Hi-Tech Pharmacal Co., Inc. (HITK) posted third-quarter net income of $5.94 million, a decrease from net income of $10.81 million for the same period in the prior year. On a share basis, earnings decreased to $0.43 from $0.79 in the prior year.
Selling, general and administrative expense increased to $16.54 million from $11.71 million in the year ago quarter. This increase was due to increased advertising expense primarily in the Health Care Products division.
Net sales for the quarter were $64.33 million, an increase 16% compared to the net sales of $55.63 million in the year ago quarter.
Cost of goods sold for the quarter increased to $31.45 million from $24.89 million last year. The increase in cost of goods sold as a percentage of net sales was primarily due to pricing declines for Fluticasone Propionate nasal spray.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.71 per share on revenues of $60.45 million for the quarter. Analysts' estimates typically exclude special items.
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