changes in the value of preferred shares and warrant derivatives. Basic
earnings per share was $0.03, on a weighted average of 350.2 million common
shares outstanding, compared to a basic earnings per common share of $0.03 and
a weighted average common shares outstanding of 262.1 million in the
comparable quarter of the prior year. Fully diluted earnings per share was
$0.02, on a weighted average diluted shares of 486.2 million, compared to
fully diluted earnings per share of $0.02 and a weighted average diluted
shares of 427.0 million in the comparable quarter of the prior year. The
increase in common shares outstanding is primarily due to conversion of
preferred shares into common shares during the last 12 months.

During the quarter, Elite also resolved the raw material supply issues related
to its Phentermine product line which caused delays in the launch of its
recently approved Phentermine 15mg and Phentermine 30mg capsules. In addition,
subsequent to the end of the quarter, Elite received FDA approval for a third
product, Naltrexone 50mg tablets. These products, when launched, represent
continued expansion of Elite's product lines and are expected to contribute to
further growth in revenue streams.

Jerry Treppel, Chairman and CEO of Elite commented, "The Company continues to
progress towards its goal of becoming break-even on an operating cash flow
basis exclusive of any clinical trials required for our abuse-resistant opioid
products. We expect this to occur in the next quarter or two. We are in the
process of finalizing and scaling up the formulation of one of our
abuse-resistant opioid products so as to commence human trials. As we have
stated before, we are in the process of seeking additional capital to finance
these trials. All in all, it was another excellent quarter of progress for

The Company will host a conference call to discuss the results of operations
and provide an update on recent business developments on Tuesday, February 19,
2013 at 10:00 AM EST. Company executives will also conduct a question and
answer session following their remarks.

To access the conference call:

Domestic callers: (800) 346-7359
International callers: (973) 528-0008
Conference Entry Code:98840

A digital telephone replay will be available approximately one hour after the
conclusion of the call for two weeks until March 5, 2013 by dialing:

Domestic callers: (800) 332-6854
International callers: (973) 528-0005
Conference entry code: 98840

The financial statements can be viewed in Elite's Quarterly Report on Form
10-Q at http://www.elitepharma.com/sec_filings.asp.

About Elite Pharmaceuticals, Inc.

Elite Pharmaceuticals, Inc. develops oral sustained and controlled release
products. Elite's strategy includes assisting partner companies in the life
cycle management of products to improve off-patent drug products and
developing generic versions of controlled release drug products with high
barriers to entry. Elite has three commercial products currently being sold,
three additional products approved and soon to be launched, and one additional
product pending approval by the FDA. Elite's lead pipeline products include
abuse resistant opioids utilizing the Company's patented proprietary
technology, and a once-daily opioid.They are sustained release oral
formulations of opioids for the treatment of chronic pain, which address two
of the limitations of existing oral opioids: the provision of consistent
relief of baseline pain levels and deterrence of potential abuse.Elite also
provides contract manufacturing for Actavis and Ascend Laboratories
(previously a subsidiary of ThePharmaNetwork and now a subsidiary of Alkem
Laboratories Ltd.) and has partnered with Mikah Pharma to develop a new
product, with Hi-Tech Pharmacal to develop an intermediate for a generic
product, and a Hong Kong based company to develop a branded product for the
United States market and its territories.Elite operates a GMP and DEA
registered facility for research, development, and manufacturing located in
Northvale, NJ.

The Elite Pharmaceuticals, Inc. logo is available at

This news release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Including 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
risks and uncertainties including, without limitation, delays, uncertainties,
inability to obtain necessary ingredients 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
risks and other factors, including, without limitation, the timing or results
of pending and future clinical trials, regulatory reviews and approvals by the
Food and Drug Administration and other regulatory authorities,intellectual
property protections and defenses, and the Company's ability to operate as a
going concern, are discussed in Elite's filings with the Securities and
Exchange Commission, including its reports on forms 10-K, 10-Q and 8-K. Elite
undertakes no obligation to update any forward-looking statements.

CONTACT: For Elite Pharmaceuticals, Inc.
         Dianne Will, Investor Relations, 518-398-6222

Elite Pharmaceuticals, Inc Logo
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