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Share Name | Share Symbol | Market | Type |
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Simulations Plus Inc | NASDAQ:SLP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 49.05 | 48.08 | 49.50 | 0 | 01:00:00 |
Full Fiscal Year Pharmaceutical Software and Services Revenues Up 20.9%; Earnings per share of $0.33, up 14.9% over prior year
Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of software for pharmaceutical discovery and development, today reported its financial results for its 2017 fiscal year (FY17) and fourth quarter (4Q17) ended August 31, 2017.
Results for the 2017 fiscal year (FY17):
Results for the fourth quarter of FY17 (4Q17):
Walt Woltosz, chairman and chief executive officer of Simulations Plus, said: “Fiscal year 2017 was another exciting year for Simulations Plus, with record revenues, record net income up nearly 17%, and record EPS up nearly 15%. We remain committed to rewarding our shareholders, as evidenced by the recently announced dividend increase to $0.06 per share per quarter from the $0.05 per share per quarter we’ve distributed since 2012. The performance of our Cognigen division in Buffalo, NY, was outstanding all year and finished with an exceptional fourth quarter that had an increase in revenues of over 67%. Our new DILIsym Services division, acquired at the beginning of the fourth quarter, is already contributing nicely to our growth in both revenues and earnings. And our software offerings and consulting services in the Lancaster, CA, division continue the more than 10-year-long trend of continuous growth and improved offerings.”
John DiBella, president of the Lancaster division of Simulations Plus, said: “We continued to see expansion of customers both licensing our technology and outsourcing projects to our team of experts in FY17. 88 new organizations, or new departments at existing organizations, are now licensing our technology, with significant growth realized from companies outside our core pharmaceutical market, highlighting the utility of our tools for various research activities. We have scaled up our consulting services division by adding staff to meet increased demand, and our business development representatives continue to maintain a robust consulting project pipeline heading into 2018. Our software development teams are working hard on the next versions of GastroPlus™, ADMET Predictor™, and PKPlus™, and with our continued focus on education and training, coupled with increased marketing efforts, we believe we are in an excellent position to address the needs set forth by regulatory agencies and to capitalize on the increased adoption of modeling and simulation technology across industries.”
Dr. Brett Howell, president of the DILIsym Services division, added: “DILIsym Services has now been a part of the Simulations Plus family for one fiscal quarter. We had a great fourth quarter with combined revenue from consulting and licensing that represented significant growth compared to prior periods. Most importantly, synergies have immediately surfaced between DILIsym Services and our sister divisions, Simulations Plus Lancaster and Cognigen. We foresee additional synergies through combined marketing, consulting, and software projects in the future that will benefit all three groups.”
Investor Conference Call November 14, 2017, 4:15 p.m. EST/1:15 p.m. PST
The Company will host a conference call to discuss the Company’s performance on Tuesday, November 14, 2017, at 4:15 p.m. Eastern Time. All interested parties are invited to join the call by registering here. Upon registering, you will receive a confirmation e-mail with instructions for joining the call. Please dial in five to ten minutes prior to the scheduled start time. For listen-only mode, you may dial +1 (562) 247-8422, and enter access code: 189-912-336.
About Simulations Plus, Inc.
Simulations Plus, Inc. is a premier developer of drug discovery and development software as well as a leading provider of both preclinical and clinical pharmacometric consulting services for regulatory submissions and quantitative systems pharmacology models for drug-induced liver injury and nonalcoholic fatty liver disease. The company is a global leader focused on improving the ways scientists use knowledge and data to predict the properties and outcomes of pharmaceutical, biotechnology, and chemical agents. Our software is licensed to and used in the conduct of drug research by major pharmaceutical, biotechnology, chemical, and consumer goods companies and regulatory agencies worldwide. Our innovations in integrating new and existing science in medicinal chemistry, computational chemistry, pharmaceutical science, biology, and physiology into our software have made us the leading software provider for physiologically based pharmacokinetic modeling and simulation. For more information, visit our website at www.simulations-plus.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 – With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Our actual future results could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to: our ability to maintain our competitive advantages, acceptance of our new software products as well as improved versions of our existing software by our customers, the general economics of the pharmaceutical industry, our ability to finance growth, our ability to continue to attract and retain highly qualified technical staff, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports as filed with the U.S. Securities and Exchange Commission.
