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Ceres Announces Fiscal Third Quarter 2014 Financial Results
Date:7/10/2014

offers Persephone as an enterprise-grade client-server installation and is currently developing a Software as a Service (SaaS) model for individual researchers.
  • In June, the company announced that it had initiated field evaluations of a number of its leading biotech traits in sugarcane.
  • Financial Results
    Total revenues decreased by $0.5 million to $0.8 million for the quarter ended May 31, 2014 compared to the quarter ended May 31, 2013. Collaborative research and government grant revenue decreased by $0.3 million. Product sales decreased by $0.2 million, primarily due to reduced biomass sales, which resulted from changes and reductions in the company's sales incentive and promotional programs for the 2013-2014 sorghum growing season in Brazil.

    Cost of product sales decreased by $1.6 million to $0.6 million for the three months ended May 31, 2014 compared to the same period in the prior year. The decrease was primarily due to reduced expenses of $1.0 million resulting from changes and reductions in the company's sales incentive and promotional programs for the 2013-2014 sorghum growing season in Brazil and reduced expenses of $0.6 million related to obsolete seed inventory.

    Research and development expenses decreased by $0.5 million to $3.6 million for the three months ended May 31, 2014 compared to the same period in the prior year primarily due to reduced external research and development expenses in the United States.

    Selling, general and administrative expenses decreased by $0.6 million to $3.9 million for the three months ended May 31, 2014 compared to the same period in the prior year. In the U.S. personnel and related expenses and professional fees decreased by $0.5 million. In Brazil, personal and related expenses decreased by $0.1 million.

    For the quarter ended May 31, 2014, Ceres reported a net loss of $7.7 million, or $0.17 per share, compared to a net loss of $9.3 million, or $0.38 per share, for the
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