Ceres revenues down 4% in FY 2013

Date:12-10-2013

Ceres’s total revenues for the year ended August 31, 2013 were $5.2 million compared to $5.4 million for the previous fiscal year due primarily to a decrease in collaborative research revenue.

Cost of product sales was $6.2 million for the year ended August 31, 2013 compared to $2.4 million for the previous fiscal year. The increase was primarily due to write-down expenses of $2.2 million for obsolete seed inventory relating to the company's sweet sorghum products and $1.7 million for crop management services performed under certain sales incentive and performance-based promotional programs for the 2012-2013 growing season in Brazil.

Research and development expenses decreased by $2.8 million to $16.4 million for the year ended August 31, 2013 compared to the previous fiscal year due primarily to reduced personnel and related expenses in the U.S. as well as reduced external R&D expenses.

Selling, general and administrative expenses were $15.2 million for the year ended August 31, 2013 compared to $12.6 million for the previous fiscal year due primarily to increased personnel and related administrative expenses in Brazil.

Ceres reported a net loss of $32.5 million compared to a net loss of $29.4 million for the fiscal year ended August 31, 2012.