Hi-Tech Pharmacal reports 10% rise in second-quarter sales
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AMITYVILLE, N.Y. Hi-Tech Pharmacal reported $44.9 million in net sales for the second quarter, representing a 10% increase compared with $40.9 million posted during the second quarter last year, the company announced in a press release.
Net sales of generic pharmaceutical products totaled $36.8 million, up 13% from $32.7 million during the same period last year. Notably, sales of dorzolamide with timolol ophthalmic solution and dorzolamide ophthalmic solution totaled $8.1 million, up from $7.5 million reported during last year's second quarter, according to the release.
Hi-Tech's health care products division, responsible for the marketing of OTC-branded products, posted $3.4 million in second-quarter sales, down 7% from $3.6 million during the same period last year.
Second-quarter net income totaled $10 million, or $0.76 per diluted share, as compared with $7.4 million, or $0.60 per diluted share, for the second quarter a year ago, the release said.