Hi-Tech Pharmacal reports record sales for fourth quarter, fiscal year

AMITYVILLE, N.Y. — Hi-Tech Pharmacal reported $38.3 million in net sales for its fourth fiscal quarter, an 83% increase compared with $21 million reported during the same period last year, the company announced in a press release.

Specifically, Hi-Tech recorded sales of $8.4 million from dorzolamide with timolol ophthalmic solution, which the company launched in October 2008, the release said.

Fourth-quarter net income totaled $5.1 million, or $0.45 per fully diluted share, compared with a net income of $0.3 million, or $0.02 per fully diluted share, reported during last year's fourth quarter.

For the full year, Hi-Tech reported $108.7 million in net sales, up 75% compared with net sales of $62 million a year ago. The company partly attributed the sales growth to the launch of dorzolamide with timolol ophthalmic solution, which contributed $20.1 million in sales for the year.

Full-year net income was $9.8 million, or $0.84 per fully diluted share, compared with a net loss of $5.1 million, or $0.45 per fully diluted share, a year ago.

"I am very pleased to announce record sales for both the quarter and the year," David Seltzer, president and CEO for Hi-Tech, said in the release. "I am proud of our employees whose hard work contributed to our successful launch of dorzolamide with timolol, the company's largest product ever."

Hi-Tech currently has 13 products awaiting U.S. Food and Drug Administration approval, targeting brand and generic sales of more than $600 million. In addition, the company has 20 products in active development targeting brand sales of more than $2 billion, including sterile ophthalmic products, oral solutions and suspensions, and solid dosage forms, according to the release.