Hi-Tech Pharmacal profit misses estimates as drug prices fall
Sept 5 (Reuters) - Generic and specialty drugs company Hi-Tech Pharmacal Co Inc's quarterly results missed analysts' estimates on lower prices of its generic nasal spray and eye drugs.
Net income fell to $6 million, or 44 cents per share, for the first quarter from $13.8 million, or $1.05 per share, a year earlier.
Net revenue fell about 8 percent to $52 million during May-July.
Sales fell 6 percent at its biggest division, generics, and 17 percent at the prescription drugs business.
Fluticasone Propionate nasal spray sales fell 16 percent as the company sold more units at a lower average price. Dorzolamide ophthalmic products sales also declined.
Analysts on average had expected earnings of 68 cents per share on revenue of $57.6 million, according to Thomson Reuters I/B/E/S.
Shares of the Amityville, New York-based company closed at $36.54 on the Nasdaq on Tuesday.