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 $57.5 Million And EPS Of $0.66 For The Second Quarter Ended October 31, 2012

Stocks in this article: HITK

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

Quarterly Results

Net sales for the three months ended October 31, 2012 were $57,537,000, an increase of $662,000 compared to the net sales of $56,875,000 for the three months ended October 31, 2011.

Net sales for generic pharmaceuticals for the three months ended October 31, 2012 were $47,286,000, a decrease of $1,381,000 or 3%, compared to sales of $48,667,000 for the respective prior fiscal period. The decrease was primarily due to lower sales of Fluticasone Propionate nasal spray. Sales of Fluticasone decreased to $21,500,000 from $23,000,000 in the comparable quarter as the Company sold more units at a lower average price. This decline was partially offset by sales of new products such as Nystatin oral suspension, Lidocaine 5%, Levetiracetam oral concentrate and Paregoric, launched in February, March, May and August 2012, respectively.

ECR Pharmaceuticals contributed $5,593,000 to sales in the current period, an increase of $2,082,000 or 59%, compared to sales of $3,511,000 for the respective fiscal 2012 period. The increase was primarily due to higher sales of Bupap ® and Tussicaps ®. Sales of Bupap ® increased as some customers purchased larger than typical quantities ahead of an announced price increase. Sales from Dexpak ® and Orbivan ® also contributed to the increase in ECR sales.

Net sales for the Health Care Products division, which markets the Company’s OTC branded products, were $4,658,000, a decrease of $39,000 compared to $4,697,000 reported for the same period last year. The decrease was primarily due to consumer discounts and promotional pricing on the Nasal Ease ® brand. These declines were partially offset by sales of our Sinus Buster ® product, acquired March 2012.

Sales of the Hi-Tech generic division and the Health Care Products division were both adversely affected by superstorm Sandy. Hi-Tech Pharmacal’s facilities in Amityville, NY were without power from October 29, 2012 through November 1, 2012, therefore, the Company was unable to produce and ship products during this period. The Company anticipates that sales lost during this week will be made up in the quarter ending January 2013.

1 of 5

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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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