Ceres Inc., an agricultural biotechnology company has announced financial results for the three months ending Nov. 30, 2014. Total revenues for the quarter were $0.4 million compared to $0.8 million for the same period in 2013. Collaborative research and government grant revenue decreased by $0.3 million primarily due to the completion of work scheduled under various grants and collaborations.
Ceres expects the majority of product revenues for the 2014-2015 season to come from Brazil during its fiscal third and fourth quarters, when harvests are completed. In Brazil, plantings of the company’s sorghum hybrids for the 2014-2015 sorghum growing season have been largely completed with more than 50 customers, including mills and mill suppliers.
The company also reported progress across a number of market opportunities for its breeding and genetic technologies, including sorghum seed and biotech traits. Ceres also reported favorable results from its biotech corn evaluations in China, where a second year of field trials demonstrated double-digit percentage yield advantages under normal and drought conditions.
“We have made key progress across our business and product development pipeline and are reaching an exciting point in the commercial roll-out of our products,” says Ceres president and CEO Richard Hamilton. “We continue to align our business with areas of the market that provide the most encouraging and near-term growth opportunities.”