Hi-Tech Pharmacal in Amityville extends president's contract

Amityville-based Hi-Tech Pharmacal Co. has extended the employment contract of David Seltzer, its president and chief executive, for another three years.

The agreement with Seltzer took effect Saturday and continues through April 30, 2013. It provides him with an annual base salary of $464,565 for the current fiscal year, which began Saturday. It gives him  a 5 percent raise each year and  a bonus based on the company’s achievement of certain goals, and allows him to buy a minimum of 50,000 share options.

In its most recent earnings report Hi-Tech Pharmacal showed a net profit of $8.5 million for the quarter ending Jan. 31, compared with profit of $2.1 million in the same quarter last year. It had net sales of $38.8 million for the quarter compared with $29.4 million in the year-ago quarter.

Hi-Tech has 15 brand-name and generic products awaiting federal approval, with sales targets of $600 million. The company also has 20 products in active development targeting brand sales of more than $2 billion. At the time of the earnings report, Seltzer said a “diversified base of success across multiple product lines and businesses demonstrates the company's ability to execute in multiple markets.”