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Ceres Announces Fiscal Second Quarter 2012 Financial Results

CERES FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. All statements, other than statements of historical facts, including statements regarding our efforts to develop and commercialize our products, our short-term and long-term business strategies, market and industry expectations, future operating metrics, product yields and future results of operations and financial position, are forward-looking statements. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. Factors that could materially affect actual results can be found in the “Risk Factors” section of our final prospectus related to our initial public offering filed pursuant to Rule 424(b) under the Securities Act of 1933 on February 22, 2012. Ceres undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Ceres’ views as of any date subsequent to the date of this press release.

               
 
CERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
 
Three months ended Six months ended
February 29, February 28, February 29, February 28,
2012 2011 2012 2011
Revenues:
Product sales $ 111 $ 7 $ 387 $ 9
Collaborative research and government grants   1,200     1,607     2,672     3,320  
 
Total revenues   1,311     1,614     3,059     3,329  
 
 
Cost and operating expenses:
Cost of product sales 487 271 1,249 1,330
Research and development 4,991 4,348 10,267 8,641
Selling, general and administrative   2,813     2,200     5,618     4,339  
 
Total cost and operating expenses   8,291     6,819     17,134     14,310  
 
 
Loss from operations (6,980 ) (5,205 ) (14,075 ) (10,981 )
 
Interest expense (107 ) (121 ) (218 ) (248 )
Interest income 2 3 6 34
Other income (expense)   254     (86 )   (84 )   (85 )
 
 
Loss before income taxes (6,831 ) (5,409 ) (14,371 ) (11,280 )
 
Income tax benefit (expense)   -     29     (1 )   (1 )
 
 
Net loss $ (6,831 ) $ (5,380 ) $ (14,372 ) $ (11,281 )
 
 
Net loss per share:
Basic and diluted $ (2.48 ) $ (2.72 ) $ (6.01 ) $ (5.74 )
 
Shares used in calculation of net loss per share:
Basic and diluted 2,760,016

1,976,345

2,389,543

1,966,892

 
 
           
 
CERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 

February 29,

August 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 79,271 $ 21,911
Prepaid expenses 591 631
Trade receivables 880 1,292
Other current assets   1,477   3,000  
 
Total current assets 82,219 26,834
 
Property and equipment, net 5,256 6,780
Restricted cash and investment 3,000 3,000
Other assets   117   183  
 
Total assets $ 90,592 $ 36,797  
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $

7,006

$ 6,972
Current portion of long-term debt 2,997

2,168

Other current liabilities   1,169  

955

 
 
Total current liabilities 11,172 10,095
 
Long term debt, net of current portion 2,743 2,013
Convertible notes - 13,630
Common and preferred stock warrant liabilities - 17,726
Other non-current liabilities   123   149  
 
Total liabilities   14,038   43,613  
 
Convertible preferred stock   -   197,502  
 
Total stockholder's equity (deficit)   76,554   (204,318 )
 
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) $ 90,592 $ 36,797
 




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