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Simulations Plus Posts 10 Percent Rise in Q1 Revenues

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Simulations Plus this week reported a profitable performance for the first quarter of its fiscal year.

During a call to discuss Simulations Plus' earnings, Chairman and CEO Walt Woltosz noted that the financial figures only reflect the activities of its "continuing operations" — primarily its pharmaceutical software and services business — and will not include those of Words+, the computer-based communications systems subsidiary that it sold last November (BI 11/18/2011).

For the first quarter ended November 30, 2011, Simulations Plus said its revenues increased about 10 percent to $2.25 million from $2.05 million for the same period last year.

Net income from the company’s continuing operations rose about 30 percent to $755,000 from $577,000. While overall net income, including proceeds from the sale of the company's Words+ business and partially offset by the discontinued operations of its subsidiary, increased 71 percent to $971,000 from $567,000.

Selling, general, and administrative expenses grew to $700,000 from $ 686,000 for the prior year. Momoko Beran, the company's chief financial officer, attributed the increase to the attempted acquisition of the assets of Entelos in bankruptcy court (BI 9/23/2011); as well as the sale of Words+.

Simulations Plus held $12.7 million in cash and cash equivalents at the end of Q1 compared to $8.9 million during the same period last year, or an increase of 43 percent.

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