(COMTEX) B: Simulations Plus Announces Preliminary FY2002 Revenues; 78%
B: Simulations Plus Announces Preliminary FY2002 Revenues; 78% Increase in
Pharmaceutical Software Revenues Contributes to Record Year
LANCASTER, Calif., Sep 9, 2002 (BUSINESS WIRE) -- Simulations Plus, Inc.
(OTCBB:SIMU) (www.simulations-plus.com), the leading provider of ADME absorption
simulation and neural net structure-to-property prediction software for
pharmaceutical discovery and development, today provided preliminary revenue
results for its fiscal year ending August 31, 2002.
"For our FY2002 ended August 31, 2002, preliminary consolidated revenues from
our pharmaceutical research software and services business increased over 78% to
$2.03 million, as compared with $1.14 million for FY 2001. Consolidated revenues
including the Words+ subsidiary increased 13.6% to $4.44 million, as compared
with $3.91 million for FY2001," said Momoko Beran, chief financial officer of
Simulations Plus. "Based on our most current information, earnings for the
fiscal year should be somewhere between $0.14 and $0.17 per share. It's not
possible to be more precise until we complete our annual audit, probably in
early November."
Ms. Beran continued, "Revenues for our Words+ subsidiary decreased to $2.4
million, compared to $2.7 million last year; however the third and fourth
quarters showed improvements in Words+ revenues over the second quarter. In
fact, Words+ revenues for the fourth quarter this year were up over 14% from
last fiscal year's fourth quarter. Clearly, the dramatic increase in revenues
and earnings from our pharmaceutical software and services business was more
than enough to offset the reduced revenues and earnings from Words+ for the
fiscal year."
"This has been an exciting year. The rapid growth in sales of pharmaceutical
software and services has now continued for almost every one of the last 16
quarters, since we sold our first GastroPlus license in 1998," said Ron Creeley,
vice president of marketing and sales for Simulations Plus. "The growth in the
past fiscal year has been especially exciting, because although the previous
year's growth was a nice 26%, our growth rate tripled this year to 78% -- and
that was from a higher starting point."
Walt Woltosz, chairman and chief executive officer of Simulations Plus, added,
"The numbers speak for themselves. This year was our best since the IPO. At this
time, we have unquestionable market dominance in the gastrointestinal
absorption/pharmacokinetics simulation market with GastroPlus(TM). And
QMPRPlus(TM) is, we believe, the fastest and most accurate program available for
generating critical ADME (Absorption, Distribution, Metabolism and Excretion)
properties from molecular structure. With the recent release of the PDPlus(TM)
pharmacodynamics module, GastroPlus has now been extended to the arena of PK/PD
(pharmacokinetic/pharmacodynamic) modeling, which means greater numbers of
departments and companies will find it useful."
Simulations Plus, Inc., is a premier developer of groundbreaking drug discovery
and development simulation software, which is licensed to and used in the
conduct of drug research by major pharmaceutical and biotechnology companies
worldwide. The Company has two other businesses, Words+, Inc. and FutureLab(TM),
which are based on its proprietary software technologies. Simulations Plus,
Inc., is headquartered in Southern California and trades on the OTCBB under the
symbol "SIMU."
Safe Harbor Statement Under the Private Securities Litigation 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. The actual future results of the Company could differ
significantly from those statements. Factors that could cause or contribute to
such differences include, but are not limited to: unexpected expenses required
by the Company's auditors that may reduce earnings, unexpected deferred income
required by the Company's auditors which would reduce revenues, the number of
new pharmaceutical and biotech companies that adopt the Company's modeling and
simulation technologies, the ability of the Company to maintain its competitive
advantage, the general economics of the pharmaceutical industry, the
availability of working capital and a sustainable market. Further information on
the Company's risk factors is contained in the Company's quarterly and annual
reports as filed with the Securities and Exchange Commission.
CONTACT: Simulations Plus, Inc., Lancaster
Ron Creeley, 661/723-7723
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-0-
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BIOTECHNOLOGY
MEDICAL
PHARMACEUTICAL
SOFTWARE
EARNINGS
SOURCE:
Simulations
Plus,
Inc.
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