Hi-Tech Pharmacal Co., Inc. (NASDAQ:HITK) announced that it will pay a
special one-time dividend of $1.50 per share. The dividend will be
payable on December 28, 2012 to shareholders of record on December 13,
2012.
David Seltzer, President and CEO commented on the dividend: “This
special dividend is the result of the success we have had over the last
several years. It is also a reflection of our positive outlook and our
Board's and management team's confidence in our ability to continue to
generate cash to fund future growth. Paying a special dividend of this
amount allows us to return cash to shareholders while retaining a
significant amount of cash to fund future growth through R&D and
acquisitions.”
Hi-Tech is a specialty pharmaceutical company developing, manufacturing
and marketing generic and branded prescription and OTC products. The
Company specializes in difficult to manufacture liquid and semi-solid
dosage forms and produces a range of sterile ophthalmic, otic and
inhalation products. The Company's Health Care Products Division is a
leading developer and marketer of OTC products for the diabetes
marketplace. Hi-Tech's ECR Pharmaceuticals subsidiary markets branded
prescription products.
This press release contains certain future projections and
forward-looking statements (statements which are not historical facts)
with respect to the anticipated future performance of Hi-Tech made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such future projections and
forward-looking statements are not assurances, promises or guarantees
and investors are cautioned that all future projections and
forward-looking statements involve significant business, economic and
competitive risks and uncertainties, many of which are beyond Hi-Tech's
ability to control or estimate precisely, including, but not limited to,
the impact of competitive products and pricing, product demand and
market acceptance, new product development, the regulatory environment,
including without limitation, reliance on key strategic alliances,
availability of raw materials, fluctuations in operating results, loss
of customers or employees, the possibility that legal proceedings may be
instituted against Hi-Tech and other results and other risks detailed
from time to time in Hi-Tech's filings with the Securities and Exchange
Commission. The actual results will vary from the projected results and
such variations may be material. These statements are based on
management's current expectations and assumptions concerning the future
performance of Hi-Tech and are naturally subject to uncertainty and
changes in circumstances. No representations or warranties are made as
to the accuracy or completeness of any of the information contained
herein, including, but not limited to, any assumptions or projections
contained herein or forward-looking statements based thereon. We caution
you not to place undue reliance upon any such forward-looking statements
which speak only as of the date made, except to the extent specifically
dated as of an earlier date. Hi-Tech is under no obligation, and
expressly disclaims any such obligation, to update, alter or correct any
inaccuracies herein, whether as a result of new information, future
events or otherwise.
