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

>In China, field evaluations of several Ceres' biotech traits in corn have demonstrated significantly higher grain yields under drought conditions. The company intends to seek out-licensing opportunities for certain of these traits in corn once further evaluations allow their commercial value to be more definitively determined.
  • In India, results from rice evaluations completed this month confirmed that genes developed by Ceres provided improved yield stability under drought and other stress conditions that routinely limit productivity. These genes are currently being introduced into breeding lines by the company's commercialization partner in India.
  • In October, Ceres reported that it would further align expenditures with its near-term commercial opportunity in Brazil, relocate its Northern Hemisphere sorghum breeding activities, reduce research and development expenditures for U.S. cellulosic feedstocks, reduce overall costs and conserve cash. These changes are expected to deliver cash savings of up to approximately $5.0 million in fiscal year 2014 and up to approximately $8.0 to $10.0 million annually thereafter.
  • YEAR-END FINANCIAL RESULTSTotal revenues for the year ended August 31, 2013 were $5.2 million compared to $5.4 million for the previous fiscal year due primarily to a decrease in collaborative research revenue.

    Cost of product sales was $6.2 million for the year ended August 31, 2013 compared to $2.4 million for the previous fiscal year. The increase was primarily due to write-down expenses of $2.2 million for obsolete seed inventory relating to the company's sweet sorghum products and $1.7 million for crop management services performed under certain sales incentive and performance-based promotional programs for the 2012-2013 growing season in Brazil.

    Research and development expenses decreased by $2.8 million to $16.4 million for the year ended August 31, 2013 compared to the previous fiscal year due primari
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    SOURCE Ceres, Inc.
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