Drug software developer Simulations Plus ended its third quarter with a decrease of 4 percent in net income when compared with a year ago. The Lancaster-based company continues to seek companies to acquire and had chances to do so this year but executives concluded they would not have been good ones. “We believe patience will be rewarded and that there are opportunities out there that are synergistic with our current businesses,” said Chairman and CEO Walt Woltosz. “In the meantime, we have a growing, very strong financial position that will enable us to widen our search to somewhat larger acquisitions.” For the quarter ending May 31, Simulations Plus reported net income of $752,661, or $0.04 per diluted share, on revenues of $3 million. That is a 4 percent decrease from the net income of $782,292, or $0.04 per diluted share, on revenues of $2.6 million for the third quarter of 2007. The company is embarking on a series of steps to position it for quick growth by investing in its infrastructure, exploiting connections with large pharmaceutical companies and ramping up proven sales methods, Woltosz said.
