This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.00 -0.26%
FB $117.36 -0.38%
GOOG $703.52 0.30%
TSLA $210.55 -0.46%
YHOO $36.81 -0.35%


Chart of I:DJI
DOW 17,631.57 -29.14 -0.17%
S&P 500 2,049.70 -0.93 -0.05%
NASDAQ 4,716.1060 -0.9880 -0.02%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs