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Ceres revenues $0.5 million

Staff writer ▼ | April 14, 2014
Ceres, Inc. announced today financial results for the three months ended February 28, 2014. Total revenues for the quarter ended February 28, 2014 were $0.5 million, compared to $1 million for the quarter ended February 28, 2013.
Ceres
CeresCeres, Inc. announced today financial results for the three months ended February 28, 2014. Total revenues for the quarter ended February 28, 2014 were $0.5 million, compared to $1 million for the quarter ended February 28, 2013.


The change was primarily due to a decrease in collaborative research and government grant revenue. Product sales remained relatively unchanged compared to the second quarter of 2013.

Cost of product sales decreased by $1.7 million to $0.6 million for the three months ended February 28, 2014 compared to the same period in the prior year. The decrease was primarily due to reduced expenses of $1.1 million for obsolete seed inventory and reduced expenses of $0.6 million resulting from changes and reductions in the company's sales incentive and promotional programs in Brazil.

Research and development expenses decreased by $0.8 million to $3.6 million for the three months ended February 28, 2014 compared to the same period in the prior year.

In the U.S., research and development expenses decreased by $0.9 million primarily due to reduced personnel and related expenses and reduced external research and development expenses. In Brazil, research and development expenses increased by $0.1 million primarily as a result of increased personnel and related expenses.

Selling, general and administrative expenses increased by $0.2 million to $3.6 million for the three months ended February 28, 2014 compared to the same period in the prior year.

In the U.S., expenses decreased by $0.6 million due to reduced personnel and related expenses and reduced professional fees and patent expenses. The reduction in the U.S. was offset by an increase in Brazil of $0.8 million primarily for personnel and related expenses.

For the quarter ended February 28, 2014, Ceres reported a net loss of $7.2 million, or $0.29 per share, compared to a net loss of $9.0 million, or $0.36 per share, for the quarter ended February 28, 2013.

At February 28, 2014, cash and cash equivalents and marketable securities totaled $18.3 million.


 

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