Hi-Tech says net sales fall, product pipeline full

By Lisa Kerner

Charlotte, N.C., Sept. 7 - Hi-Tech Pharmacal Co., Inc. said its net sales for the fiscal first quarter ended July 31 fell to $11.3 million from $15.4 million for the prior-year period.

The specialty pharmaceutical company had a net loss of $959,000, or 8 cent per share, for the quarter, compared with net income of $1.4 million, or 11 cents per share, for the same quarter in 2005.

Management expects net sales to grow between 5% and 15% for fiscal-year 2007.

Hi-Tech added $10 million to its share repurchase program, which previously had $4.5 million of authorization remaining.

Currently, Hi-Tech has 12 products awaiting approval by the Food and Drug Administration with targeted brand sales of more than $2 billion.

Another 20 products are in active development, including sterile ophthalmic products, oral solutions and suspensions and nasal sprays.

Hi-Tech is located in Amityville, N.Y.

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