This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hi-Tech Pharmacal Reports Sales Of $52.0 Million And EPS Of $0.44 For The First Quarter Ended July 31, 2012

Stocks in this article: HITK

Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) today reported results for the Company’s fiscal first quarter ended July 31, 2012.

Quarterly Results Net sales for the three months ended July 31, 2012 were $52,043,000, a decrease of $4,168,000 or 7% compared to the net sales of $56,211,000, for the three months ended July 31, 2011.

Net sales for generic pharmaceuticals for the three months ended July 31, 2012 were $45,922,000, a decrease of $3,047,000 or 6%, compared to sales of $48,969,000 for the respective prior fiscal period. The decrease was primarily due to lower sales of Fluticasone Propionate nasal spray. Sales of Fluticasone decreased to $22,000,000 from $26,200,000 in the comparable quarter as the Company sold more units at a lower average price. Sales of Dorzolamide ophthalmic products also declined with both unit and pricing decreases. These declines were partially offset by sales of new products such as Lidocaine 5% ointment, launched in March 2012.

ECR Pharmaceuticals contributed $3,095,000 to sales in the current period, a decrease of $612,000 or 17%, compared to sales of $3,707,000 for the respective fiscal 2012 period. The decrease was primarily due to the discontinuation of the Lodrane ® line of antihistamines which the Company stopped shipping August 31, 2012. Sales of discontinued Lodrane ® products totaled approximately $2,400,000 for the three months ended July 31, 2011. Increased sales of Bupap ® and Dexpak ®, in addition to sales from newly acquired brands Tussicaps ® and Orbivan ®, partially offset the decrease in sales for the current period.

Net sales for the Health Care Products division, which markets the Company’s OTC branded products, were $3,026,000, a decrease of $509,000 or 14%, compared to $3,535,000 reported for the same period last year. The decrease was primarily due to consumer discounts and promotional pricing on the Nasal Ease ® brand, which were part of the launch plan in major retail chains. These declines were partially offset by sales of our new product Sinus Buster ®, acquired March 2012.

Cost of goods sold increased to $26,722,000, or 51% of net sales, for the three months ended July 31, 2012 from $22,975,000, or 41% of net sales, for the three months ended July 31, 2011. The increase in cost of goods sold as a percentage of net sales is primarily due to pricing declines for Fluticasone Propionate nasal spray and Dorzolamide ophthalmic products. Additionally, consumer discounts lowered margins in the HCP division.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs