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AMITYVILLE, N.Y. — Generic drug maker Hi-Tech Pharmacal reported its fourth-quarter net sales increased 45% to $57.2 million from the year-ago period.
Net income for Hi-Tech totaled $12.7 million, or 98 cents per diluted share, compared with $6.5 million, or 50 cents per diluted share in fourth quarter 2010.
Fourth-quarter net sales of generic pharmaceutical products for the period ended April 30 increased 59% to $48 million, thanks to a spike in sales for Hi-Tech's fluticasone propionate nasal spray, a generic version of Flonase. New product launches, such as gabapentin oral solution, also contributed to the positive results, the drug maker said.
Branded pharmaceutical sales for the fourth quarter at the drug maker, however, decreased from $6.5 million to $5.9 million.
For the fiscal year, Hi-Tech reported a 20% increase in sales to $190.8 million, compared with the same period last year. Net income also increased, totaling $41.5 million, or $3.19 per diluted share, compared with $31.1 million or $2.50 per fully diluted share for the prior year. Earnings per share from continuing operations were $3.36, which excludes the loss of approximately 17 cents per share related to the Midlothian division, reflected as discontinued operations.
Generic pharmaceutical product sales rose 22% to $157.4 million, compared with last year, while branded prescription products contributed $19.6 million in sales for the full fiscal year, up from $18.7 million for the fiscal year ended April 30, 2010.
Hi-Tech president and CEO David Seltzer said that the results were "the best [results] in the company’s history."