UPDATE: Hi-Tech Pharmacal Posts In-Line Q1 Earnings

Hi-Tech Pharmacal Co

reported in-line first-quarter earnings. Hi-Tech Pharmacal's quarterly adjusted non-GAAP net income fell to $6,071,000, or $0.44 per share, from $7,137,000, or $0.53 per share, in the year-ago period. Its net sales declined to $50.5 million from $52.0 million. However, analysts were expecting earnings of $0.44 per share on revenue of $57.78 million. Hi-Tech Pharmacal shares closed at $43.05 on Friday.