SIMU earnings out -
LANCASTER, Calif.--(BUSINESS WIRE)--Nov. 15, 2002--Simulations Plus, Inc. (OTCBB: SIMU.OB www.simulations-plus.com), the leading provider of ADME absorption simulation and artificial neural net structure-to-property prediction software for pharmaceutical discovery and development, today reported its performance for its most recent fiscal year ended August 31, 2002.
"This was yet another year of growth, and our first completely profitable fiscal year -- every quarter was profitable," said Momoko Beran, chief financial officer of Simulations Plus. "As CFO, it gives me great pleasure to report this outstanding performance. Pharmaceutical revenues increased by 78%, earnings were $0.14 per fully diluted share, and shareholder equity increased by 58%. Topping it off, Selling, General and Administrative expenses decreased from the previous low of 56% last year to just over 47% this year -- and they decreased in the absolute amount as well. Total consolidated revenues, including the Words+ subsidiary, were up 13.5% to $4,444,000."
Walt Woltosz, chairman and chief executive officer, said, "These are remarkable numbers considering the fiscal year began less than two weeks before September 11 and the subsequent global economic impact that resulted. They attest to a talented, dedicated, and cost-conscious team. In addition to the excellent financial performance, in the past year we have released two major new additional-cost modules and we signed our first multi-year software license. Two new major modules are in development now and will be released in the coming months. We also completed several complex studies for pharmaceutical and biotech firms, providing our unique expertise in oral absorption and pharmacokinetics to solve difficult problems in drug research and development."
Woltosz continued, "Although our Words+ subsidiary felt a greater impact from the general economy last year, we released the Windows(R) XP version of our popular EZ Keys(TM) software after a 19-month development effort with significant assistance from Microsoft. This was a major conversion from earlier 16-bit tech to 32-bit technology, and it required some intricate coding at the operating system level because of the way EZ Keys is used to run both other software and the operating system itself. We are now completing the conversion of our Talking Screen(TM) picture symbol based communication software for Windows XP."
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 and development 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.OB."
Safe Harbor Statement Under the Private Securities Litigation Act 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: 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. Ron Creeley Vice President, Investor Relations 661/723-7723 KEYWORD: CALIFORNIA INDUSTRY KEYWORD: BIOTECHNOLOGY MEDICAL PHARMACEUTICAL SOFTWARE SOURCE: Simulations Plus, Inc. Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com
(END) DOW JONES NEWS 11-15-02
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