Ceres announced financial results for the three months ended November 30, 2014 and provided an update on its business. Total revenues for the first quarter were $0.4 million compared to $0.8 million for the quarter ended November 30, 2013.
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Collaborative research and government grant revenue decreased by $0.3 million primarily due to the completion of work scheduled under various grants and collaborations. The company expects to recognize the majority of product revenues for the 2014-2015 season in Brazil during its fiscal third and fourth quarters, when harvests are completed.
Total cost and operating expenses decreased by $2.6 million to $6.4 million for the quarter ended November 30, 2014 compared to the same period last year.
Cost of product sales decreased by $0.9 million to $0.4 million for the quarter ended November 30, 2014 compared to the same period last year. The decrease was primarily due to reduced operating expenses of $0.5 million and reduced personnel and related expenses in the U.S. of $0.4 million.
Research and development expenses decreased by $1.9 million to $2.5 million for the quarter ended November 30, 2014 compared to the same period last year. In the U.S., research and development expenses decreased by $1.4 million primarily due to reduced personnel and related expenses as well as reduced external research and development expenses.
In Brazil, research and development expenses decreased by $0.5 million primarily due to reduced personnel and related expenses, and from a reduction in the number of research trials being conducted.
Selling, general and administrative expenses increased by $0.2 million to $3.4 million for the quarter ended November 30, 2014 compared to the same period last year. The increase was primarily due to increased personnel and related expenses in Brazil.
For the quarter ended November 30, 2014, Ceres reported a net loss of $6.0 million, or $0.12 per share, compared to a net loss of $8.2 million, or $0.33 per share, for the quarter ended November 30, 2013.
At November 30, 2014, cash and cash equivalents and marketable securities totaled $21.6 million. ■