HISTORICAL PERSPECTIVE

HISTORICAL PERSPECTIVE

1930 Reuben Seltzer begins compounding over-the-counter health and beauty aids in the back room of his brother’s retail pharmacy in Brooklyn, New York. The new enterprise emerges as Success Chemical Co., which supplies its growing product line to other local drug stores.

1937 Success Chemical Co. sales begin to take off.

1946 Reuben’s son, Bernard, joins Success Chemical after earning a business degree from Yeshiva University. The company’s sales and profits grow over the next two decades.

1967 Success Chemical Co. is sold to Ketchum & Co., the third largest pharmaceutical wholesaler in the U.S. The firm’s name is changed to Ketchum Laboratories. Bernard Seltzer stays on with Ketchum Labs as Vice President of Sales.

1983 Bernard buys back liquid and ointment operations from Ketchum, changes the company’s name to Hi-Tech Pharmacal Co., Inc. The company has 10 employees and achieves $200,000 in sales, returning a profit in the first year.

1984-89 Hi-Tech Pharmacal builds infrastructure with new plant and equipment. Maintains profitability, producing generics under its own label and others.

1990 David Seltzer, Bernard’s son, is appointed Vice President/Sales. Bernard Seltzer becomes Chairman of the Board. Elan Bar-Giora is appointed Vice President/Operations.

1991 Arthur S. Goldberg is appointed Vice President/Finance.

1992 Company acquires 21,000-sq. ft. manufacturing facility adjacent to Amityville plant.

FY 1993 (High: $8.17; Low: $3.33)
Hi-Tech Pharmacal raises first round of financing through small IPO. Issues one million shares at $6.00 – shares begin trading on the NASDAQ under the symbol "HITK." HITK has 64 employees, shows a net profit of $1.2 million on sales of $10.7 million in its first year of operation as a public company. Acquires an additional 21,000-sq. ft. HITK establishes separate division, Health Care Products, to develop and market products specifically for the diabetes population; introduces Diabetic Tussinâ.

FY 1994 (High: $10.00, Low: $5.67)

Health Care Products adds line extensions to Diabetic Tussin: Introduces DiabetiDermâ which puts HITK on the map with significant distribution at major chains and wholesalers. Receives first FDA approval (ANDA) for drug product (Amantadine). HITK shares split 3-for-2.

FY 1995
(High: $11.87, Low: $4.25)

Health Care Products introduces DiabetiSweetâ, launches aggressive marketing/media program for all HCP brands. Diabetic Tussin becomes No. 1 selling sugar-free cough syrup. DiabetiDerm sales double.

FY 1996 High: $9.63, Low: $4.75)
HITK completes sterile facility; receives FDA approval for additional products.

FY 1997 (High: $9.88, Low: $3.25)

FY 1998 (High: $7.50, Low: $3.50)
HITK achieves record earnings of 38 cents/share. Sales reach $22.3 million. Company receives first sterile approval from FDA (Albuterol Sulfate Inhalation Solution). Increased distribution at major chains and managed care. Company hires Vice President/National Accounts to build strong sales force. Launches website (www.diabeticproducts.com).

HITK acquires 23% interest in Marco/H.T., exclusive worldwide marketer and distributor of Huperzine A. HITK receives (5) new product approvals from FDA.

FY 1999 (High: $6.44, Low: $3.44)

David Seltzer named President of HITK. Begins production of sterile version of Albuterol Sulfate inhalation product, along with Sulfamethoxazole Trimethoprin Pediatric Suspension. 134 employees. Record sales ($23.3 million) and income ($0.42/share) for second consecutive year.

FY 2000
HITK introduces DiabetiSweet Measure-for-Measure. Breaks ground for new corporate headquarters building at its Amityville complex. Embarks on aggressive growth strategy, including new marketing campaign for Health Care Products and expansion of Internet marketing.

