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Wednesday, Nov 29, 2023

Thousand Oaks Seed Company Gains Revenue in First Quarter, Expects Layoffs

Agricultural biotech Ceres Inc. reported revenue gains, a net loss and layoffs expected for this year in its first-quarter report last week. Revenue for the Thousand Oaks company increased to $942,000, or 135 percent, for the quarter ending Nov. 30, 2015, compared to $400,000 for the year-ago period. Ceres also reported a net loss of $3.4 million (-39 cents a share), compared to a loss of $6 million (-96 cents) in the same period last year. The agriculture company attributes the revenue gain to completed work from its software services agreements. During the quarter, Ceres said it completed its shift to commercializing higher-value forage and feed crops and completed a $7.6 million equity offering in December that raised about $6.4 million for the company after fees and expenses. It also said it now expects to save $8 to $10 million this year through upcoming layoffs under a realignment plan from the $6 million to $8 million it originally forecasted. “Following our technical and commercial achievements in 2015, we successfully raised new funds to continue to build our forage sorghum seed business, advance our traits toward commercialization and demonstrate a clear trajectory for growth,” said Chief Executive Richard Hamilton in a statement. Shares did not trade today due to the Martin Luther King Jr. holiday.

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