Hi-Tech Pharmacal (HITK) Reports Surge in Q1 Sales and EPS
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Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) reported that first quarter sales rose 175% to $43.48 million and EPS rose to $0.73 from $0.13.
David Seltzer, President and CEO, commented on the results "We are pleased with a record quarter in terms of both sales and earnings. All segments of our business showed growth, led by robust performance of our generic pharmaceuticals. Increased profitability has enabled the Company to stay focused on the aggressive development program for liquid and sterile products where we see multiple opportunities for growth. We are also pleased with the performance of our branded prescription and OTC divisions and keep looking for near and long term licensing opportunities to grow both businesses."
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HITK underpriced and deserving further analysis
toddschaus on Sep 15, 2009 08:46 PMI am a CPA veteran and stock analysis enthusiast that has been actively researching and following HITK for a long time. Sales, margins, and net profits for the company are growing off the charts over the past 6 months. They appear to have quietly arrived in the generic drug industry as a competitor on a new level. The company's trailing PE of 15 includes $1.5M earnings for the 2nd and 3rd qtrs of the prior fiscal year........but these amounts don't appear very relevant considering consecutive record breaking quarters of $5M and $8M earnings for the more recent 4th qtr of last year and the 1st qtr of the current fiscal year. I have been listening and participating on the company quarterly conference calls and weighing their comments about the future. I believe they will be reporting $8M+ earnings for the next two qtrs (i.e. the 2nd & 3rd qtr of this fiscal year). Note - the 2nd & 3rd qtrs are historically the company's best qtrs considering it is flu season. Without considering other positive factors.....down economy (read more $$$ to be spent on generics), an aging population base, growth possibility for a company breaking out of its shell, I see the company as underpriced and the stock hitting 40-50 (still at a 15 PE) in the next 6 months as the upcoming 2nd and 3rd qtr earnings are released. What are your thoughts? Regards, Todd Schaus