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"KOSHERCARE" is a trademark of/and © 2000 by Hi-Tech Pharmacal Co., Inc. All rights reserved.
World Wide Web address..... http://www.koshercare.com
Email address.....info@koshercare.com
Developed by
the IMC Development Team
in conjunction with

R.A. Stone Design Associates
and
HI-TECH Computers, Inc.
(718) 253-9698
Email address.....mannyhitek@aol.com
Page last updated - 02/23/00

1930	Reuben Seltzer begins compounding over-the-counter health and beauty aids in the back room of his brother’s retail pharmacy in Brooklyn, New York. The new enterprise emerges as Success Chemical Co., which supplies its growing product line to other local drug stores.
1937	Success Chemical Co. sales begin to take off.
1946	Reuben’s son, Bernard, joins Success Chemical after earning a business degree from Yeshiva University. The company’s sales and profits grow over the next two decades.
1967	Success Chemical Co. is sold to Ketchum & Co., the third largest pharmaceutical wholesaler in the U.S. The firm’s name is changed to Ketchum Laboratories. Bernard Seltzer stays on with Ketchum Labs as Vice President of Sales.
1983	Bernard buys back liquid and ointment operations from Ketchum, changes the company’s name to Hi-Tech Pharmacal Co., Inc. The company has 10 employees and achieves $200,000 in sales, returning a profit in the first year.
1984-89	Hi-Tech Pharmacal builds infrastructure with new plant and equipment. Maintains profitability, producing generics under its own label and others.
1990	David Seltzer, Bernard’s son, is appointed Vice President/Sales. Bernard Seltzer becomes Chairman of the Board. Elan Bar-Giora is appointed Vice President/Operations.
1991	Arthur S. Goldberg is appointed Vice President/Finance.
1992	Company acquires 21,000-sq. ft. manufacturing facility adjacent to Amityville plant.

FY 1993	(High: $8.17; Low: $3.33) Hi-Tech Pharmacal raises first round of financing through small IPO. Issues one million shares at $6.00 – shares begin trading on the NASDAQ under the symbol "HITK." HITK has 64 employees, shows a net profit of $1.2 million on sales of $10.7 million in its first year of operation as a public company. Acquires an additional 21,000-sq. ft. HITK establishes separate division, Health Care Products, to develop and market products specifically for the diabetes population; introduces Diabetic Tussinâ.
FY 1994	(High: $10.00, Low: $5.67) Health Care Products adds line extensions to Diabetic Tussin: Introduces DiabetiDermâ which puts HITK on the map with significant distribution at major chains and wholesalers. Receives first FDA approval (ANDA) for drug product (Amantadine). HITK shares split 3-for-2.
FY 1995	(High: $11.87, Low: $4.25) Health Care Products introduces DiabetiSweetâ, launches aggressive marketing/media program for all HCP brands. Diabetic Tussin becomes No. 1 selling sugar-free cough syrup. DiabetiDerm sales double.
FY 1996	High: $9.63, Low: $4.75) HITK completes sterile facility; receives FDA approval for additional products.
FY 1997	(High: $9.88, Low: $3.25)
FY 1998	(High: $7.50, Low: $3.50) HITK achieves record earnings of 38 cents/share. Sales reach $22.3 million. Company receives first sterile approval from FDA (Albuterol Sulfate Inhalation Solution). Increased distribution at major chains and managed care. Company hires Vice President/National Accounts to build strong sales force. Launches website (www.diabeticproducts.com). HITK acquires 23% interest in Marco/H.T., exclusive worldwide marketer and distributor of Huperzine A. HITK receives (5) new product approvals from FDA.
FY 1999	(High: $6.44, Low: $3.44) David Seltzer named President of HITK. Begins production of sterile version of Albuterol Sulfate inhalation product, along with Sulfamethoxazole Trimethoprin Pediatric Suspension. 134 employees. Record sales ($23.3 million) and income ($0.42/share) for second consecutive year.
FY 2000	HITK introduces DiabetiSweet Measure-for-Measure. Breaks ground for new corporate headquarters building at its Amityville complex. Embarks on aggressive growth strategy, including new marketing campaign for Health Care Products and expansion of Internet marketing.