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Ceres Announces Fiscal Third Quarter 2012 Financial Results

Stocks in this article: CERE

International 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.

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 Ceres’ filings with the U.S. Securities and Exchange Commission. 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 Nine months ended
May 31, May 31,
2012 2011 2012 2011
Revenues:
Product sales $ 42 $ 88 $ 429 $ 97
Collaborative research and government grants   1,106     1,479     3,778     4,799  
 
Total revenues   1,148     1,567     4,207     4,896  
 
 
Cost and operating expenses:
Cost of product sales 627 610 1,876 1,940
Research and development 5,255 5,196 15,522 13,837
Selling, general and administrative   3,344     2,561     8,962     6,900  
 
Total cost and operating expenses   9,226     8,367     26,360     22,677  
 
 
Loss from operations (8,078 ) (6,800 ) (22,153 ) (17,781 )
 
Interest expense (341 ) (117 ) (559 ) (365 )
Interest income 3 (28 ) 9 6
Other income (expense)   -     (1,365 )   (84 )   (1,450 )
 
 
Loss before income taxes (8,416 ) (8,310 ) (22,787 ) (19,590 )
 
Income tax benefit (expense)   -     29     (1 )   28  
 
 
Net loss $ (8,416 ) $ (8,281 ) $ (22,788 ) $ (19,562 )
 
 
Net loss per share:
Basic and diluted $ (0.34 ) $ (4.18 ) $ (2.33 ) $ (9.92 )
 
Shares used in calculation of net loss per share:
Basic and diluted 24,423,042 1,983,127 9,787,652 1,972,468
 
 
                     
CERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
 
May 31, August 31,
2012 2011
 
ASSETS
Current assets:
Cash and cash equivalents $ 67,720 $ 21,911
Prepaid expenses 1,002 631
Trade receivables, net 579 1,292
Other current assets   445     3,000  
 
Total current assets 69,746 26,834
 
Property and equipment, net 5,168 6,780
Restricted cash and investment - 3,000
Other assets   99     183  
 
Total assets $ 75,013   $ 36,797  
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 5,285 $ 6,972

Other current liabilities

835 955
Current portion of long-term debt   25     2,168  
 
Total current liabilities 6,145 10,095
 
Other non-current liabilities 106 149
Long-term debt, net of current portion 230 2,013
Convertible notes - 13,630
Common and preferred stock warrant liabilities - 17,726
 
Contingencies and commitments
 
Convertible preferred stock - 197,502
 
Stockholders’ equity (deficit):
Common stock and additional paid-in capital; $0.01 par value; 25,000,000 shares authorized; 2,014,168 shares issued and outstanding at August 31, 2011; 490,000,000 shares authorized; 24,493,067 shares issued; 24,487,250 outstanding at May 31, 2012. 304,131 8,372
Accumulated other comprehensive income (148 ) (27 )
Accumulated deficit   (235,451 )   (212,663 )
 
Total stockholders’ equity (deficit)   68,532     (204,318 )
 
Total liabilities and stockholders’ equity $ 75,013 $ 36,797




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