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Press
Releases
HI-TECH
PHARMACAL REPORTS 53% INCREASE IN NET INCOME
FOR THE QUARTER ENDED JANUARY 31, 2002
Amityville,
NY, March 14, 2002—
Hi-Tech Pharmacal, Co., Inc. (NASDAQ:HITK) reported today sales
and net income for the third quarter and nine months of fiscal
2002 ended January 31, 2002. For the three months, net income
increased 53% to $1,009,000 or $0.20 per share, compared to $660,000
or $0.15 per share for the same period last year. Sales reached
$9,341,000 compared with $8,839,000 for the same period last year.
For
the nine months ended January 31, 2002, net income increased 64%
to $2,368,000, or $0.49 per share, compared to $1,440,000, or
$0.33 per share for the same period last year. Sales for the nine-month
period were $23,688,000, compared to $21,732,000 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 income numbers
for the quarter ended January 31, 2002. The significant increase
in our net earnings is attributed to several factors such as a
greater number of units sold, new product introductions and line
extensions. We have been placing increasing emphasis on sales
and distribution of higher margin prescription products for the
generic marketplace of liquid and sterile inhalation products.
We are committed to extending our pipeline of products by working
on an impressive array of new generic and branded products which
we hope to introduce 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 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.
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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 January 31
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Nine
months ended January 31
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|
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2002
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2001
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2002
|
2001
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| Net Sales
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$
9,341,000
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$
8,839,000
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$
23,688,000
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$
21,732,000
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| Income
before income taxes |
1,595,000
|
1,083,000
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3,824,000
|
2,361,000
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| Income
taxes |
586,000
|
423,000
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1,456,000
|
921,000
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| Net earnings
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$1,009,000
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$
660,000
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$
2,368,000
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$1,440,000
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|
|
|
|
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| Basic
income per share |
(1)
$ 0.22
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$
0.15
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$
0.53
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$
0.33
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| Diluted
income per share |
(1)
$ 0.20
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$
0.15
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$
0.49
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$
0.33
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|
|
|
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|
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Weighted average common shares
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| Outstanding
- basic income per share |
4,500,000
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4,250,000
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4,438,000
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4,365,000
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| Effect
of potential common shares |
483,000
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17,000
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441,000
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29,000
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Weighted
average common shares
outstanding - diluted income per share
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4,983,000
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4,367,000
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4,879,000
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4,394,000
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| (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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