Simulations Plus, Inc. (NASDAQ: SLP), a leading provider of simulation and modeling software for pharmaceutical discovery and development, today announced that its Board of Directors has decided to distribute an increased cash dividend in November.
In February 2012, the Board declared a planned ongoing dividend of $0.05 per share per quarter and dividends were distributed on March 1, May 8, August 10, and November 13, 2012. In December 2012, the Company declared an accelerated dividend distribution of $0.14 per share, consisting of the planned $0.05 per share dividend for February 2013 plus an additional $0.03 per share for the expected May, August, and November 2013 distributions. The board subsequently increased the May and August 2013 distributions by 50%, from the planned $0.02 to $0.03 per share, and dividends were distributed on May 10, and August 15, 2013. The board has now increased the planned November distribution by 100%, from $0.02 per share to $0.04 per share. This dividend will be distributed on Friday, November 15, 2013, for shareholders of record as of Friday, November 8, 2013.
Ms. Momoko Beran, chief financial officer of Simulations Plus, said: “The board has decided to increase the dividend to shareholders again this quarter as a result of our continued excellent financial performance during fiscal year 2013. Our cash as of today is about $10.9 million, and this dividend distribution will use about $640,000, so cash is expected to remain above $10 million.”
Walt Woltosz, chairman and chief executive officer of Simulations Plus, added, “The Board of Directors has once again demonstrated that it believes in rewarding our loyal shareholders by returning a portion of our excess cash in the form of dividends. Of course, the board always has the discretion of discontinuing or decreasing the dividend in accordance with the cash needs of the business.”