Cost of product sales remained at $0.6 million for the three months ended May 31, 2012 compared to the three months ended May 31, 2011.
Research and development expenses increased to $5.3 million in the quarter ended May 31, 2012 compared to $5.2 million in the same period in fiscal year 2011. This increase was due primarily to increases in headcount and other resources deployed to support Ceres’ plant breeding activities in Brazil. The increase was almost fully offset by reduced expenses related to warrants issued in connection with collaborations as well as lower consulting and external research and development expenses in the U.S.
Selling, general and administrative expenses increased to $3.3 million in the quarter ended May 31, 2012 compared to $2.5 million in the three months ended May 31, 2011. The increase is attributable primarily to increased personnel expenses and fees for professional services.
For the quarter ended May 31, 2012, Ceres reported a net loss of $8.4 million, or $0.34 per share, compared to a net loss of $8.3 million, or $4.18 per share, in the same period in fiscal year 2011. Shares used in the calculation of net loss per share (basic and diluted) were 24,423,042 for the quarter ended May 31, 2012 and 1,983,127 for the same period in fiscal year 2011.For the quarter ended May 31, 2012, capital purchases were $0.4 million. At May 31, 2012, Ceres had cash and cash equivalents of $67.7 million. WEBCAST AND CONFERENCE CALL INFORMATION Ceres has scheduled a webcast and conference call for 4:30 p.m. EDT (1:30 p.m. PDT) today to discuss third 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) 838-4153