Inside Long Island Business
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Hi-Tech Pharmacal Co. reports drop in profits
Photo credit: Tom Decker, 2010
Despite higher sales, Amityville drugmaker Hi-Tech Pharmacal Co. reported a steep drop in third quarter profits on Thursday as its costs increased and market competition continued to drive down the price of its prescription nasal spray.
The company's net income fell 45 percent to $5.9 million, or 43 cents per share, during November, December and January, from the year-earlier period. Revenue...
