Simulations Plus Inc. beat analyst estimates on its second quarter revenue and just missed hitting expectations on earnings per share.
The Lancaster-based software developer for the pharmaceutical industry reported net income of $1.1 million, or 6 cents share, for the quarter ending Feb. 28 compared with $838,577, or 5 cents a share for the same period a year earlier. Revenue increased 12 percent to $3.12 million.
Analysts estimated earnings of 7 cents and revenue at$2.98 million, according to Thomson Financial Network.
Simulations Plus added 18 new customers during the quarter and had 93 percent of existing customers renewing use of the company’s software, Chairman and Chief Executive Walt Woltosz said.
Shares of Simulations Plus closed down 5 cents or 1.2 percent at $4 on the Nasdaq.