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Press
Releases
HI-TECH
PHARMACAL REPORTS 72% INCREASE IN NET INCOME FOR THE QUARTER ENDED
OCTOBER 31, 2001
Amityville,
NY, December 17, 2001
— Hi-Tech Pharmacal, Co., Inc. (NASDAQ:HITK) reported today
sales and net income for the second quarter and six months of
fiscal 2002, ended October 31, 2001. For the three months, net
income increased 72% to $878.000, or $0.18 per share, compared
to $509,000 or $0.12 per share for the same period last year.
Sales reached $8,454,000 compared with $7,870,000 for the same
period last year.
For
the six months ended October 31, 2001, net income increased 74%
reaching $1,359,000, or $0.28 per share, compared to $780,000,
or $0.18 per share for the same period last year. Sales for the
six-month period reached $14,347,000, compared to $12,893,000
for the same period last year.
Commenting
on the results, David Seltzer, President and CEO said, “
We are pleased to report the increased sales and net profit numbers
for the recent quarter and six months ended in October 31, 2001.
The Company believes that a significant portion of the three months
sales increase resulted from the events of September 11, 2001.
The significant increase in our net earnings is attributed primarily
to our continued focus on higher margin generic prescription products.
We have been placing much effort into sales and distribution of
our liquid and sterile product line and we are very pleased with
the positive results we have been achieving”.
We
have ambitious growth plans for our generic pharmaceuticals business,
as well as for our branded division marketing products for people
with diabetes. In order to implement these plans, we are working
on an impressive array of new prescription and OTC products which
we will be introducing over the next several years”.
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 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.
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Contact:
David Seltzer, President & CEO
Arthur Goldberg, CFO
Tel. (631)789-8228
Fax (631)789-8429
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Three
months ended October 31, Six months ended October 31,
|
2001
|
2000
|
2001
|
2000
|
| Net
Sales |
$
8,454,000 |
$
7,870,000 |
$
14 ,347,000 |
$
12,893,000 |
| Income
before income taxes |
1,441,000
|
843,000
|
2,229,000
|
1,278,000
|
| Income
taxes |
563,000
|
334,000
|
870,000
|
498,000
|
| Net
earnings |
$
878,000 |
$
509,000 |
$
1,359,000 |
$
780,000 |
| Basic
income per share (1) |
$
0.20 |
$
0.12 |
$
0.31 |
$
0.18 |
| Diluted
income per share (1) |
$
0.18 |
$
0.12 |
$
0.28 |
$
0.18 |
| Weighted
average common shares outstanding - basic income per share
|
4,462,000
|
4,369,000 |
4,408,000
|
4,374,000 |
| Effect
of potential common shares |
452,000
|
38,000
|
426,000 |
36,000
|
| Weighted
average common shares outstanding - diluted income per share |
4,914,000
|
4,407,000 |
4,834,000 |
4,410,000 |
| (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. |
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