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 a $0.05 per share cash dividend in February.
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. In October 2013, the board increased the quarterly dividend to $0.04, which was paid on November 15, 2013. The board has now returned to the originally planned February distribution of $0.05 per share. This cash dividend will be distributed on Monday, February 24, 2014, for shareholders of record as of Monday, February 17, 2014.
Mr. John Kneisel, chief financial officer of Simulations Plus, said: “Based on our continued excellent financial performance, the board has decided to return the dividend to shareholders to the originally declared amount of $0.05 per share per quarter. Our cash as of today is about $10.5 million, and this dividend distribution will use about $808,000.”
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, increasing, or decreasing the dividend in accordance with the cash needs of the business.”