Hi-Tech Pharmacal Co. Reports Operating Results (10-Q)
Hi-tech Pharmacal Co. has a market cap of $465.9 million; its shares were traded at around $31.57 with a P/E ratio of 9.9 and P/S ratio of 2.
Highlight of Business Operations:Net sales of ECR Pharmaceuticals, which sells branded prescription products, declined due to the discontinuation of Lodrane® extended release antihistamines. ECR Pharmaceuticals stopped shipping the Lodrane® products as of August 31, 2011. Sales of the discontinued Lodrane® products amounted to approximately $2,400,000 for the three months ended July 31, 2011. Increased sales of Bupap® and Dexpak® and sales from newly acquired Tussicaps® and Orbivan® partially offset the decrease in sales for the period.
The Company believes that its financial resources consisting of current working capital and anticipated future operating revenue will be sufficient to enable it to meet its working capital requirements for at least the next 12 months. Additionally, the Company has a $10,000,000 revolving line of credit with JPMorgan Chase which remains undrawn, and an additional $3,491,000 of the equipment financing line from JPMorgan Chase. The revolving line of credit agreement expires May 27, 2013, while borrowings under the equipment line mature October 6, 2016.
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