Simulations Plus Inc. released preliminary results for its fiscal fourth quarter and fiscal 2017, saying that it’s the last time it will release results prior to officially filings with the Securities and Exchange Commission.
The Lancaster company, which licenses software for drug research and development, reported fourth-quarter revenue of $6.3 million, an increase of 58 compared to the same quarter a year ago. For the full fiscal year ended Aug. 31, revenue totaled $24.1 million, an increase of 21 percent compared to the previous year.
The fourth quarter represents the first quarter that includes revenue from the company’s three divisions: Simulations Plus in Lancaster, the original company, Cognigen in Buffalo, N.Y., which the company acquired in 2014; and DILIsym Services in Research Triangle Park, N.C., which the company bought in June.
“Our policy has been to release preliminary consolidated revenues every quarter; however, as stated in our June 15, 2017, press release, this is the last quarter where we will release preliminary revenues at the end of the quarter,” John Kneisel, chief financial officer, said in a statement. “The growth of the company and the shifting of revenue from primarily software (with its straightforward revenue recognition) to an increased percentage of consulting projects across the three divisions has made the process of compiling revenues more complicated. Beginning with our 2018 fiscal year, our policy will be to release our final and complete revenues in conjunction with the filing of our quarterly and annual earnings releases and/or SEC filings.”
Shares of Simulations Plus (SLP) closed Tuesday up 80 cents, or nearly 5 percent, to $16.95 on the Nasdaq.