Cost of product sales increased by $0.2 million to $0.5 million in the three months ended February 29, 2012 compared to the three months ended February 28, 2011. The increase in cost of product sales is attributable to an increase in U.S. activities and sweet sorghum seed sales in Brazil.
Research and development expenses increased by $0.6 million to $5.0 million for the three months ended February 29, 2012 compared to the three months ended February 28, 2011. The increase is due primarily to increases in headcount and other resources deployed to support Ceres’ plant breeding activities in Brazil.
Selling, general and administrative expenses increased by $0.6 million to $2.8 million in the three months ended February 29, 2012 compared to the same period in the prior year.
For the quarter ended February 29, 2012, Ceres reported a net loss of $6.8 million or $2.48 per share, compared to a net loss of $5.4 million, or $2.72 per share, in the same period in fiscal year 2011.For the quarter ended February 29, 2012, Ceres used $0.7 million in cash to fund capital expenditures. Ceres had cash and cash equivalents of $79.3 million at February 29, 2012. WEBCAST AND CONFERENCE CALL INFORMATION Ceres has scheduled a webcast and conference call for 4:30 p.m. EDT (1:30 p.m. PDT) to discuss the second quarter results. To access the webcast of the conference call go to the Investors section of the Ceres website, www.ceres.net. Audio of the teleconference is also available by dialing: North America callers:(877) 838-4153International callers:+1 (720) 545-0037 An audio replay of the call will be available approximately two hours after the conclusion of the live call, and remain available on the Ceres website for approximately 30 days. ABOUT CERES Ceres, Inc. is an agricultural biotechnology company that markets seeds for energy crops used in the production of renewable transportation fuels, electricity and bio-based products. The company combines advanced plant breeding and biotechnology to develop products that can address the limitations of first-generation bioenergy feedstocks, increase biomass productivity, reduce crop inputs and improve cultivation on marginal land. Its development activities include sweet sorghum, high-biomass sorghum, switchgrass and miscanthus. Ceres markets its products under its Blade brand.