Sept 5 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
Net revenue fell about 8 percent to $52 million during
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
Shares of the Amityville, New York-based company closed at
$36.54 on the Nasdaq on Tuesday.