• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Shares of Amityville-Based Hi-Tech Pharmacal Co. Jump 14 Percent on Strong Earnings

Posted on: Friday, 17 March 2006, 21:00 CST

By LIBN Staff

Amityville-based Hi-Tech Pharmacal Co. Inc. (Nasdaq: HITK) shares jumped 14 percent or $3.22 to close at $26.66 for the week ended March 14 on strong earnings and sales.

The maker of generic drugs and diabetes treatments said that third-quarter net income soared 52 percent to $4.9 million on an 8 percent jump in sales to $22.9 million.

Earnings per share for the period ended Jan. 31 jumped 44 percent to 36 cents from a quarter a year ago.

CEO David Seltzer said strong sales of generic drugs made up for slower demand for cough and cold products caused by a relatively mild winter season.

Generic drug sales rose 10 percent to $19.2 million and sales, accounting for the lion's share of sales and earnings.

Sales of over-the-counter products for diabetics also performed well, rising 13 percent to $3 million.

Hi-Tech's net income for the nine months ended Jan. 31 rose 46 percent to $9.4 million on a 20 percent jump in net sales to $59.9 million.

Hi-Tech said it has 11 products awaiting FDA approval and is developing another 15 products.

Source: Long Island Business News

More News in this Category