Cost of product sales was $0.5 million for the quarter ended August 31, 2012 compared to $0.6 million for the quarter ended August 31, 2011.

Research and development expenses were $3.6 million for the quarter ended August 31, 2012 compared to $5.2 million for the quarter ended August 31, 2011.

Selling, general and administrative expenses were $3.7 million for the quarter ended August 31, 2012 compared to $3.1 million for the quarter ended August 31, 2011.

For the quarter ended August 31, 2012, Ceres reported a net loss of $6.6 million, or $0.27 per share, compared to a net loss of $16.8 million, or $8.34 per share, for the quarter ended August 31, 2011.

YEAR-END FINANCIAL RESULTS

Total revenues for the year ended August 31, 2012 were $5.4 million compared to $6.6 million for the prior fiscal year. The decrease was driven primarily by decreased activity under collaborative research and government grants. The decrease was partially offset by an increase in product sales in Brazil.

Cost of product sales was $2.4 million for the year ended August 31, 2012 compared to $2.5 million for the previous fiscal year. The decrease was primarily due to reduced seed production of certain products targeting the U.S. biomass-to-bioenergy markets. This decrease was mostly offset by increased costs in Brazil related to increased sweet sorghum seed sales.

Research and development expenses increased by $0.1 million to $19.2 million for the year ended August 31, 2012 compared to the previous fiscal year. This increase is partially attributable to increased R&D expenses in Brazil of $1.7 million relating to additional personnel and costs associated with the company’s Brazil sorghum breeding and agronomy operations. The remaining increase is attributable to an increase in personnel and other related overhead expenses in the U.S. of $0.6 million. These cost increases were offset by reduced non-cash expenses related to warrants issued in connection with our collaborations of $1.8 million and reduced costs in consulting, licensing and external research and development of $0.4 million.

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