Oxnard, California
May 7, 2002

* Seasonally, the strongest quarter of the company's fiscal year
* Continues to show positive results of turnaround and business potential
* Operating income for first half of the year increases more than 3.5 times

Seminis Inc. (Nasdaq: SMNS), the world's largest developer, producer and marketer of vegetable seeds, today reported results for the three-month and six-month periods ended March 29, 2002. The company released preliminary second quarter results late last month due to filing requirements of its parent company. There have been no material changes since then.

As previously announced, net income for the second quarter of fiscal year 2002 was $25.7 million compared to $4.9 million during the same quarter last year. Net income available for common stockholders was $21.0 million or $0.34 per share this quarter, compared to $0.2 million or negligible earnings per share this quarter during the same quarter last year.

"The results for this quarter -- our strongest quarter seasonally -- are not a coincidence, but the consequence of months of hard work by all Seminis employees to turn this company around," emphasized Alfonso Romo, Chairman and Chief Executive Officer.

Eugenio Najera, President and COO, said: "While the company's performance has been reacting positively for several quarters to the initiatives taken to return Seminis to profitability, this progress had not been reflected so evidently in our financials due to the non-recurring charges taken last year as part of our Global Optimization and Restructuring Plan."

"We do not expect any more non-recurring charges associated with our reorganization plan, and from now on results should more clearly reflect the true income-generating potential of the company," Mr. Najera predicted. "We anticipate that the same initiatives that have positively affected results in the past year will also improve results during upcoming quarters." He noted that despite the cyclical nature inherent in the seasonal seed industry, Seminis has historically reported similar revenue for both the first and second half of its fiscal year.

Results for the three-month period ending March 29, 2002

Net sales for the second quarter were $152.3 million compared to $151.5 million for the same quarter last year. Excluding divested non-core business sales of $4.9 million and $0.8 million from the second quarter of fiscal year 2001 and fiscal year 2002, respectively, and excluding a $3.2 million negative currency impact against the U.S. dollar, sales for the second quarter FY 2002 would have increased 5.5% to $154.7 million from $146.6 million during the same period last year.

Gross profit increased to $95.9 million or 62.9% of sales compared to $92.2 million or 60.8% for the same quarter last year, partly attributable to a better product mix and $4.4 million of non-cash charges for inventory write-downs taken during the second quarter of fiscal year 2001 compared to none in the reported period.

Operating expenses in the reported quarter were reduced by $8.4 million to $58.4 million, compared to $66.8 million for the same quarter last year, a reduction of 12.6%. The decrease was primarily attributable to the savings from workforce reductions following the implementation of the global restructuring and optimization plan, an elimination of $3.5 million of expenses incurred in the second quarter of fiscal year 2001 by a non-core business divested in January 2002, and due to $2.2 million in goodwill amortization recorded during the second quarter of 2001 compared to none during the period
reported.

Operating income in the reported quarter was $37.5 million compared to $25.4 million for the same quarter last year, an improvement of 47.6%.

Results for the six-month period ending March 29, 2002

Total sales for the first half of fiscal year 2002 remained relatively constant at $232.4 million compared with $232.7 million during the same period last year. Nevertheless, adjusted for this period's $4.9 million negative currency impact, and excluding sales from discontinued businesses of $7.7 million and $3.4 million during the first half of fiscal 2001 and 2002, respectively, sales during the first half of this year would have increased to $233.9 million, up from $225.2 million last year. Net seed sales, adjusted for a $4.7 million negative currency impact, reached $226.5 million during the first six months of 2002, an increase of 3.9% compared to $217.9 million for the same period of last year.

Gross profit for the first half of fiscal year 2002 increased to 62.7%, from 60.3% during the same period last year, partly due to the previously stated improvement in product mix and the $4.4 million of non-cash charges for inventory write-downs taken during the first half of fiscal year 2001.

Total operating expenses for the first six months of the year 2002 were reduced by 10.9% to $118.3 million, from $132.7 million last year, as a result of initiatives taken as part of the global restructuring and optimization plan, and due to goodwill amortization of $4.6 million during the first half of fiscal year 2001 compared to none during the first half of fiscal year 2002.

Operating income for the first half of fiscal year 2002 increased to $27.3 million, up more than 3.5 times from $7.7 million for the first six months of last year. The Company also reported net income of $6.3 million compared to a net loss of $12.0 million during the first half of fiscal year 2001. Net loss available to common shareholders was reduced from $20.9 million or $0.35 per share to $2.9 million, or $0.05 per share. The net loss per common share is primarily a result of obligations payable to the Company's preferred shareholders.

Looking back at the last twelve months, Mr. Najera noted the optimization measures have been successfully implemented to date, including an effort to reduce costs and improve the company's cash flow and profitability. For the twelve months ended March 29, 2002, Seminis has generated positive cash flow from operations of approximately $12.2 million; reduced operating expenses as a percentage of sales by 9.4%; reduced its days outstanding for collection of accounts receivables by 14 days, and reduced its debt by $52.8 million.

"Seminis has passed its turning point, and we believe that the company will continue to regain momentum as we build a solid platform to create and capture value throughout the food production and distribution chain. Our diversified product lines, multi-regional operations and income from all major currencies represents a portfolio that minimizes risk to fluctuations in the global economy, while creating strong fundamentals for balanced growth." said Mr. Alfonso Romo.

"For the remainder of the fiscal year, we expect that revenues from continuing operations will be on par with the prior year, and that the company will continue to show operational and financial improvements from savings due to the implementation of the strategic initiatives and its Global Optimization Plan," Mr. Romo predicted.

Seminis (Nasdaq: SMNS) 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. Seminis is a majority-owned subsidiary of Savia (NYSE: VAI), a leading Mexico-based conglomerate.