Press Releases

Hi-Tech Named One of 200 Best Small Companies in America by Forbes

Amityville, NY, October 22, 2001 – Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) announced today that it was included in the list of 200 Best Small Companies in America compiled by Forbes. It was ranked #169 based on the following criteria: return on equity, sales and earnings per share growth, each of them measured during the past five years and the most recent four quarters. As listed in the Forbes article, Hi-Tech, has delivered five-year and recent twelve months average sales growth of respectively 9% and 12%, EPS of respectively 34% and 38%, and an average return on equity of 10% for the past five years, and 11% for the latest 12 months.

Commenting on the news, David Seltzer, President and Chief Executive Officer of Hi-Tech, said: ” We are very pleased to be selected by Forbes, one of the most prestigious magazines in the world of business, as one of the 200 best small companies in America. We view this as a recognition of our dedicated effort to consistently grow the Company while keeping it profitable. We are proud of our results and always look to the future by focusing on building a strong and competitive line of generic pharmaceutical products through new drug development, licensing and acquisitions, as well as supporting our branded products for people with diabetes and building long term relationships with our customers”.

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. “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risk 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.