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GrB
THOUSAND OAKS, Calif.-- June 20, 2013 -- Energy crop company Ceres, Inc. (Nasdaq: CERE) today announced that Brazilian agribusiness executive Daniel Glat has joined the company's board of directors. Glat succeeds Douglas Suttles, who stepped down from the Ceres board.
"Mr. Glat brings a history of success in the seed business and an extensive understanding of Brazilian agribusiness operations and customs to our board. His perspectives will be welcomed as we build our commercial business with Brazilian ethanol mills," said Richard Hamilton, President and CEO of Ceres. "On behalf of the board of directors, I would also like to thank Mr. Suttles for his service to Ceres. We wish him well as he takes on a new leadership role in the energy industry," said Hamilton.
Glat said that he looks forward to joining Ceres' efforts to expand ethanol production in Brazil. "Brazilian mills are eager to develop new feedstocks and make greater use of their existing land and industrial assets. I am looking forward to supporting Ceres' development of the sweet sorghum market in Brazil, both as a business opportunity and also as a Brazilian interested in strengthening our domestic supply of renewable transportation fuels."
Glat is currently a principal of Glat & Associates, an agribusiness consultancy firm in Rio Grande do Sul, Brazil. He previously spent 25 years working for Pioneer Hi-Bred International, Inc., a Dupont business, including 21 years in Brazil. From August 2007 to June 2011, he served as the director for international operations, where he was responsible for Pioneer's activities in Latin America, Africa and Asia. During this time he also served on the board of directors of Pioneer. From January 1998 to August 2007, Glat was president of the Pioneer's Brazilian subsidiary, Pioneer Sementes Ltda., having previously held various sales, marketing and business leadership roles at the subsidiary. Glat currently owns a 900-hectare farming operation in the Brazilian state of Tocatins. He received his B.S. and M.S. in Agronomy and Plant Genetics from the University of Arizona.
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 Ceres' efforts to develop and commercialize its products, 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 Ceres' 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.
http://www.ceres.net/News/NewsReleases/2013/06-20-13-News-Rel.html
•Calculated ethanol yields reached a peak of more than 3,600 liters per hectare.
•Ceres hybrids out-performed competitors for second straight year.
•Sweet sorghum yields were 50% higher year over year, but with greater variability than expected.
THOUSAND OAKS, Calif.--(BUSINESS WIRE)-- Energy crop company Ceres, Inc. (Nasdaq:CERE) today announced financial results for the quarter ended May 31, 2013 and provided an update on its business in Brazil, its largest immediate commercial opportunity.
The company reported that its mill customers in Brazil have made continued progress in crop performance this season, which concluded in May. For mills that reported results, yields of sugars that can be fermented into ethanol were approximately 50% higher on average across mill locations than the previous season primarily as a result of product improvements related to biomass quality and productivity, better crop management and favorable growing conditions at most planting locations. Yields from location to location, however, showed greater variability than expected. Ceres sweet sorghum hybrids were developed to complement existing sugarcane feedstock supplies and extend the ethanol production season in Brazil.
"We have clearly demonstrated that economically compelling yields can be achieved with our products," said Richard Hamilton, President and Chief Executive Officer of Ceres. "While further optimizations and additional hybrids are needed to consistently achieve high yields across wide-area plantings, we believe that we are well positioned to take a leading role in the ongoing development of the sweet sorghum market in Brazil."
Due in part to the variability of this season's yields, the company anticipates that many of its mill customers will repeat smaller scale commercial plantings before committing to broad, large-scale adoption. "As a result, we expect total sweet sorghum seed sales next season to grow more modestly than originally anticipated," said Hamilton.
Ceres Chief Financial Officer Paul Kuc noted that the company continues to prioritize investments in its sorghum pipeline and its opportunity in Brazil, while closely monitoring its working capital levels. "As we move forward, we intend to maintain the strength of our balance sheet with these priorities in mind," he said.
THIRD QUARTER BUSINESS HIGHLIGHTS
•Based on customer reports, Ceres' portfolio of sweet sorghum hybrids has outyielded competing products this season at multiple locations where side-by-side comparisons were available.
•For mills that reported results, ethanol yields from Ceres products ranged from approximately 450 to 3,600 liters per hectare, according to customer and company calculations. Mills representing the top 20% of yields, and which generally followed established crop management practices, achieved average yields ranging from 2,100 to 3,300 liters per hectare. Lower yields were primarily due to deviations from recommended crop management practices, weather-related delays during planting and disease infection late in the growing season. Yield results were available from approximately two-thirds of the mills that planted Ceres' hybrids; remaining mills reported incomplete results, did not complete the evaluation or chose not to report results.
•Ceres has completed field trials required to register more than 10 new sweet sorghum hybrids with the Brazilian government. The company plans to begin commercial evaluations of the first of these products during the upcoming 2013-2014 growing season.
•The company plans to evaluate hundreds of pre-commercial and experimental hybrids in Brazil next season, with dozens included in field evaluations at multiple locations. These cultivars have demonstrated higher yields, better adaptation to certain environmental conditions and other performance improvements over existing products in initial field evaluations.
