Hi-Tech rides Mag-Ox growth
This article was originally published in The Tan Sheet
Executive Summary
The recently acquired line of magnesium supplements helps Hi-Tech Pharmacal's Health Care Products division increase sales 17.4 percent to $2.7 million in its fiscal 2010 fourth quarter and 11.9 percent to $11.3 million in the full year ended April 30. Annual sales of Mag-Ox products reached $3.4 million prior to Hi-Tech's March acquisition. The firm plans to increase distribution and extend the brand in the new fiscal year, CEO David Seltzer said July 13 (1"The Tan Sheet" March 8, 2010, In Brief). Amityville, N.Y.-based Hi-Tech, which markets to the diabetic health segment, also attributed OTC growth to increased sales of its Diabetic Tussin and Multi-betic products. The company reported overall net sales of $163.7 million - up 50.7 percent - and net income of $31.1 million - up 217 percent - for fiscal 2010