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Ceres Announces Financial Results For Fiscal Year 2012

Selling, general and administrative expenses were $12.6 million for the year ended August 31, 2012 compared to $10.0 million for the previous fiscal year. The increase is attributable primarily to increased personnel expenses and fees for professional services.

For the year ended August 31, 2012, Ceres reported a net loss of $29.4 million, or $2.18 per share, compared to a net loss of $36.3 million, or $18.34 per share, for fiscal year 2011. Shares used in the calculation of net loss per share (basic and diluted) were 13,488,336 for the year ended August 31, 2012 and 1,981,627 for the previous fiscal year.

For the year ended August 31, 2012, capital expenditures were $1.3 million.

At August 31, 2012, Ceres had cash and cash equivalents of $21.1 million and marketable securities of $39.3 million.


The company expects to announce the final number of hectares and number of mills evaluating its products with its fiscal first quarter financial results in January 2013.

Ceres has launched several marketing programs to promote its new generation of sweet sorghum products in Brazil. The programs include various performance-based incentives and crop management and agronomy support services. Recognition of seed sales revenue for some products sold under certain promotions will be deferred by the company until the 2012-2013 sweet sorghum harvest season is concluded. The company may also incur additional costs of sales, which it believes will be largely covered by reimbursements for services provided under certain programs.


Ceres has scheduled a conference call for 4:30 p.m. EST (1:30 p.m. PST) today to discuss fourth quarter and year-end results. The webcast of the conference call may be accessed at Audio of the teleconference is also available by dialing:

North America callers:(877) 838-4153

International callers:+1 (720) 545-0037

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