Simulations Plus Shows Growth in Quarter

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Specialty software developer Simulations Plus Inc. said Monday its fourth quarter net income rose 17 percent despite a drop in revenue from a year ago.

Lancaster-based Simulations Plus, whose products are used in pharmaceutical discovery and development, reported net income of $1.73 million (10 cents per diluted share) for the quarter ended Aug. 31, compared with $1.46 million (8 cents).

Revenue fell 18 percent to $1.84 million. In the previous year, the company received a large renewal from a software subscriber.

Full-year profits rose 18 percent to $1.73 million on revenue of $8.9 million.

“Along with most other industries, the pharmaceutical industry is being challenged this year to achieve greater productivity,” Chief Executive Walt Woltosz said in a statement. “We believe that because our offerings are primarily productivity tools, in spite of numerous challenges in FY08, we are able to report continued growth in our pharmaceutical software and services revenues.”

Shares closed down 1 cent, or 1 percent, to $1 in Nasdaq trading.

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