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Hi-Tech Pharmacal Reports Sales Of $58.6 Million For The Second Quarter Ended October 31, 2013

Hi-Tech Pharmacal Co., Inc. (NASDAQ:HITK) today reported results for the second fiscal quarter ended October 31, 2013.

  • Net sales of $58.6 million for the second quarter compared to $57.5 million for the same prior year period
  • GAAP income of $1.2 million or $0.08 per diluted share for the second quarter
  • Adjusted non-GAAP net income of $10.0 million or $0.71 per diluted share for the second quarter
  • Net sales of $109.1 million for the six month period compared to $109.6 million for the same prior year period
  • GAAP income of $5.7 million or $0.41 per diluted share for the six month period
  • Adjusted non-GAAP net income of $17.7 million or $1.26 per diluted share for the six month period
           
Three Months Ended October 31, Six Months Ended October 31,
2013     2012 2013     2012
Net sales $ 58,601,000 $ 57,537,000 $ 109,102,000 $ 109,580,000
GAAP net income $ 1,187,000 $ 8,924,000 $ 5,737,000 $ 14,928,000
Adjusted non-GAAP net income $ 10,013,000 $ 11,426,000 $ 17,727,000 $ 19,740,000
GAAP Diluted EPS $ 0.08 $ 0.66 $ 0.41 $ 1.10
Adjusted non-GAAP Diluted EPS $ 0.71 $ 0.84 $ 1.26 $ 1.45
Diluted Shares 14,066,000 13,584,000 14,055,000 13,573,000

 (see Table I for reconciliation to GAAP numbers)

Quarterly Results

For the three months ended October 31, 2013, the Company reported net sales of $58,601,000, an increase of 2% from $57,537,000 for the same period last year.

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