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Ceres Announces Fiscal Third Quarter 2014 Financial Results
Date:7/10/2014

n government to receive a combination of low-interest loans and a non-repayable grant over the next four years to fund product development in sorghum and sugarcane. The funding is offered under the Brazilian government's PAISS Agricola program. Under the program, Ceres is eligible for a multi-year, multi-million dollar credit facility at a government-subsidized interest rate as well as a multi-million dollar non-repayable grant. Receipt of the loan will be subject to guarantees to be provided by or obtained by Ceres as well as customary diligence, documentation and closing conditions. The company expects to receive full program terms in mid-July.

Ceres Chief Financial Officer Paul Kuc reported that expenses for the quarter continued to benefit from cost-saving measures initiated in the first fiscal quarter. "We expect these cost savings measures to reach up to approximately $8 million for the next fiscal year, not including the potential impact of the PAISS grant and loan on our outlays for Brazil," said Kuc.

Recent Business Highlights

  • In customer evaluations, several of Ceres' high biomass sorghum hybrids under development for Brazil's biopower market achieved average yields in multiple regions that the company believes meet or exceed minimum yields levels needed for commercialization. Top yields exceeded 35 metric tons per hectare, as measured at 50% moisture content.
  • Ethanol yields from Ceres' sweet sorghum products were more than 35% higher on average than the previous season, according to company calculations. At 40 customer evaluation sites, calculated ethanol yields per hectare ranged from approximately 950 to 4,200 liters per hectare, with regional averages by product ranging from 1,300 to 3,250 liters per hectare. Twenty-eight customer locations achieved ethanol yields above 2,500 liters with one or more products. Variations in yields were primarily due to differences in growing conditions during the season, as well as
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