Hi-Tech sales down despite OTC growth
This article was originally published in The Tan Sheet
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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The recently acquired line of magnesium supplements helps Hi-Tech Pharmacal's Health Care Products division increase sales 17.4 percent to $2.7 million in its fiscal 2010 fourth quarter and 11.9 percent to $11.3 million in the full year ended April 30. Annual sales of Mag-Ox products reached $3.4 million prior to Hi-Tech's March acquisition. The firm plans to increase distribution and extend the brand in the new fiscal year, CEO David Seltzer said July 13 (1"The Tan Sheet" March 8, 2010, In Brief). Amityville, N.Y.-based Hi-Tech, which markets to the diabetic health segment, also attributed OTC growth to increased sales of its Diabetic Tussin and Multi-betic products. The company reported overall net sales of $163.7 million - up 50.7 percent - and net income of $31.1 million - up 217 percent - for fiscal 2010
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