THIRD QUARTER FINANCIAL RESULTS
Total revenues for the quarter ended May 31, 2013 were $1.4 million compared to $1.1 million for the same period last year. The increase was due to higher product sales of $0.4 million, which consisted primarily of biomass sales as well as recognition of deferred revenue related to certain sales incentive and promotional programs during the 2012-2013 growing season in Brazil. The increase was partially offset by reduced billings of $0.1 million under the company's various grants and collaborations.
Cost of product sales was $2.1 million for quarter ended May 31, 2013 compared to $0.6 million for the same period last year. The increase was due to expenses of $1.0 million for crop management services performed under the company's sales incentive and promotional programs in Brazil, and $0.5 million for obsolete seed inventory relating to the company's sweet sorghum products.
Research and development expenses decreased by $1.2 million to $4.1 million for the quarter ended May 31, 2013 from $5.3 million for the same period last year. The decrease was primarily due to reduced personnel and related expenses as well as reduced external R&D expenses.
Selling, general and administrative expenses were $4.5 million for the quarter ended May 31, 2013 compared to $3.3 million for the same period last year. The increase was primarily due to higher expenses related to expanded business operations and market development support in Brazil, which was partially offset by reduced patent, legal and professional fees in the U.S.
For the quarter ended May 31, 2013, Ceres reported a net loss of $9.3 million, or $0.38 per share, compared to a net loss of $8.4 million, or $0.34 per share, for the quarter ended May 31, 2012.
At May 31, 2013, cash and cash equivalents and marketable securities totaled $37.4 million.
CONFERENCE CALL AND WEBCAST INFORMATION
Ceres has scheduled a conference call for 4:30 p.m. EDT (1:30 p.m. PDT) today to discuss third quarter results. The webcast of the conference call may be accessed at investor.ceres.net. Audio of the teleconference is also available by dialing:
North America callers:
(877) 838-4153
International callers:
+1 (720) 545-0037
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 30 days.
UPCOMING EVENTS
Ceres is scheduled to present at the Jefferies Global Industrials Conference on August 12, 2013 in New York City as well as at the Advanced Biofuels Leadership Conference to be held October 9 to 11, 2013 in San Francisco, Calif. The company's slide presentations will be posted on the investor events page of the company's website, www.ceres.net.
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 Ceres' efforts to develop and commercialize its products, 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 Ceres' 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 Nine Months Ended
May 31, May 31,
2013 2012 2013 2012
Revenues:
Product sales $ 389 $ 42 $ 462 $ 429
Collaborative research and government grants 966 1,106 3,884 3,778
Total revenues 1,355 1,148 4,346 4,207
Cost and operating expenses:
Cost of product sales 2,134 627 5,114 1,876
Research and development 4,074 5,255 12,784 15,522
Selling, general and administrative 4,464 3,344 11,700 8,962
Total cost and operating expenses 10,672 9,226 29,598 26,360
Loss from operations (9,317 ) (8,078 ) (25,252 ) (22,153 )
Interest expense (34 ) (341 ) (35 ) (559 )
Interest income 28 3 106 9
Other income (expense) — — — (84 )
Loss before income taxes (9,323 ) (8,416 ) (25,181 ) (22,787 )
Income tax benefit (expense) — — (1 ) (1 )
Net loss $ (9,323 ) $ (8,416 ) $ (25,182 ) $ (22,788 )
Basic and diluted net loss per share attributable to
common stockholders
$ (0.38 ) $ (0.34 ) $ (1.02 ) $ (2.33 )
Basic and diluted weighted average outstanding
common shares used for net loss per share
24,801,705
24,423,042
24,765,664
9,787,652
CERES, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets
(In thousands, except share amounts)
(Unaudited)
May 31, August 31,
2013 2012
Assets
Current assets:
Cash and cash equivalents $ 18,821 $ 21,069
Marketable securities 18,554 33,565
Prepaid expenses 1,027 1,050
Accounts receivable 848 765
Inventories 352 841
Other current assets 232 278
Total current assets 39,834 57,568
Property and equipment, net 4,915 5,756
Marketable securities — 5,720
Other assets 108 203
Total assets $ 44,857 $ 69,247
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 4,899 $ 5,476
Other current liabilities 26 732
Current portion of long-term debt 84 134
Total current liabilities 5,009 6,342
Other non-current liabilities 97 88
Long-term debt, net of current portion 130 256
Total liabilities 5,236 6,686
Commitments and contingencies
Stockholders' equity:
Common stock and additional paid in capital, $0.01 par value; 490,000,000 shares
authorized; 24,800,624 shares issued and outstanding at May 31, 2013; 24,549,029
shares issued and outstanding at August 31, 2012
307,448 304,917
Accumulated other comprehensive loss (572 ) (283 )
Accumulated deficit (267,255 ) (242,073 )
Total stockholders' equity 39,621 62,561
Total liabilities and stockholders' equity $ 44,857 $ 69,247
Ceres, Inc.
Gary Koppenjan
Investors 805-375-7801
ir@ceres.net
Source: Ceres, Inc.
