Hi-Tech sales down despite OTC growth
This article was originally published in The Tan Sheet
Executive Summary
The Amityville, N.Y.-based manufacturer reports a 69 percent first-quarter leap in OTC sales, benefited by the March acquisition of Mag-Ox magnesium supplements (1"The Tan Sheet" July 19, 2010, In Brief). Sales in Hi-Tech Pharmacal's Health Care Products division, which markets OTCs, grew to $2 million in the quarter ended July 31. Overall sales, however, were $40.4 million, down 7 percent from last year's period of unusually high demand for cold and flu products due to fears of H1N1 flu and due to the suspended sale of certain unapproved Rx products, the company said Sept. 8. Hi-Tech reports net income of 67 cents per diluted share, down from 73 cents
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