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news.Hi-Tech Pharmacal, a developer of generic and branded prescription and OTC products, has reported net sales of $56.21m for the first quarter ended 31 July 2011, an increase of 43%, compared to $39.31m for the same period in 2010.
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The company has earned gross profit of $33.24m, compared to gross profit of $22.54m, for the same period last year.
Hi-Tech’s net income for the first quarter ended 31 July 2011 was $13.77m, compared to $8.68m for the same period prior year.
Hi-Tech president and CEO David Seltzer said in particular, their success with Fluticasone Propionate nasal spray has enabled them to reinvest in the business which can be seen in both the increased R&D spending and the addition of several product lines to the ECR business.