Hi-Tech Pharmacal (NASDAQ:HITK)

Second Quarter 2011 Results

• Net sales for the three months ended October 31, 2011 were $56,875,000, an increase of $12,219,000 or 27% compared to the net sales of $44,656,000, for the three months ended October 31, 2010.
• For the three months ended October 31, 2011, the Company recorded net income from continuing operations of $13,783,000, a 32% increase over income from continuing operations of $10,423,000, for the same period in the prior year.
• On a fully diluted share basis, EPS increased to $1.04 from $0.79 in the prior year.

David Seltzer, President and CEO, commented on the results: “We are very pleased with our continued strong performance this quarter. Our generic drug business continues to excel, led by strong sales of our Fluticasone Propionate nasal spray, as well as other products. Additionally, we reported a significant increase in HCP revenues for the period. This increase was the result of additional distribution of several products and positive response to advertising."