Ceres announces $9.3 million net loss for third quarter 2013

In California, Ceres reported a net loss of $9.3 million for the quarter ended May 31. This was $.9 million more than the net loss of $8.4 million for the same quarter in 2012. Total revenues for the quarter ended May 31, 2013 were $1.4, but 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.