HiTech Pharmacal Co. Inc. (HITK, Financial) filed Quarterly Report for the period ended 2008-10-31.
Hi-Tech is a specialty pharmaceutical company developing manufacturing and marketing branded and generic products. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic otic and inhalation products. The Company's Health Care Products Division is a leading developer and marketer of branded prescription and OTC products for the diabetes marketplace. HiTech Pharmacal Co. Inc. has a market cap of $47.12 million; its shares were traded at around $6.33 with and P/S ratio of 0.76.
Cash used in operating activities was approximately $2,028,000 which is primarily due to the increase in accounts receivable and inventory. A significant portion of the increase in inventory is due to increases in components, raw materials and finished product for the launch of Dorzolamide with Timolol, which the Company launched in October 2008. At October 31, 2008 the Company had approximately $1,500,000 in inventory components, raw materials and finished product, for the launch of Dorzolamide with Timolol. Additionally, the Company increased inventory of seasonal products ahead of the cough and flu season. Cash flows provided by investing activities were $3,877,000 and were principally the result of sales of intangible assets and marketable securities offset, in part, by purchases of fixed assets.
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More on HITK:
Gurus buys and sells of HITK
10-year financial history of HITK.
Insider buys/sells of HITK.
Hi-Tech is a specialty pharmaceutical company developing manufacturing and marketing branded and generic products. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic otic and inhalation products. The Company's Health Care Products Division is a leading developer and marketer of branded prescription and OTC products for the diabetes marketplace. HiTech Pharmacal Co. Inc. has a market cap of $47.12 million; its shares were traded at around $6.33 with and P/S ratio of 0.76.
Highlight of Business Operations:
The Companys operations are historically financed principally by cash flow from operations. At October 31, 2008 and April 30, 2008, working capital was approximately $51,554,000 and $45,875,000, respectively, an increase of $5,679,000 during the six months ended October 31, 2008.Cash used in operating activities was approximately $2,028,000 which is primarily due to the increase in accounts receivable and inventory. A significant portion of the increase in inventory is due to increases in components, raw materials and finished product for the launch of Dorzolamide with Timolol, which the Company launched in October 2008. At October 31, 2008 the Company had approximately $1,500,000 in inventory components, raw materials and finished product, for the launch of Dorzolamide with Timolol. Additionally, the Company increased inventory of seasonal products ahead of the cough and flu season. Cash flows provided by investing activities were $3,877,000 and were principally the result of sales of intangible assets and marketable securities offset, in part, by purchases of fixed assets.
Read the The complete Report
More on HITK:
Gurus buys and sells of HITK
10-year financial history of HITK.
Insider buys/sells of HITK.
