Press Releases

Hi-Tech Pharmacal is Named One of 100 Long Island Top Companies by Newsday

Amityville, NY, June 13, 2002– Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) announced today that it was included by Newsday in the list of Long Island's top 100 public companies. Companies were ranked by size, five year growth rate and return on investment. Hi-Tech ranked #30 based on Net Income for the recent four quarters ($3.3M), #56 based on 5-year revenue growth rate (8.8 %), #19 based on 5-year EPS growth (13.2%), #16 based on return on equity for the most recent four quarters (13.4%), and #23 based on total return (stock price appreciation) for one year period (47.8%).

Commenting on the news, David Seltzer, President and Chief Executive Officer of Hi-Tech, said: " We are very pleased to be included in the list of top 100 public companies on Long Island. Our high ranking among the companies reflects Hi-Tech's consistent profitability, steady revenue growth, and EPS growth. We are optimistic about our future growth, as we focus on building a strong and competitive line of generic pharmaceutical products through new drug development, licensing and acquisitions. We will continue to add products to our branded portfolio in the area of diabetes, as well as develop/acquire new brands for selected underserved segments of the healthcare market."

Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing branded and generic prescription and OTC products for the general healthcare industry. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products. The Company's Health Care Products Division is a leading developer and marketer of branded prescription and 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 but not limited to the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.