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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.04% | 46.70 | 44.52 | 50.00 | 47.46 | 46.50 | 47.00 | 57,840 | 01:00:00 |
First quarter revenue of $10.7 million, reflecting 14% year-over-year growth
Board of Directors announces quarterly dividend of $0.06 per share
Simulations Plus, Inc. (Nasdaq: SLP), a leading provider of modeling and simulation solutions for the pharmaceutical, biotechnology, chemicals, and consumer goods industries, today reported financial results for its first quarter of fiscal year 2021.
Financial highlights compared with the corresponding period last fiscal year:
Shawn O’Connor, chief executive officer of Simulations Plus, said: “Our first quarter financial results were in line with our expectations highlighted by strong, double-digit revenue growth and increased profitability, despite a challenging comparison to the first quarter of fiscal 2020 that benefited from unusually strong results in our DILIsym division. The strategic investments in our sales and marketing infrastructure, and a growing reliance on modeling and simulation in the drug development ecosystem continue to facilitate strong revenue growth, as Simulations Plus bolsters its already strong position in the marketplace. The acquisition of Lixoft has meaningfully expanded our addressable market. In addition, this acquisition has had the desired impact of increasing the mix of software revenue, helping expand our overall profitability.”
“We recently signed a large COVID-19-related consulting services project with a large pharmaceutical client, validating the resources we devoted to our COVID-19 initiative and demonstrating the increasing value we play in support of our clients,” added Mr. O’Connor. “We also signed a new three-year project with a large private foundation as well as three new projects with a large non-profit biotechnology institute. Looking ahead, demand for our consulting services remains strong and next generation releases of several of our software products that are scheduled for fiscal 2021 reinforce our confidence in delivering another year of organic growth of 15% to 20% in fiscal 2021.”
Quarterly Dividend Declared
The Company’s Board of Directors has declared a cash dividend of $0.06 per share of the Company’s common stock payable on February 1, 2021, to shareholders of record as of January 25, 2021. The declaration of any future dividends will be determined by the Board of Directors each quarter and will depend on earnings, financial condition, capital requirements, and other factors.
Investor Conference Call
The Company has announced an investor conference call that will be webcast live at 1:15 p.m. PST/4:15 p.m. EST on Monday, January 11, 2021. The live webcast/teleconference will be accessible by here or by calling 1-201-389-0879. Please join 5 to 10 minutes before the scheduled start time. The call will be simulcast live on the Internet, and the webcast will be available on the Investors page of the Simulations Plus website under Conference Calls & Presentations. A replay of the webcast will be available on the website approximately one hour following the call.
About Simulations Plus, Inc.
Simulations Plus, Inc., is a leading provider of modeling and simulation software and consulting services supporting drug discovery, development research, and regulatory submissions. With our subsidiaries, Cognigen, DILIsym Services, and Lixoft, we offer solutions which bridge machine learning, physiologically based pharmacokinetics, quantitative systems pharmacology/toxicology, and population PK/PD modeling approaches. Our technology is licensed and applied by major pharmaceutical, biotechnology, chemical, consumer goods companies and regulatory agencies worldwide. 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 and filed with the U.S. Securities and Exchange Commission.
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--Tables follow --
SIMULATIONS PLUS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended November 30, (in thousands, except per common share amounts)2020
2019
Revenues$
10,701
$
9,401
Cost of revenues
2,433
2,643
Gross margin
8,268
6,758
Operating expenses Selling, general, and administrative
4,408
3,514
Research and development
809
526
Total operating expenses
5,217
4,040
Income from operations
3,051
2,718
Other income (expense) Interest income
61
11
Change in value of contingent consideration
(121
)
—
Income on currency exchange
5
4
Total other income (expense)
(55
)
15
Income before provision for income taxes
2,996
2,733
Provision for income taxes
(517
)
(675
)
Net income$
2,479
$
2,058
Earnings per share Basic
$
0.12
$
0.12
Diluted
$
0.12
$
0.11
Weighted-average common shares outstanding Basic
19,930
17,609
Diluted
20,799
18,307
SIMULATIONS PLUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited) (in thousands, except share and per share amounts) November 30, August 31, ASSETS
2020
2020
Current assets Cash and cash equivalents$
27,651
$
49,207
Accounts receivable, net of allowance for doubtful accounts of $50 and $50
7,331
7,422
Revenues in excess of billings
2,837
3,093
Prepaid income taxes
560
970
Prepaid expenses and other current assets
1,738
1,596
Short-term investments
91,115
66,804
Total current assets
131,232
129,092
Long-term assets Capitalized computer software development costs, net of accumulated amortization of $13,906 and $13,582
6,490
6,087
Property and equipment, net
596
438
Operating lease right of use assets
768
927
Intellectual property, net of accumulated amortization of $5,444 and $5,087
11,541
11,898
Other intangible assets, net of accumulated amortization of $1,779 and $1,642
6,871
7,008
Goodwill
12,921
12,921
Other assets
51
51
Total assets$
170,470
$
168,422
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable$
332
$
351
Accrued payroll and other expenses
2,300
2,251
Current portion - contracts payable
2,000
2,000
Billings in excess of revenues
206
141
Operating lease liability, current portion
395
463
Deferred revenue
244
300
Total current liabilities
5,477
5,506
Long-term liabilities Deferred income taxes, net
2,401
2,354
Operating lease liability
376
463
Payments due under contracts payable
4,185
4,064
Total liabilities
12,439
12,387
Commitments and contingencies Shareholders' equity Preferred stock, $0.001 par value 10,000,000 shares authorized, no shares issued and outstanding
-
-
Common stock, $0.001 par value and additional paid in capital — 50,000,000 shares authorized, 19,958,760 and 19,923,277 shares issued and outstanding
129,253
128,541
Retained earnings
28,720
27,436
Accumulated other comprehensive income
58
58
Total shareholders' equity
158,031
156,035
Total liabilities and shareholders' equity$
170,470
$
168,422
View source version on businesswire.com: https://www.businesswire.com/news/home/20210111005233/en/
Simulations Plus Investor Relations Ms. Renee Bouche 661-723-7723 renee@simulations-plus.com
Hayden IR Mr. Cameron Donahue 651-653-1854 slp@haydenir.com
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