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SIMULATIONS PLUS, INC. CONSOLIDATED BALANCE SHEETS As of August 31, ASSETS2017
2016
Current assets Cash and cash equivalents $ 6,215,718 $ 8,030,284 Accounts receivable, net of allowance for doubtful accounts of $0 4,048,725 3,009,517 Revenues in excess of billings 1,481,082 694,131 Prepaid income taxes 462,443 555,486 Prepaid expenses and other current assets 459,902 410,811 Total current assets 12,667,870 12,700,229 Long-term assets Capitalized computer software development costs, net of accumulated amortization of $9,795,469 and $8,613,487 4,307,600 4,013,127 Property and equipment, net 291,135 256,381 Intellectual property, net of accumulated amortization of $2,095,417 and $1,408,750 6,829,583 4,666,250 Other intangible assets net of accumulated amortization of $495,000 and $295,000 3,995,000 1,355,000 Goodwill 10,387,198 4,789,248 Other assets 34,082 34,082 Total assets $ 38,512,468 $ 27,814,317 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 240,892 $ 108,111 Accrued payroll and other expenses 983,293 602,610 Other current liabilities - 8,274 Current portion - Contracts payable 247,328 1,000,000 Billings in excess of revenues 216,958 230,100 Deferred revenue 353,962 176,422 Total current liabilities 2,042,433 2,125,517 Long-term liabilities Deferred income taxes,net 4,926,960 2,956,206 Payments due under Contracts payable 5,738,188 - Total liabilities 12,707,581 5,081,723 Commitments and contingencies Shareholders' equity - - Preferred stock, $0.001 par value 10,000,000 shares authorized no shares issued and outstanding $ - $ - Common stock, $0.001 par value 50,000,000 shares authorized 17,277,604 and 17,225,478 shares issued and outstanding 7,278 7,227 Additional paid-in capital 12,109,141 11,376,007 Retained earnings 13,688,468 11,349,360 Total shareholders' equity 25,804,887 $ 22,732,594 Total liabilities and shareholders' equity $ 38,512,468 $ 27,814,317 - -SIMULATIONS PLUS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the years ended August 31,
2017
2016
2015
$ 24,137,913 $ 19,972,079 $ 18,314,248 Cost of revenues 6,307,800 4,601,513 4,392,477 Gross margin 17,830,113 15,370,566 13,921,771 Operating expenses Selling, general, and administrative 8,198,184 6,693,691 6,736,767 Research and development 1,367,645 1,445,069 1,328,476 Total operating expenses 9,565,829 8,138,760 8,065,243 Income from operations 8,264,284 7,231,806 5,856,528 Other income (expense) Interest income 15,857 18,014 17,935 Interest expense (38,188 ) - -Gain (loss) on currency exchange
(1,686 ) (13,428 ) (181,534 ) Total other income (expense) (24,017 ) 4,586 (163,599 ) Income before provision for income taxes 8,240,267 7,236,392 5,692,929 Provision for income taxes (2,452,670 ) (2,286,256 ) (1,849,968 ) Net Income $ 5,787,597 $ 4,950,136 $ 3,842,961 Earnings per share Basic $ 0.34 $ 0.29 $ 0.23 Diluted $ 0.33 $ 0.29 $ 0.23 Weighted-average common shares outstanding Basic 17,239,490 17,028,566 16,864,670 Diluted 17,515,917 17,209,506 17,032,158
View source version on businesswire.com: http://www.businesswire.com/news/home/20171114006473/en/
Simulations Plus Investor RelationsMs. Renee Bouche, 661-723-7723renee@simulations-plus.comorHayden IRMr. Cameron Donahue, 651-653-1854cameron@haydenir.com
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