gfx.finanztreff.de/charts/...ITK&boerse=0&zeit=30000&land=840" style="max-width:560px" >
Hi-Tech Pharmacal Reports 50% Increase in Sales and 96% Increase in Net Income for the Quarter Ended July 31, 2002
Updated: Tuesday, September 17, 2002 02:05 PM ET Printer-friendly version
AMITYVILLE, N.Y.--(BUSINESS WIRE)--Sept. 17, 2002--Hi-Tech Pharmacal, Co., Inc. (NASDAQ: HITK, news) reported today sales and net income for the first quarter of fiscal 2003 ended July 31, 2002.
For the three months, the company reported sales of $8,829,000, a 50% increase from $5,893,000 for the same period last year. Net income increased 96% to $944,000, or $0.19 per share compared to $481,000, or $0.10 per share for the same period last year.
Commenting on the results, David Seltzer, President and CEO said, "We are extremely pleased with our sales and net income numbers for the quarter ended July 31, 2002. The significant growth in net sales is the result of increased demand for our generic prescription product line in all classes of trade. In particular, the Company has been awarded significant contracts for several of its generic prescription products by managed care customers and the United States government. An additional factor which contributed to our growth was the successful introduction of new branded products for people with diabetes. The substantial growth in net income can be attributed to the higher gross profit margins which result from our continued focus on higher margin prescription generic products, increased productivity, and effective marketing.
With our strong balance sheet, we will continue to invest in new product development, marketing of branded products, as well as explore external growth opportunities, such as licensing and acquisitions."
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.
Hi-Tech Pharmacal Co., Inc.
Three months ended July 31,
2002 2001
Net Sales $8,829,000 $5,893,000
Income before income taxes 1,505,000 788,000
Income taxes 561,000 307,000
Net income $ 944,000 $ 481,000
Basic income per share (1) $ 0.21 $ 0.11
Diluted income per share (1) $ 0.19 $ 0.10
Weighted average common shares
outstanding - basic income per share 4,554,000 4,354,000
Effect of potential common shares 435,000 479,000
Weighted average common shares
outstanding - diluted income per share 4,989,000 4,833,000
(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.
Und vom 18.09.02:
Hi-Tech Pharmacal Receives FDA Approval for Timolol Maleate Opthalmic Solution 0.5%
Updated: Wednesday, September 18, 2002 01:26 PM ET Printer-friendly version
AMITYVILLE, N.Y.--(BUSINESS WIRE)--Sept. 18, 2002--Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK, news) announced today that the Company received approval from the Food and Drug Administration to market its Timolol Maleate Opthalmic Solution 0.5%.
Hi-Tech's Timolol Maleate Opthalmic Solution 0.5% is the generic equivalent of Merck's Timoptic(R) Opthalmic Solution 0.5%.
David Seltzer, President and CEO of Hi-Tech commented on the news: "We are very pleased to get the approval for Timolol Maleate Opthalmic Solution 0.5%, our first sterile opthalmic approval, which will compliment our growing line of generic products. We are committed to building a strong and competitive line of generic pharmaceuticals and have an exciting pipeline of products in development."
Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing branded and generic 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.
CONTACT: Hi-Tech Pharmacal
David Seltzer, 631/789-8228
www.hitechpharm.com 
Werbung
