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 10, 2015
(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 10, 2015, Simulations Plus, Inc., a California corporation (the "Company"), issued a press release announcing preliminary revenues for its second fiscal quarter of fiscal year 2015 ended February 28, 2015. 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 on March 10, 2015. |
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 10, 2015 | By: | /s/ John R. Kneisel |
| John R. Kneisel Chief Financial Officer | ||
Exhibit 99.1
Simulations Plus Reports Preliminary Revenues for Second Fiscal Quarter of Fiscal Year 2015
LANCASTER, Calif.--(BUSINESS WIRE)-- Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of consulting services and software for pharmaceutical discovery and development, today released preliminary revenues for the second quarter of its fiscal year 2015, ending February 28, 2015 (2QFY15).
Mr. John Kneisel, chief financial officer of Simulations Plus, Inc., indicated: “In accordance with our policy to release timely financial information to our shareholders, we are releasing preliminary revenues for 2QFY15. Earnings will not be released until just prior to the filing of 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 14, 2015 deadline.”
Preliminary results for the quarter:
| · | This was the Company’s 30th consecutive profitable quarter. |
| · | Preliminary revenues for the three months ended February 28, 2015 were $4.544 million, compared to $3.081 million for the same period in 2014, this represents an increase of 47.5% or $1.462 million. $1.241 million of the 2QFY15 revenues increase is attributed to Cognigen Corporation, which was acquired at the beginning of the 2015 fiscal year. |
| · | Preliminary revenues for the six months ended February 28, 2015 were $8.630 million, compared to $5.722 million for the same period in 2014, this represents an increase of 50.8% or $2.907 million. $2.376 million of the 2015 revenue increase is attributed to Cognigen Corporation. |
| · | Approximately 68% of 2QFY15 revenues are from software and software-related training services |
| o | Software and software-related services were up approximately 2% for 2QFY15 compared to 2QFY14, growth was impacted by a ~$250,000 order that was pushed into the first week of the next quarter. |
| · | Approximately 32% of 2QFY15 revenues are from consulting services and analytical studies including collaborations. |
| o | Simulations Plus analytical study and collaboration revenues were approximately $259,000 for 2QFY15 up $171,000 when compared to 2QFY14 |
| o | Cognigen Corporation revenues increased by 9.4% to $1.241 million from $1.135 million in the first quarter of this fiscal year. |
| · | During 2QFY15, the company added 20 new customers and a total of 43 for the six months ended February 28, 2015. |
| · | Cash as of February 28, 2015 was $6.1 million after a dividend distribution of approximately $843,000 was made on February 2, 2015. |
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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 in all territories. It is important to note that our top line was impacted by a brief delay in one significant renewal order related to new review requirements on the part of a large pharmaceutical customer. We were able to offset this delay of approximately $250,000 with new software licenses and an increase in consulting revenue. If this renewal order had not been delayed, second quarter revenue for Simulations Plus would have increased more than 15%. Instead, it will provide a nice bump to third quarter numbers. With new versions of two programs, GastroPlus™ and ADMET Predictor™, expected to be available soon, coupled with continued progress in the cross-promotion of consulting services with Cognigen, we expect this positive momentum in revenue growth to continue.”
Ted Grasela, president of Simulations Plus and Cognigen, added: “The scientific community has responded favorably to the news of the merger of the two companies and we are pleased that the acquisition of Cognigen Corporation has started off this fiscal year with a significant jump in revenues over the last fiscal year. We continue to seek new and innovative ways of combining the services and products of the two companies.”
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 recently acquired Cognigen Corporation adding top quality modeling and simulations using clinical trial data to our offerings. The acquisition more than doubled our staff and added significantly to revenues. The Company is headquartered in Southern California and trades on the NASDAQ Capital Market under the symbol “SLP.” Cognigen Corp is located in Buffalo, New York. 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. 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 U.S. Securities and Exchange Commission.
Contacts
Simulations Plus Investor Relations
Ms. Renee Bouche, 661-723-7723
renee@simulations-plus.com
or
Hayden IR
Mr. Cameron Donahue, 651-653-1854
cameron@haydenir.com
Source: Simulations Plus, Inc.
View this news release online at:
http://www.businesswire.com/news/home/20150310005340/en
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