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TheStreet Open House

Ceres Announces Financial Results For Fiscal Year 2012

An audio replay of the call will be available 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.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
           
Three Months Ended Year Ended
August 31, August 31,
2012 2011 2012 2011
 
Revenues:
Product sales $ 3 $ 19 $ 432 $ 116
Collaborative research and government grants   1,161     1,701     4,939     6,500  
Total revenues   1,164     1,720     5,371     6,616  
Cost and operating expenses:
Cost of product sales 507 553 2,384 2,492
Research and development 3,634 5,177 19,155 19,014
Selling, general and administrative   3,673     3,099     12,634     10,008  
Total cost and operating expenses   7,814     8,829     34,173     31,514  
Loss from operations (6,650 ) (7,109 ) (28,802 ) (24,898 )
Interest expense (1 ) (91 ) (560 ) (456 )
Interest income 30 31 39 7
Other expense       (9,570 )   (84 )   (11,020 )
Loss before income taxes (6,621 ) (16,739 ) (29,407 ) (36,367 )
Income tax (expense) benefit   (2 )   (26 )   (3 )   31  
Net Loss $ (6,623 ) $ (16,765 ) $ (29,410 ) $ (36,336 )
Basic and diluted net loss per share $ (0.27 ) $ (8.34 ) $ (2.18 ) $ (18.34 )

Basic and diluted weighted average outstanding common shares used for net loss per share

24,509,940 2,009,524 13,488,336 1,981,627
 
 
     
 
CERES, INC.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
 
August 31,
2012 2011
 
Assets
Current assets:
Cash and cash equivalents $ 21,069 $ 21,911
Marketable securities 33,565
Prepaid expenses 1,050 631
Accounts receivable 765 1,292
Inventories 841
Deferred offering costs 2,775
Other current assets   278     225  
Total current assets   57,568     26,834  
Property and equipment, net 5,756 6,780
Restricted cash and investment 3,000
Marketable securities 5,720
Other assets   203     183  
Total long-term assets   11,679     9,963  
Total assets $ 69,247   $ 36,797  
 
Liabilities, Convertible Preferred Stock and Stockholders’ (Deficit) Equity
Current liabilities:
Accounts payable and accrued expenses $ 5,476 $ 6,972
Deferred revenue 701 924
Deferred rent 31 31
Current portion of long-term debt   134     2,168  
Total current liabilities 6,342 10,095
Deferred rent 88 149
Long-term debt, net of current portion 256 2,013
Convertible notes 13,630
Preferred Stock warrant liabilities 276
Common Stock warrant liabilities       17,450  
Total liabilities   6,686     43,613  
Commitments and contingencies
Convertible preferred stock 197,502
Stockholders’ (deficit) equity:

Common Stock, $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; 24,549,029 shares issued and outstanding at August 31, 2012.

245 20
Additional paid-in capital 304,672 8,352
Accumulated other comprehensive loss (283 ) (27 )
Accumulated deficit   (242,073 )   (212,663 )
Total stockholders’ (deficit) equity   62,561     (204,318 )
Total liabilities, convertible preferred stock and stockholders’ (deficit) equity $ 69,247   $ 36,797  
 




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