Hi-Tech Pharmacal net sales up 3% for quarter, up 15% for the year

By Lisa Kerner

Charlotte, N.C., July 12 - Hi-Tech Pharmacal Co., Inc. reported net sales of $18.1 million for the three months ended April 30, an increase of 3% from $17.6 million for the same period last year.

Net income for the period was up 11% to $2.1 million from $1.9 million, while fully diluted earnings per share were unchanged at $0.15.

During the quarter, net sales of generic pharmaceutical products decreased 13% to $13.8 million from $15.8 million for the same fiscal 2005 period. Hi-Tech attributed the decrease primarily to the weak cough and flu season and resulting lowered demand for related products.

Sales of the company's branded over-the-counter products increased 53% to $2.5 million for quarter from $1.7 million for the year-ago period.

For the year, Hi-Tech reported net sales of $78.0 million, an increase of 15% from net sales of $67.7 million for the year ended April 30, 2005.

Net income was up 38% to $11.5 million, or $0.85 per fully diluted share, for the year compared with $8.3 million, or $0.64 per share, for 2005.

Generic pharmaceutical product sales rose to $64.6 million from $57.2 million a year earlier, a 13% increase.

For the year, the Health Care Products division net sales rose 17% to $9.8 million from $8.3 million reported for the prior-year period.

Hi-Tech management said it believes net sales will grow between 5% and 15% for fiscal year 2007.

"We are pleased with our fiscal 2006 results, as our sales and income reached record highs," president and chief executive officer David Seltzer said in a company news release.

"We launched five new products, received one final abbreviated New Drug Application approval and one tentative approval, and strengthened our market share for several key prescription generic products."

Hi-Tech has 12 products awaiting Food and Drug Administration approval and 20 products in development.

Based in Amityville, N.Y., Hi-Tech specializes in difficult to manufacture liquid and semi-solid dosage forms and produces sterile ophthalmic, otic and inhalation products.

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