Hi-Tech's 2Q profit surges on generic drugs

AP News
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Posted: Dec 09, 2009 11:34 AM

Hi-Tech Pharmacal Co. said Wednesday its fiscal second-quarter profit surged due to strong sales of generic drugs.

Hi-Tech said its profit rose to $7.4 million, or 60 cents per share, for the quarter ended Oct. 31. That compares with a profit of $1.1 million, or 9 cents per share, in the year-ago period. Revenue rose 63 percent to $40.9 million from $25.1 million.

Generic drug sales rose 64 percent to $32 million, with sales of Dorzolamide with Timolol eye solutions, contributing to the drive. The company also said hydrocortisone with acetic acid, which is used to treat ear canal infections, bacteria and fungi, also gave overall sales a boost.

Shares of Hi-Tech rose $2.22, or 10 percent, to $24.05 in morning trading. The stock has traded between $4.32 and $25.60 over the last 52 weeks.