Shares of Simulations Plus Inc. rose more than 6 percent Tuesday after the company reported results for its second fiscal quarter.
The Lancaster technology firm, which builds drug modeling software for the pharmaceutical industry, reported adjusted net income of $3.5 million (19 cents a share) for the quarter ended Feb. 28, compared to net income of $1.2 million (13 cents) for the same quarter a year ago. Revenue increased 29 percent to $7.4 million.
John Kneisel, chief financial officer, said the company received a $1.5 million tax benefit during the quarter as a result of the new reform law.
“The company will continue to benefit from the lower rate structure under the new federal tax law, allowing for future investment in staffing for development and future growth initiatives,” he said in a statement.
Shares of Simulations Plus (SLP) closed Tuesday up $1, or 6.3 percent, to $16.80 on the Nasdaq.