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Wednesday, Jun 7, 2023

Quarterly Results Lift Simulations Plus

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.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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