Seminis Inc., the world's largest developer, producer and marketer of vegetable and fruit seeds, today reported financial results for its fiscal year ended September 30, 2003.

Total sales for fiscal year 2003 increased 5.5% to $477.4 million compared with $452.6 million during the same period last year. This increase reflected a positive currency impact mainly due to the continued appreciation of the Euro.

Gross profit for fiscal year 2003 was $295.8 million, remaining unchanged as a percentage of sales at 62.0%.

Total operating expenses for fiscal year 2003 increased by 23.3% to $291.3 million from $236.2 million the year prior. This increase included $56.5 million of non-recurring expenses primarily related to the Fox Paine merger, exchange and recapitalization transactions, and associated non-cash purchase accounting adjustments.

As a result of the non-recurring expenses described above, operating income for fiscal year 2003 was $6.5 million, down 87.2% from $50.4 million reported in fiscal year 2002.

Adjusted for the non-recurring expenses described above, gain of sale of assets and prior to $2.5 million in adjustments for the cancellation of certain operating leases, EBITDA was $92.9 million, or 19.5% of sales, an increase of 11.9% versus adjusted EBITDA for the prior year. Reported EBITDA for fiscal year 2003 decreased 53.8% to $38.4 million from $83.0 million a year ago.

The company ended its fiscal year with a net loss of $30.4 million compared to a net income of $16.1 million the year before, primarily due to the non-recurring expenses described above.

On September 29, 2003, the company successfully completed the merger with Seminis Acquisition, LLC, whereby Fox Paine and Company, LLC and certain Savia related parties acquired all of the outstanding shares of Seminis, Inc. effectively taking the company private. The company simultaneously issued $190.0 million of senior subordinated notes due in 2013 and signed a new six-year $250.0 million senior secured credit facility. The previous syndicated credit facility was paid in full. As of September 30, 2003, the outstanding debt of the company totaled $421.3 million.

RESULTS FOR THE FOURTH QUARTER ENDED SEPTEMBER 30, 2003

Net sales for the fourth quarter increased 9.7% to $124.7 million compared with $113.7 million for the same period last year.

Gross profit increased to $73.5 million, or 58.9% of sales, compared to $70.1 million, or 61.7% of sales, for the same quarter last year.

Total operating expenses for the fourth quarter increased by 81.3% to $106.4 million from $58.7 million in the same period last year. This increase included $46.4 million of non-recurring expenses primarily related to the Fox Paine merger, exchange and recapitalization transactions, and associated non-cash purchase accounting adjustments.

As a result of the non-recurring expenses described above, the company reported an operating loss for the fourth quarter of $32.5 million compared to an operating income of $11.6 million for the same quarter last year.

Adjusted for the non-recurring expenses described above, gain of sale of assets and prior to $0.6 million in adjustments for the cancellation of certain operating leases, EBITDA was $22.5 million, or 18.0% of sales, an increase of 3.3% versus adjusted EBITDA for the same period last year. Reported EBITDA in the current quarter was a loss of $23.5 million, a decrease of $43.6 million from the same quarter last year.

The net loss for the fourth quarter of fiscal year 2003 was $39.3 million compared to a net income of $5.5 million during the same quarter last year, primarily due to the non-recurring expenses described above.

                    SEMINIS, INC.
             Summary Consolidated Statements of Operations
                            (In thousands)

                             For the three
                              months ended        Variances Actual
                              September 30,         vs. Last Year
                             2003      2002          $         %
Net sales                 $124,700   $113,655    $11,045       9.7%
Cost of goods sold          51,204     43,567     (7,637)    -17.5%
   Gross profit             73,496     70,088      3,408       4.9%
Total operating
 expenses(a)               106,430     58,714    (47,716)    -81.3%
Gain on sale of assets         453        230        223      97.0%
Income (loss) from
 operations                (32,481)    11,604    (44,085)   -379.9%
Net income (loss)         $(39,336)    $5,479   $(44,815)   -817.9%

                            For the twelve
                              months ended        Variances Actual
                              September 30,         vs. Last Year
                             2003       2002         $         %
Net sales                 $477,405   $452,607    $24,798       5.5%
Cost of goods sold         181,558    171,892     (9,666)     -5.6%
   Gross profit            295,847    280,715     15,132       5.4%
Total operating
 expenses(a)               291,301    236,235    (55,066)    -23.3%
Gain on sale of assets       1,910      5,953     (4,043)    -67.9%
Income (loss) from
 operations                  6,456     50,433    (43,977)    -87.2%
Net income (loss)         $(30,420)   $16,086   $(46,506)   -289.1%


(a) Total operating expenses included $46.4 million and $56.5 million
of non-recurring expenses primarily related to the Fox Paine merger,
exchange and recapitalization transactions and associated non-cash
purchase accounting adjustments in the three and twelve months ended
September 30, 2003, respectively. In comparison, total operating
expenses included $1.8 million and $8.1 million of non-recurring
expenses related to non-cash restricted stock award and restructuring
expenses in the three and twelve months ended September 30, 2002.

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.