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
TheStreet Open House

Hi-Tech Pharmacal Reports Sales Of $50.5 Million For The First Quarter Ended July 31, 2013

Quarterly Results

For the three months ended July 31, 2013, the Company reported net sales of $50,501,000, a decrease of 3% from $52,043,000 for the same period last year.

During the quarter ended July 31, 2013, net sales of generic pharmaceutical products were $43,529,000, a decrease of 5% compared to $45,922,000 for the same fiscal 2013 period. The primary reason for the change was a decrease in sales of Fluticasone Propionate nasal spray. Sales of Fluticasone Propionate nasal spray totaled $11,900,000, down from $22,000,000 in the same fiscal 2013 period as the Company sold fewer units at lower average prices after the Company lost a major customer. This sales decline was partially offset by sales of new products such as Flunisolide, launched in June 2013, and increases in sales of Buprenorphine, Lidocaine/Prilocaine, Clobetasol and Dorzolamide products.

Sales for the Health Care Products division (“HCP”), which markets the Company’s branded OTC products, increased 15% to $3,483,000 for the three months ended July 31, 2013 compared to $3,026,000 for the same fiscal period in the prior year. The increase was primarily due to higher sales of MagOx ® and a reduction in the use of promotional discounts for Nasal Ease ®.

Sales for ECR Pharmaceuticals (“ECR”), which markets the Company’s branded prescription products, were $3,489,000 for the three months ended July 31, 2013, up 13% from $3,095,000 for the same period in the prior year. The increase was primarily due to higher sales of TussiCaps ®.

Cost of sales decreased to $25,076,000 for the three months ended July 31, 2013 from $26,722,000, and decreased as a percentage of sales to 50% from 51% of sales. The decrease in cost of goods sold as a percentage of net sales is primarily due to lower input costs and new manufacturing equipment the has enabled productivity improvements. A decrease in pricing promotions in the HCP division also contributed to this trend.

2 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,202.83 -76.91 -0.45%
S&P 500 1,994.94 -15.46 -0.77%
NASDAQ 4,521.7740 -58.0150 -1.27%

Brokerage Partners

Rates from Bankrate.com

  • 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