News Provided by Acquire Media
http://investor.ceres.net/releasedetail.cfm?ReleaseID=776566
Our first large-scale commercial products are proprietary sweet sorghum hybrids that can be used to extend the operating season of Brazilian sugarcane-to-ethanol mills. Elsewhere, we also market improved hybrids of high-biomass sorghum and varieties of switchgrass that can be used for the production of second-generation biofuels and bio-based chemicals as well as utility-scale electric power generation.
http://investor.ceres.net/
Sep 17, 2013
2:55 PM PT Biobased Chemicals Commercialization & Partnering Conference
Speaker: Richard Hamilton, President and CEO
Location: San Francisco, Calif. Remind me
Please sign up for email alert notification.
Oct 10, 2013 Advanced Biofuels Leadership Conference
Speaker: Richard Hamilton, President and CEO Remind me
Please sign up for email alert notification.
http://investor.ceres.net/events.cfm
Last Price Change Open Day High 52-Week High
1.56 0.14 (9.852%) 1.49 1.58 7.95
Volume Previous Close Day Low 52-Week Low
512,300 1.42 1.49 1.10
http://investor.ceres.net/stockquote.cfm
Datum Erster Hoch Tief Schluss Stücke Volumen
24.09.13 1,20 1,35 1,16 1,35 $ 743.210 0,95 M
GrB
PR Newswire
THOUSAND OAKS, Calif., Oct. 23, 2013
THOUSAND OAKS, Calif., Oct. 23, 2013 /PRNewswire/ -- Energy crop company Ceres, Inc. (Nasdaq: CERE) and Syngenta announced today that they have extended a joint market development agreement in Brazil. The companies will move forward with their efforts to promote the use of both sweet sorghum and high biomass sorghum at Brazilian ethanol mills.
Under the renewed agreement, Syngenta and Ceres will continue to collaborate on field evaluations with mills. Syngenta will evaluate its portfolio of crop protection products alongside Ceres hybrids, while Ceres will provide both seed and research support. Both companies will coordinate outreach to ethanol mills and develop industry training programs.
Syngenta indicated that it plans to move forward with its evaluations aimed at registering additional crop protection products for sorghum. "We see sweet sorghum as a potential complement to sugarcane in ethanol production and we are working together with Ceres to identify the best protocols to fully protect and amplify the inherent potential of this crop," said Adriano Vilas Boas, Global Marketing Director for Sugarcane at Syngenta.
"We are pleased to be working with such a well-established leader to provide our mutual customers with more choices of crop protection products for sorghum," said Andre Franco, General Manager of Ceres' local subsidiary, Ceres Sementes do Brasil Ltda. "Working together with Syngenta we have made important progress in fine-tuning crop management practices that can enhance yields through greater protection against pests, diseases and weeds."
Sweet sorghum is a hardy crop that can extend the ethanol production season by up to 60 days in Brazil. It can be grown on fallow sugarcane land and processed using the same equipment. Since it grows in as few as 90 to 120 days, it requires less water and other inputs than sugarcane. Ceres' sweet sorghum products were planted on more than 3,000 hectares this past season, with more than 30 mills. Grown primarily for its biomass productivity rather than sugar content, high biomass sorghum is an energy crop that can be used as feedstock for biopower, such as heat and electricity.
ABOUT CERES
Ceres, Inc. (www.ceres.net) 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.
ABOUT SYNGENTA
Syngenta is one of the world's leading companies with more than 27,000 employees in over 90 countries dedicated to our mission: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com.
CERES FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. All statements, other than statements of historical facts, including statements regarding Ceres' efforts to develop and commercialize its products, anticipated yields and product performance, short-term and long-term business strategies, market and industry expectations 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 Ceres' 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.
SYNGENTA FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, which can be identified by terminology such as 'expect', 'would', 'will', 'potential', 'plans', 'prospects', 'estimated', 'aiming', 'on track' and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This press release does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefore.
SOURCE Ceres, Inc.
Quelle: PR Newswire
Ceres Announces Webcast of Fiscal Year 2013 Financial Results
15:05 14.11.13
PR Newswire
THOUSAND OAKS, Calif., Nov. 14, 2013
THOUSAND OAKS, Calif., Nov. 14, 2013 /PRNewswire/ -- Energy crop company Ceres, Inc. (Nasdaq: CERE) today announced that it will report financial results for fiscal year 2013 on Thursday, November 21, 2013 after the close of the market. The company has scheduled a webcast and conference call for 4:30 p.m. EST (1:30 p.m. PST) to discuss its fiscal year-end results and to provide an update on its business.
Live audio of the conference call will be webcast over the Internet and will be available to investors, members of the news media and the general public. To access the webcast of the conference call, go to investor.ceres.net. Audio of the teleconference is also available by dialing:
North America callers:
(877) 838-4153
International callers:
+1 (720) 545-0037
An audio replay of the call will be available approximately two hours after the conclusion of the live call, and remain available on the Ceres website for 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.
SOURCE Ceres, Inc.
Quelle: PR Newswire
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