Hi-Tech Pharmacal of Amityville announces 1Q profit

Hi-Tech Pharmacal, Amityville

Pharmaceutical maker

Third Quarter: Ended Jan. 31

Net income: Profit of $8.5 million, compared with profit of $2.1 million in the same quarter last year.

Net sales: $38.8 million compared with $29.4 million in the year-ago quarter.

Outlook: 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.

Company statement: A "diversified base of success across multiple product lines and businesses demonstrates the company's ability to execute in multiple markets," David Seltzer, president and chief executive, said in a news release.