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Ceres Announces Fiscal First Quarter 2013 Financial Results

Stocks in this article: CERE

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. AND SUBSIDIARY
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
 
  Three Months Ended
November 30,
2012   2011
 
Revenues:
Product sales $ 14 $ 276
Collaborative research and government grants   1,952     1,472  
Total revenues   1,966     1,748  
Cost and operating expenses:
Cost of product sales 700 763
Research and development 4,343 5,275
Selling, general and administrative   3,844     2,804  
Total cost and operating expenses   8,887     8,842  
Loss from operations (6,921 ) (7,094 )
Interest expense (1 ) (111 )
Interest income 29 4
Other expense       (338 )
Loss before income taxes (6,893 ) (7,539 )
Income tax (expense) benefit   (1 )   (1 )
Net loss $ (6,894 ) $ (7,540 )
Basic and diluted net loss per share $ (0.28 ) $ (3.73 )
Basic and diluted weighted average outstanding

common shares used for net loss per share

24,693,303 2,018,939
 
 
CERES, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
(Unaudited)
 
  November 30,   August 31,
2012 2012
 
Assets
Current assets:
Cash and cash equivalents $ 14,378 $ 21,069
Marketable securities 37,636 33,565
Prepaid expenses 758 1,050
Accounts receivable 1,488 765
Inventories 1,054 841
Other current assets   144     278  
Total current assets   55,458     57,568  
Property and equipment, net 5,559 5,756
Marketable securities 1,156 5,720
Other assets   105     203  
Total long-term assets   6,820     11,679  
Total assets $ 62,278   $ 69,247  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable and accrued expenses $ 5,314 $ 5,476
Other current liabilities 345 732
Current portion of long-term debt   65     134  
Total current liabilities 5,724 6,342
Other non-current liabilities 69 88
Long-term debt, net of current portion   96     256  
Total liabilities   5,889     6,686  
Commitments and contingencies
Stockholders’ (deficit) equity:
Common stock and additional paid in capital, $0.01 par value; 490,000,000 shares authorized; 24,801,986 shares issued and outstanding at November 30, 2012; 24,549,029 shares issued and outstanding at August 31, 2012. 305,740 304,917
Accumulated other comprehensive loss (384 ) (283 )
Accumulated deficit   (248,967 )   (242,073 )
Total stockholders’ (deficit) equity   56,389     62,561  
Total liabilities, convertible preferred stock and stockholders’ (deficit) equity $ 62,278   $ 69,247  
 




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