Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of simulation and modeling software for pharmaceutical discovery and development, today reported financial results for its first quarter of fiscal year 2012 ended November 30, 2011 (1QFY12). Results below are reported for continuing operations (without the discontinued operations of the Company’s former Words+ subsidiary), except as noted.
1QFY12 highlights compared with 1QFY11:
- Net sales increased 9.6% to first-quarter record $2.248 million from $2.050 million
- Gross profit increased 11.7% to $1.896 million from $1.697 million
- SG&A increased 2.0% to $0.700 million from $0.686 million, but decreased as a percent of revenues to 31.1% from 33.5%
- R&D expenditures increased 14.9% to $454,000 from $395,000
- Income before taxes increased 27.6% to $1.064 million from $0.834 million
- Net income from continuing operations increased 30.9% to $755,000 from $577,000, and including the proceeds from the sale of Words+, partially offset by the discontinued operations of Words+, net income increased 71.1% to $971,000 from $567,000
- Total diluted earnings per share, including discontinued operations, increased 100% to $0.06 from $0.03
- Diluted earnings per share for only the continuing operations up 67% to $0.05 from $0.03
Ms. Momoko Beran, chief financial officer of Simulations Plus, said: “This was a very busy quarter, with increased Selling, General and Administrative expenses related to the attempted acquisition of assets of Entelos in bankruptcy court as well as the sale of our former Words+ subsidiary. Despite these nonrecurring expenses, we’re pleased to report these results that show continued strong top- and bottom-line performance, including record first-quarter revenue and a 30.9% increase in net income. Cash at the end of 1QFY12 was up 42.7% to $12.662 million compared to $8.873 million at the end of 1QFY11, and up 26.1% from $10.037 million at the beginning of the quarter. Shareholders’ equity increased 20.9% to $15.088 million compared to $12.482 million in 1QFY11.”
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