Energy crop company Ceres, Inc. (Nasdaq: CERE) today reported financial results for the second quarter ended February 29, 2012 and provided an update on its business in Brazil. This is the first quarterly report since the company completed its initial public offering of common stock on February 27, 2012.
Richard Hamilton, President and Chief Executive Officer, said that Ceres continues to move ahead with the expansion of its sweet sorghum seed business in Brazil – its largest immediate commercial opportunity. “We continue to take a leading role in supporting the mills in Brazil as they evaluate our current products at commercial scale. We have also established the local resources we need to develop and evaluate additional improved hybrids,” said Hamilton.
Hamilton reported that Brazilian ethanol mills began harvesting sweet sorghum produced from Ceres seeds in mid-to-late March. “Our second season of commercial-scale evaluations is underway, and our customers are producing ethanol during a time of year when their mills would have been otherwise idle,” said Hamilton. “This opportunity comes at a time when domestic Brazilian demand for ethanol is increasing and sugarcane supplies appear to be stretched thin.”
- On February 27, 2012, Ceres completed its initial public offering, issuing 5,750,000 shares of Common Stock at $13 per share, including 750,000 shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares, resulting in net proceeds, after deducting net underwriting discounts, commissions and offering expenses, of $65.3 million.
- In Brazil, Ceres received a Certificate of Quality in Biosafety from the National Technical Commission of Biosafety, or CTNBio, the Brazilian government’s commission that regulates biotechnology crop traits. This certification allows Ceres to submit requests to import and evaluate traits developed through biotechnology. The company’s current product offerings in Brazil do not include biotechnology products.
- Ceres and a research collaborator in the U.K. completed the first high-resolution genetic map of a promising energy grass known as miscanthus. This milestone is expected to speed development of economically viable seeded miscanthus varieties. The mapping project in miscanthus also allows Ceres to identify equivalent genes in related crops, such as sweet sorghum and switchgrass.
- During the quarter ended February 29, 2012, Ceres was awarded four U.S. patents related to methods for improving plants, plants and plant parts and compositions of matter for DNA and protein sequences.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV