Financial Press Release
Hi-Tech Pharmacal Reports 300% Increase In Earnings For The Quarter Ended January 31, 2001
AMITYVILLE, N.Y.--(BUSINESS WIRE)--March 14, 2001--Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK - news) today reported sales and income for the quarter ended January 31, 2001.
For the three months ended January 31, 2001, net earnings increased threefold to $660,000, or $0.15 per share from $217,000, or $0.05 per share for the same period last year. Net Sales increased 18% to $8,839,000 from $7,462,000 for the same period last year. For the nine months ended January 31, 2001, net earnings increased 45% to 1,440,000, or $0.33 per share, compared to $992,000, or $0.22 per share for the same period last year. Net sales increased 15% to $21,732,000 from $18,926,000 for the same period last year.
In commenting on the quarterly results, Hi-Tech's President and CEO David Seltzer said, ``We are very pleased with the growth of our net earnings. We attribute this success to a number of factors, primarily to a significant increase in the sales of certain high margin products, improved customer service and broader distribution of our product lines. We believe that our company is well positioned for further growth. As a manufacturer and marketer of liquid and semi-solid forms, Hi-Tech has multiple opportunities for its generic business. To capitalize on these opportunities, we have placed an increasing emphasis on R&D in order to create a strong pipeline of products including liquids, creams and nasal sprays. Our strategy also includes development of new branded products to complement the line designed to enhance the lifestyle of people with diabetes marketed by the Health Care Division of our company.''
Hi-Tech is a specialty pharmaceuticals manufacturer and marketer of branded and generic prescription and OTC products for the general healthcare industry. A specialist in liquid and semi-solid dosage form production, Hi-Tech markets a broad line of generic products under its own labels, and also serves as a contract manufacturer to the industry. The company's Health Care Products division is a leading manufacturer and marketer of branded OTC products for the diabetes marketplace.
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company.
Hi- Tech Pharmacal Co., Inc
Three months ended Nine months ended
January 31, January 31,
2001 2000 2001 2000
Net Sales $8,839,000 $7,462,000 $21,732,000 $18,926,000
Income before
income taxes 1,083,000 368,000 2,361,000 1,607,000
Income taxes 423,000 151,000 921,000 615,000
Net earnings $ 660,000 $ 217,000 $ 1,440,000 $ 992,000
Basic and diluted
income per share
(1) $ 0.15 $ 0.05 $ 0.33 $ 0.22
Weighted average
common shares
outstanding -
basic income
per share 4,350,000 4,388,000 4,365,000 4,407,000
Effect of potential
common shares 17,000 59,000 29,000 48,000
Weighted average
common shares
outstanding -
diluted income
per share 4,367,000 4,447,000 4,394,000 4,455,000
(1) Net income per share amounts for each quarter are required to be
computed independently and may not equal the amount for the year
to date period. |
