Hi-Tech Pharmacal reports fourth quarter, year-end profits

AMITYVILLE, NY — Pharmaceutical manufacturer Hi-Tech Pharmacal is reporting an increase in fourth-quarter and year-end profits on the heels of increases in net sales for both periods, according to a release.

For the quarter ending April 30, 2010, Hi-Tech Pharmacal posted net sales of $40.5 million, up 6% from the $38.3 million for the same period last year. The company recognized a decrease in generic pharmaceutical sales — $31.4 million compared with $33.2 million during the 2009 period, which may have been inflated due to the vigorous cold and cough season that year, according to the release.

Hi-Tech Pharmacal manufactures dorzolamide with timolol ophthalmic solution and dorzolamide ophthalmic solution, totaling $11.2 million in sales. No information was given about prior year sales of the products.

Sales increases were driven largely by ECR Pharmaceuticals, the company's marketing arm for branded prescription products, which tallied $6.5 million in sales for the quarter ending April 30, 2010, up from $2.8 million. However, the division was acquired in February 2009, so the previous year's reporting was on 2 months of activity only.

For the fiscal year ending April 30, 2010, the company reported net sales of $163.7 million, an increase from the $108.7 million for the same period the prior year. According to the release, net income increased to $31.1 million for the fiscal year ending April 30, 2010, compared to a net income of $9.8 million for the prior year.

Follow OSNSuperSite.com on Twitter.