UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
March 5, 2014
(Date of the earliest event reported)
Simulations Plus, Inc.
(Exact name of registrant as specified in its charter)
| California | 001-32046 | 95-4595609 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
42505 10th Street West, Lancaster, California 93534-7059
(Address of principal executive offices) (Zip Code)
661-723-7723
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14z-12 under Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On March 5, 2014, Simulations Plus, Inc., a California corporation (the "Company"), issued a press release announcing preliminary revenues for its second fiscal quarter of fiscal year 2014 ended February 28, 2014. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report on Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth in this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this report on Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K may contain forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Exchange Act. The forward-looking statements in this Current Report on Form 8-K are not historical facts, do not constitute guarantees of future performance and are based on numerous assumptions which, while believed to be reasonable, may not prove to be accurate. Any forward-looking statements in this Current Report on Form 8-K do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks more fully described in our most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. The Company assumes no obligation to update any forward-looking information contained in this Current Report or with respect to the announcements described herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press release issued March 5, 2014.
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| SIMULATIONS PLUS, INC. | |
| Dated: March 5, 2014 | By: /s/ John R. Kneisel |
| John R. Kneisel | |
| Chief Financial Officer |
| 3 |
Exhibit 99.1
Simulations Plus
Integrating Science and Software
For Further Information:
Simulations Plus, Inc.
42505 10th Street West
Lancaster, CA 93534-7059
| CONTACT: | |
| Simulations Plus Investor Relations | Hayden IR |
| Ms. Renée Bouché | Mr. Cameron Donahue |
| 661-723-7723 | 651-653-1854 |
| renee@simulations-plus.com | cameron@haydenir.com |
| For Immediate Release: | |
| March 5, 2014 |
Simulations Plus Reports Preliminary Revenues for
Second Fiscal Quarter FY2014
Large Renewal Order Moves to Third Quarter, Still Posts Third Highest Quarterly Revenue
LANCASTER, CA, March 5, 2014 – Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of consulting services and software for pharmaceutical discovery and development, today released preliminary revenues for its second fiscal quarter of fiscal year 2014, ended February 28, 2014 (2QFY14).
In accordance with our policy to release timely financial information to our shareholders, we are releasing preliminary revenues for 2QFY14. Net income will not be known until income taxes have been determined and our auditors review our Quarterly Report on Form 10-Q. We expect to file our 10-Q with the U.S. Securities and Exchange Commission on or before the April 15, 2014 deadline.
Preliminary results for the quarter:
| · | This was the Company’s 26th consecutive profitable quarter |
| · | Preliminary revenues decreased slightly to $3.081 million, compared to $3.118 million in 2QFY13, this represents a decrease of 1.2% over 2QFY13 |
| · | Preliminary revenues for the six months ending Feb. 28, 2014 were $5.723 million, an increase of 5.8% vs. the comparable period in 2013 |
| · | Approximately 18.2% of 2QFY14 revenues came from new software licenses |
| · | Approximately 2.9% of 2QFY14 revenues came from consulting studies and collaborations |
| · | Cash as of February 28, 2014 was $9.7 million after a dividend distribution of approximately $800,000 was made on February 24, 2014 |
| · | Cash today is $9.9 million |
John DiBella, vice president for marketing and sales of Simulations Plus, said: “This was a productive quarter for us, as we experienced strong sales to new clients, including several large companies outside of the pharmaceutical market. We also continued our penetration of the Asian and Indian territories, regions that represent growth opportunities for Simulations Plus. This progress was offset by a major customer deciding to move a global renewal order that had been received in the second fiscal quarter last year to the third fiscal quarter this year in order to synchronize with their internal budget timelines. This renewal, coupled with a consulting study contract from another client that was delayed by their legal review process, totaled approximately $350,000. These contracts are now expected to provide a nice boost to our 3QFY14 revenues. If both of these were recognized in the second quarter, revenue would have increased more than 10%.”
About Simulations Plus, Inc.
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. For more information, visit our Web site at www.simulations-plus.com.
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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. 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 products 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, and a sustainable market. Further information on our risk factors is contained in our quarterly and annual reports as filed with the U.S. Securities and Exchange Commission.
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