Oxnard, California
July 25, 2002

- Posts positive net income for first time in a third quarter
- Increases operating income by 346.2%
- Pays down debt by $20.8 million
- Added to Russell 2000(R) index

Seminis Inc., (Nasdaq: SMNS), the world's leading developer, producer and marketer of vegetable and fruit seeds, today reported preliminary results for the three-month period ended June 28, 2002. The early announcement precedes filings by its parent company Savia, which is required to release consolidated results, including those of Seminis, later today.

NET SALES AND GROSS MARGIN

Net sales for the third quarter were $106.6 million compared to $106.4 million for the same quarter last year. Gross profit increased to $65.0 million or 61.0% of sales compared to $64.1 million or 60.2% for the same quarter last year (excluding non-recurring inventory write-downs of $53.9 million in the prior year).

OPERATING EXPENSES

Operating expenses for the third quarter of fiscal 2002 were reduced by $15.6 million, or 20.8%, to $59.2 million, from $74.8 million. Excluding a $12 million severance provision taken during the third quarter of fiscal 2001, operating expenses were reduced by 5.7%, to $59.2 million, from $62.8 million.

OPERATING INCOME

Operating income in the third quarter was $5.8 million compared to a loss of $64.5 million for the same quarter last year. Excluding a non-recurring and non cash inventory write-down of $53.9 million and the severance charge of $12.0 million taken in the third quarter last year, operating income in the reported quarter increased by $4.5 million, or 346.2%, from $1.3 million in the previous year.

NET INCOME

The Company posted a positive net income, for the first time in a third quarter, of $4.3 million compared to a loss of $64.5 million during the same quarter last year. As a result of $4.7 million of accrued dividends on preferred class B and C stock, and additional paid in capital, the company posted a net loss available to common stockholders of $0.4 million, or less than $0.01 per share. This compares favorably to a loss of $69.2 million, or $1.16 per common share, during the same quarter last year.

ADJUSTED EBITDA

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $16.7 million compared to $15.6 million for the same quarter last year, an improvement of 7.4%.

BANK DEBT

During the three months ended June 28, 2002, the company reduced its total debt by $20.8 million from its operating cash flow. This included $20.0 million of total payments toward the principal of its syndicated loan. Seminis is in compliance with all of its financial covenants under its current loan agreement.

RUSSELL 2000(R)

Due to the company's recent increase in market capitalization, Seminis has been chosen to be added to the Russell 2000(R) stock index. Membership in these indexes is determined by market capitalization rankings and style attributes.

Seminis will provide expanded results and comments on its quarterly performance at a later date. The company does not anticipate any material changes at this time.

Seminis Inc. is the largest developer, producer and marketer of vegetable seeds in the world. The company uses seeds as the delivery vehicle for innovative agricultural technology. Its products are designed to reduce the need for agricultural chemicals, increase crop yield, reduce spoilage, offer longer shelf life, create better tasting foods and foods with better nutritional content. Seminis has established a worldwide presence and global distribution network that spans 150 countries and territories.