Of the plantings this season, approximately 1,800 hectares were planted under certain sales incentive programs and promotions, whereby the company has either deferred revenue until the completion of the 2012-2013 sweet sorghum harvest season, or expects to generate revenue through agronomy services or biomass sales. The remaining hectares, which were not enrolled in incentive programs, consisted of seed sales that were recognized as revenue upon delivery and planting as well as complimentary trial seed. The majority of seed deliveries and plantings in Brazil occurred in the fiscal second quarter.

Cost of product sales was relatively flat at $0.7 million for the quarter ended November 30, 2012 compared to $0.8 million for the same period last year. Cost of product sales during this comparative period primarily related to the company’s U.S. operations.

Research and development expenses decreased by $1.0 million to $4.3 million in the quarter ended November 30, 2012 compared to the same period last year due primarily to reduced R&D personnel and related expenses as well as lower external R&D expenses.

Selling, general and administrative expenses were $3.8 million in the quarter ended November 30, 2012 compared to $2.8 million for the same period last year. The increase was primarily attributable to increased personnel expenses in the U.S. as well as an increase in Brazil expenses due to an increase in business operations and market development support.

For the quarter ended November 30, 2012, Ceres reported a net loss of $6.9 million, or $0.28 per share, compared to a net loss of $7.5 million, or $3.73 per share, for the quarter ended November 30, 2011. Shares used in the calculation of net loss per share (basic and diluted) were 24,693,303 and 2,018,939 for the quarters ended November 30, 2012 and 2011, respectively.

At November 30, 2012, Ceres had cash and cash equivalents of $14.4 million and marketable securities of $38.8 million.

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