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Ceres Announces Fiscal Year 2013 Financial Results
Date:11/21/2013

THOUSAND OAKS, Calif., Nov. 21, 2013 /PRNewswire/ -- Energy crop company Ceres, Inc. (Nasdaq: CERE) today announced financial results for the fiscal year ended August 31, 2013 and provided an update on its business in Brazil.

The company reported that plantings for the 2013-2014 sorghum growing season in Brazil have commenced and are expected to continue through December. With industrial processing of Ceres' sweet sorghum hybrids generally well established, these plantings consist primarily of smaller, multi-hybrid evaluations designed to determine yield potential, identify the best performing hybrids for specific regions and to demonstrate various crop management practices."Our goal this season is to clearly demonstrate the economic basis for sweet and high biomass sorghum cultivation and processing," said Richard Hamilton, President and Chief Executive Officer of Ceres. "We have made a number of adjustments to our product development process and go-to-market approach, with an emphasis on consistent execution of our crop management protocols."

Mr. Hamilton noted that field performance will largely determine the scale and pace at which the company's products will be adopted moving forward. "We have significantly increased yields of fermentable sugars since our first industrial evaluations in 2011 and we expect to continue to develop a stream of higher-performing hybrids that provide a greater buffer to variable growing conditions and crop management practices," he said.

Ceres Chief Financial Officer Paul Kuc indicated that the company is moving forward with previously reported plans to reduce expenses in fiscal year 2014. "The priority for our working capital will be product development and commercial activities related to sorghum and our near-term opportunity in Brazil. We will also continue to advance potentially high-value traits, like yield and drought
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SOURCE Ceres, Inc.
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