Oxnard, California
August 12, 2002

- Company posts positive Net Income for first time in a third quarter.
- Debt reduced by $20.8 million during third quarter.
- Operating Income increased 2.5 times for the first nine months versus last year.
- Year-to-date adjusted EBITDA improves 15.0% to $63.3 million, or 18.7% of sales

Seminis Inc. (Nasdaq: SMNS), the world's largest developer, producer and marketer of vegetable and fruit seeds, today announced results for the three-month and nine month periods ended June 28, 2002.

Net income for the third quarter of fiscal year 2002 was $4.3 million compared to a loss of $107.1 million during the same quarter last year. As a result of $4.7 million on preferred class B and C stock and additional paid in capital dividend obligations, the company posted a net loss available to common stockholders of $0.4 million, or $0.01 per share. This compares favorably to a loss of $111.8 million, or $1.87 per common share, during the same quarter last year.

Equally positive, 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 a 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 340.2%, from $1.3 million in the previous year.

"For six consecutive quarters, Seminis has delivered significant progress as planned, including a positive third quarter net income for the first time in the company's history," said Mr. Alfonso Romo, Chairman and Chief Executive Officer. "We now have the financial and operational platform needed to leverage our market dominance and enhance the company's profitability stream. Today, we are moving beyond the solid foundation of our traditional agribusiness model by fulfilling our vision and our mission to create and capture value throughout the food production chain."

Net sales for the third quarter were $106.6 million compared to $106.4 million for the same quarter last year. Excluding divested non-core business sales of $0.3 million and $3.5 million from the third quarter of fiscal year 2002 and fiscal year 2001, respectively, as well as the positive impact of currency fluctuation of $1.8 million in fiscal 2002, sales for the third quarter would have increased 1.5% to $104.4 million from $102.9 million during the same period 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 fiscal 2001.

Operating expenses for the reported quarter of fiscal 2002 were reduced by $15.6 million, or 20.8%, to $59.2 million, from $74.8 million. Excluding a $12.0 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.

Earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for non-recurring items were $16.7 million for the quarter compared to $15.6 million for the same quarter last year, an improvement of 7.4%.

Mr. Eugenio Najera, President and Chief Operating Officer said: "We are achieving the operational and financial goals set forth in our global optimization plan. In fact, we are a very different company than we were only two years ago: our operating expenses have been dramatically reduced, non-recurring expenses related to our global optimization plan are behind us and risk management systems have been established. Now we are focusing our energy toward the implementation of different programs that will allow the company to grow based upon quality and value capture."

RESULTS FOR THE NINE MONTH PERIOD ENDING JUNE 28,2002

Total sales for the first nine months of fiscal year 2002 remained constant at $339.0 million compared with $339.2 million during the same period last year. Adjusted for this period's $3.1 million negative currency impact, and excluding sales from discontinued businesses of $3.8 million and $11.3 million during the first nine months of fiscal 2002 and 2001, respectively, sales during the first nine months of this year were $338.3 million, up from $327.9 million last year, representing a 3.2% increase. Net seed sales in constant dollars reached $327.0 million during the first nine months of 2002, an increase of 2.9% compared to $317.9 million for the same period last year.

Gross profit for the first nine months of fiscal year 2002 increased to 62.1%, from 61.6% during the same period last year, excluding $58.2 million of non-recurring inventory write downs in fiscal 2001.

Total operating expenses for the first nine months of the year 2002 were reduced by 9.2% to $177.5 million, from $195.5 million the year before which excluded a $12.0 million severance provision in fiscal 2001. This reduction was partially attributable to optimization initiatives that have a positive impact on reducing administrative and overhead costs.

Operating income for the first three quarters of fiscal year 2002 increased to $33.1 million, up more than 147.0% from $13.4 million for the first nine months of last year (excluding a non-recurring inventory write down of $58.2 million and a $12.0 million severance provision during fiscal year 2001). The company also reported net income of $10.6 million compared to a net loss of $48.8 million during the first three quarters of fiscal year 2001 excluding $58.2 million write downs and the $12.0 million severance provision in fiscal 2001. Prior year income tax expense was higher due to the establishment of a valuation allowance for certain deferred tax assets.

EBITDA adjusted for non-recurring items improved 15.0% for the first nine months of the year to $63.3 million from a year ago, representing 18.7% of sales.

Net loss available to common shareholders was reduced from $132.6 million or $2.22 per share to $3.3 million, or $0.05 per share. In fiscal year 2002, the net loss per common share came primarily as a result of obligations payable to the company's preferred shareholders.

Mr. Alfonso Romo added: "Under the proposed capital restructuring announced last week, pro forma fully diluted earnings per share available for common stockholders for the first nine months of fiscal year 2002 would be $0.09 per common share, compared to the aforementioned net loss of $0.05 per common share."

During the nine months ended June 28, 2002, the company reduced its syndicated debt by $54.5 million, in addition to a $1.3 million reduction in its building mortgage. Total debt reduction was partially offset by $17.4 million resulting from new capital investments in Korea and other subsidiaries.

Seminis Inc. (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.