|By Business Wire||
|January 9, 2014 08:03 AM EST||
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 2014 ended November 30, 2013 (1QFY14).
1QFY14 highlights compared with 1QFY13:
- Net sales increased 15.3% to first-quarter record $2.641 million from $2.291 million
- Gross profit increased 15.2% to $2.193 million from $1.903 million
- SG&A increased 15.0% to $1.071 million from $0.931 million
- R&D expenditures decreased 10.1% to $162,000 from $180,000
- Income before taxes increased 10.8% to $0.992 million from $0.896 million
- Net income increased 16.7% to $685,000 from $587,000
- Diluted earnings per share increased 16.7% to $0.042 from $0.036
Mr. John Kneisel, chief financial officer of Simulations Plus, said: “Increased Selling, General and Administrative (SG&A) expenses for 1QFY14 were due to increased commissions on sales to dealers in Asia, increases in salaries and wages, and increases in costs related to trade shows and travel, all of which outweighed decreases in M&A consultant fees and advertising costs. R&D expenses decreased due to increased scientific staff time spent on capitalized software development activities. A lower income tax rate for 1QFY14 resulted in a provision for income taxes of $307,000, nearly the same dollar amount as for 1QFY13 ($309,000). Cash increased to $10.55 million on November 30, 2013, compared to $10.18 million on August 31, 2013, after distributing $643,000 in dividends during 1QFY14. Shareholders’ equity was $14.35 million at the end of 1QFY14, compared to $14.24 million on August 31, 2013.”
Walt Woltosz, chairman and chief executive officer of Simulations Plus, added: “Fiscal year 2014 is off to a very good start with this record first quarter. Revenues and earnings are both up nicely in spite of the fact that we completed all of our recent funded collaborations prior to the quarter. Our software development activities on the next releases of ADMET Predictor™, GastroPlus™, and MedChem Studio™ are proceeding well, and we hope to release our new MembranePlus™ software product in the second calendar quarter of this year. We continue to interview candidates to expand the technical team and we continue to look for opportunities to grow the business via acquisition. Our new NCE (new chemical entity) project is proceeding well with the synthesis of a number of molecules just completed and we hope to select the contractor for testing these molecules to determine their activities against their COX-2 (cyclooxygenase-2) and COX-1 enzyme targets in the next few days.”
The Company has announced an investor conference call that will be webcast live at 1:15 PST/4:15 PM EST today, Thursday, January 9, 2014, which may be accessed by first registering at the following website: https://www2.gotomeeting.com/register/132664954. Upon registering, you will receive a confirmation e-mail with a unique link and 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 646-307-1721, and enter access code 176-825-537.
About Simulations Plus, Inc.
Simulations Plus, Inc., is a premier developer of groundbreaking drug discovery and development simulation and modeling software, which is licensed to and used in the conduct of drug research by major pharmaceutical, biotechnology, agrochemical, and food industry companies worldwide. Simulations Plus, Inc., is headquartered in Southern California and trades on the NASDAQ Capital Market under the symbol “SLP.” For more information, visit our Web site 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. Words like “believe,” “expect” and “anticipate” mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place, so 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 new software and 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, our ability to identify and close acquisitions on terms favorable to the Company, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports as filed with the Securities and Exchange Commission.
SIMULATIONS PLUS, INC.
CONDENSED BALANCE SHEETS
|November 30,||August 31,|
|Cash and cash equivalents||$||10,554,707||$||10,179,298|
|Prepaid income taxes||64,798||301,573|
|Accounts receivable, net of allowance for doubtful accounts of $0||1,866,445||1,910,615|
|Prepaid expenses and other current assets||173,075||192,173|
|Deferred income taxes||188,126||184,258|
|Total current assets||13,136,191||12,971,830|
|Capitalized computer software development costs,|
|net of accumulated amortization of $5,993,404 and $5,801,578||3,072,547||2,891,169|
|Property and equipment, net||115,927||117,987|
|Intellectual property, net of accumulated amortization of $13,125 and $11,250||61,875||63,750|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Accrued payroll and other expenses||337,603||311,209|
|Accrued bonuses to officer||30,000||60,000|
|Other current liabilities||19,859||19,859|
|Total current liabilities||791,125||626,306|
|Deferred income taxes||1,220,435||1,146,389|
|Other long-term liabilities||43,028||47,993|
|Commitments and contingencies|
|Preferred stock, $0.001 par value|
|10,000,000 shares authorized|
|no shares issued and outstanding||-||-|
|Common stock, $0.001 par value|
|50,000,000 shares authorized|
|16,073,894 and 16,030,894 shares issued and outstanding||4,545||4,502|
|Additional paid-in capital||4,908,456||4,842,794|
|Total shareholders' equity||14,350,397||14,242,493|
|Total liabilities and shareholders' equity||$||16,404,985||$||16,063,181|
SIMULATIONS PLUS, INC.
CONDENSED STATEMENTS OF OPERATIONS
For the three months ended
|Cost of sales||448,420||386,870|
|Selling, general, and administrative||1,071,091||931,060|
|Research and development||162,116||180,335|
|Total operating expenses||1,233,207||1,111,395|
|Income from operations||959,373||791,829|
|Other income (expense)|
|Gain on currency exchange||23,709||74,654|
|Total other income (expense)||32,735||103,786|
Income from continuing operations before provision for income taxes
|Provision for income taxes||(306,953||)||(308,629||)|
|Earnings per share|
|Weighted-average common shares outstanding|
In demand-intensive mobile and web applications, an emerging pattern is to host the Systems of Engagement in the cloud (for maximum responsiveness) but keep the Systems of Record with the other important business systems in the company datacenter, often on a tightly secured mainframe. But what about the space in between? In this IBM Redpaper publication, we show that the IBM Bluemix cloud platform offers technologies that make it easy for cloud-based SoEs to securely connect to on-premises IBM...
Dec. 1, 2015 10:19 AM EST
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Dec. 1, 2015 10:00 AM EST Reads: 576
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Dec. 1, 2015 09:00 AM EST Reads: 481
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Dec. 1, 2015 08:00 AM EST Reads: 395
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Dec. 1, 2015 08:00 AM EST Reads: 396
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Dec. 1, 2015 08:00 AM EST Reads: 251
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Dec. 1, 2015 06:30 AM EST Reads: 515
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Dec. 1, 2015 06:00 AM EST Reads: 272
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Dec. 1, 2015 05:00 AM EST Reads: 622
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Dec. 1, 2015 05:00 AM EST Reads: 359
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Dec. 1, 2015 04:45 AM EST Reads: 458
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
Dec. 1, 2015 04:15 AM EST
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Dec. 1, 2015 03:30 AM EST Reads: 533
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Dec. 1, 2015 03:00 AM EST Reads: 113
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Dec. 1, 2015 03:00 AM EST Reads: 469