During Friday’s current trade, Extreme Networks Inc. (NASDAQ:EXTR)’s shares dropped -21.60%, and is now trading at $2.54, hitting new 52-week low of $2.33, as Extreme Networks declared preliminary unaudited results for the quarter ended March 31, 2015.
The estimates for non-GAAP proceed for the quarter ended March 31, 2015 comprise purchase accounting adjustments for deferred proceed of about $0.8 million related to our attainment of Enterasys Networks. The estimates for non-GAAP gross margin comprise adjustments of about $4.3 million for amortization of intangibles, about $0.8 million for purchase accounting adjustments and about $0.5 million stock based compensation expense. The estimate for non-GAAP operating expenses exclude about $6.5 million for amortization of non-product intangibles and integration expenses related to our attainment of Enterasys in addition to stock based compensation expenses of about $3.6 million.
Effective April 6, 2015, Jeff White, who served as our Chief Proceed Officer, is no longer with the Company. We are presently in the process of identifying a successor.
Company to release final fiscal Q3’15 results on Wednesday, May 6, 2015.
Extreme will release and talk about its final results for the third quarter ending March 31, 2015 and guidance for the fourth quarter, on Wednesday May 6, 2015, in a press release followed by conference call at 5:00 p.m. ET.
Extreme Networks, Inc., together with its auxiliaries, provides wired and wireless network infrastructure equipment, software, and services for enterprises, data centers, and service providers. The company offers Black Diamond products, which deliver modular or chassis-based Ethernet connectivity solutions that have a range of administration and line cards allowing customers to configure and re-purpose the systems; and Summit product family of stackable Ethernet switching systems, which provide a range of connection speeds, various physical presentations, and options to deliver PoE or unpowered standard Ethernet ports.
During an early morning trade, Ceres, Inc. (NASDAQ:CERE)’s shares dipped -20.72%, and is now trading at $1.99, hitting new 52-week high of $2.51, after an agricultural biotechnology company declared financial results for the three months ended February 28, 2015.
The company stated advancements across major areas for its breeding and genetic technologies, counting biotech trait development, forage sorghum and Persephone bioinformatics software, and offered an update on its business in Brazil.
Business Highlights and Outlook:
Ceres has launched new forage sorghum hybrids for the U.S. market and plans to evaluate more than a dozen new hybrids that offer performance advantages such as higher yields and improved nutrition. In addition to its direct sales efforts, the company reached a distribution contract with Helena Chemical Company, a leading distributor of crop inputs and services, to extend its sales and marketing reach in certain geographies. The company also plans to conduct additional evaluations of its biotech traits in forage sorghum this season in the United States following successful field trials. Performance results for both its traditionally developed hybrids and biotech traits are predictable by the end of the calendar year.
The company has advanced its leading biotechnology traits and continued field evaluations in a number of food and feed crops. In March, Ceres accelerated its sugarcane trait development following positive field results in Latin America. The next stage of field trials, which will provide more definitive results, is predictable to be accomplished next year. In China, the company has advanced its best multi-gene combinations for additional testing in corn. The company plans to expand the scope of its trials, counting evaluations of its biotech traits in a more diverse set of corn breeding lines. Ceres has filed an application for a patent covering its iCODE multi-gene trait development technology and initiated discussions with potential licensees.
The company stated that its bioinformatics software, Persephone, is being evaluated by new potential customers in plant genomics in addition to in biomedical research and diagnostics, where genomics data is analyzed and viewed in a similar manner to plants. The software is presently licensed by Syngenta and Bayer CropScience.
In March, Ceres and Brazilian energy company Raizen, a joint venture of Royal Dutch Shell and Cosan, signed a multi-year partnership contract to develop and produce sweet sorghum on an industrial scale. In addition to Raizen, the company has plantings with more than 50 mill and agribusiness customers this season. Ceres stated recently that growing conditions to date have been generally favorable across most evaluation regions following a dry start to the season, which delayed some plantings. For its multi-hybrid field evaluations sites, Ceres stated continued improvement to date in crop administration over the previous season, reduced losses to weather and, based on visual inspections of these plantings, improved product adaptation to various growing conditions in Brazil. The company anticipates that hectares planted under its sales incentive and promotional programs, which comprise offtake contracts for sorghum biomass, will provide sufficient biomass for multiple industrial evaluations. Proceed for these plantings will be based on yields of biomass per hectare rather than seed sales. Assessments are subject to change until harvests are accomplished
Ceres, Inc., an agricultural biotechnology company, develops and sells energy crops to produce renewable bioenergy feedstocks in North America. The company’s energy crops comprise sweet sorghum; high biomass sorghum for the generation of renewable electric power and the creation of cellulosic biofuels; switchgrass, a perennial grass; miscanthus, a tall perennial grass for use as an energy crop.
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