CEREan agricultural biotechnology company focused on forage crops, today reported financial results for the three months ended February 29, and provided an update on its business. During its fiscal second quarter, Ceres launched additional forage sorghum seed products following favorable field results from Over the past year, the company has increased the size of its distribution network and expects to continue to add new distributors to carry its products.
During the quarter, Ceres also reported that the performance of its leading sorghum trait exceeded expectations in its largest scale field evaluation to date.
The company plans to scale up seed for commercial production and, in parallel, plans to move ahead with larger scale field evaluations for its pre-commercial traited hybrids. Results are expected later this year. At the same time, we are excited about the opportunity to increase product sales and intend to pursue grant funding to defray the costs and increase speed of developing new products.
We will also continue to evaluate the potential sale of intellectual property and other assets, especially in non-core areas. An increase in services revenue was largely offset by a decrease in product sales in Brazil.
The company expects that the majority of its U. Conference Call and Webcast Information Ceres has scheduled a conference call for 4: PDT today to discuss its fiscal second quarter results and to provide an update on its business.
To access the webcast of the conference call, go to investor. The conference ID number is An audio replay of the call will be available two hours after the conclusion of the live call, and remain available on the Ceres website for 30 days.
About Ceres Ceres, Inc. Ceres markets its seed products under its Blade brand.
The company also licenses its biotech traits and technology to other life science companies and organizations. Ceres Forward-Looking Statements This press release may contain forward-looking statements.
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