THOUSAND OAKS, Calif., July 10, 2014 /PRNewswire/ -- Ceres, Inc. (Nasdaq: CERE), an agricultural biotechnology and seed company, announced today financial results for the three months ended May 31, 2014 and provided an update on its business.
Ceres reported that the company and its customers have made continued progress in product performance this growing season in Brazil, which concluded in June, despite dry and hot conditions that affected the company's sorghum evaluation areas for part of the growing season. Yields of several of its sweet and high biomass sorghum products met or exceeded expectations in multiple regions in South Central Brazil.
Richard Hamilton, President and Chief Executive Officer of Ceres, said that the company achieved a number of key milestones in Brazil. "This season we significantly improved execution in the field and demonstrated higher yields with our products. Moving forward, we believe we can use the success of this season to build greater confidence in the crop and generate additional momentum behind our ongoing commercialization activities," said Hamilton.
Andre Franco, General Manager of Ceres' Brazilian operations, said that the company is extending its commercial outreach in the coming season to other agri-industrial companies that use biomass as a source of electricity, heat or steam. "These companies are particularly interested in taking advantage of the current spike in electricity prices in Brazil through the generation of more biopower," said Franco. "With shortages of sugarcane bagasse expected to continue next season, customers are interested in our high biomass sorghum as an alternative feedstock for combustion."
In addition to the results of its field trials, the company announced that its subsidiary Ceres Sementes do Brazil Ltda. has been selected by the Brazilia
|SOURCE Ceres, Inc.|
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