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Hi-Tech Pharmacal on Fortune list of fastest growing
Hi-Tech Pharmacal, an Amityville-based maker of generic drugs, was named to Fortune's list of the fastest growing companies in America.
The pharmaceutical company was ranked number 22 on the list, with its three-year average for revenue growth at 29 percent, profit growth at 69 percent and total return at 54 percent.
In selecting companies for the list, Fortune said it looked at revenue, earnings per share and returns of public companies that have been trading on an exchange for the past three years.
Companies must have a stock price of at least $5 per share, a market capitalization of $250 million, sales of at least $50 million and profits of at least $10 million to be considered.
Hi-Tech Pharmacal released its quarterly earnings this past Wednesday, reporting a 56 percent drop in profits last quarter compared to the same period in 2011.
The list of Fortune's 100 fastest growing companies in America is in the magazine's Sept. 24 issue.