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Oxnard, California
July 28, 2003
* Net sales
increase 6.1% year over year to $113.1 million
* Operating income up by 29.2% or $1.8 million
* Reports Net Loss of $3.3 million
Seminis, Inc.,
the world's largest developer, producer and marketer of
vegetable and fruit seeds, today reported preliminary unaudited
results for its quarter ended June 27, 2003. The early
announcement precedes filings by its parent company, Savia S.A.
de C.V., which is required to release consolidated results,
including those of the Company, later today.
NET SALES
AND GROSS PROFIT
Net sales
for the quarter were $113.1 million compared to $106.6 million
for the same period last year. Gross profit increased to $71.0
million or 62.8% of sales compared to $65.0 million or 61.0% for
the same period last year.
OPERATING
EXPENSES
Operating
expenses for the quarter increased by $4.1 million, or 6.9%, to
$63.3 million, compared to $59.2 million in the same period last
year.
OPERATING
INCOME
Operating
income in the quarter was $8.1 million compared to $6.3 million
for the same period last year. Operating income increased by
$1.8 million, or 29.2% compared to the same period last year.
NET INCOME
(LOSS)
In the
quarter, the Company posted a net loss of $3.3 million compared
to a net income of $4.3 million during the same period last
year.
BANK DEBT
The total
outstanding bank debt as of June 27, 2003, was $274.2 million
compared to $297.7 million as of June 28, 2002, a reduction of
$23.5 million or 7.9%.
Seminis,
Inc. will provide additional information on its quarterly
results at a later date.
Seminis Inc.
is the largest developer, producer and marketer of vegetable and
fruit seeds in the world. Seminis 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. |
