Oxnard, California
February 11, 2002

• Adjusted EBITDA Positive for First Time during a 1st Q
• Seed sales Up 1.3% in Constant Dollars
• Gross Margins Improve from 59.4% to 62.2%
• Syndicated Bank Debt Reduced by $32.5 Million during 1st Q and Jan '02

Seminis Inc. (Nasdaq: SMNS), the world's largest developer, grower and marketer of vegetable and fruit seeds, announced that earnings before interest, taxes, depreciation and amortization (EBITDA) for its first quarter ended December 28, 2001, improved $3.7 million, from a loss of $4.2 million in the same
period last year to a loss of $0.5 million this period.

To show the results of the Company's ongoing operations, on an adjusted basis, excluding the impact of divested non-core businesses during the quarter, EBITDA increased by $4.0 million to $0.9 million. Accounting for these considerations, this was the first time Seminis posted a positive EBITDA for the first quarter of a fiscal year. The first quarter is typically one of the company's most challenging reporting periods due to the seasonal nature of seed industry sales. The company credits improved efficiencies in operations stemming from its Global Restructuring and Optimization Plan for the turnaround.

"The positive EBITDA from ongoing operations excluding divested businesses is the direct reflection of more efficient operations and the healthier financial structure of our core business activities," said Eugenio Najera, President and Chief Operating Officer. "Non-recurring charges associated with our reorganization are largely behind us, and our results are more clearly showing the cash-generating potential of the company."

Seminis reported that net sales were $80.1 million, down 1.4% from $81.2 million reported in the first quarter of fiscal year 2001. Excluding the impact of a negative currency fluctuation of $1.7 million in the first quarter of FY 2002, net sales were $81.8 million compared to $81.2 million in the same period last year. The company also reported that in constant dollars its core seed sales increased by $1.0 million to $76.6 million, up 1.3% from the same period last year.

Seminis announced that gross profit improved this quarter to $49.8 million, or 62.2% of net sales, up 3.2% from $48.3 million, or 59.4%, in the same quarter last year. Gross margin for net seed sales was 62.7% compared to 60.8% during the first quarter last year.

In line with the company's streamlined organization and mainly as a result of the Company's Global Restructuring and Optimization Plan, total operating expenses for the quarter declined by $6.0 million, or 9.1%, to $60.0 million, compared to $66.0 million in the same quarter last year.

The company's operating loss narrowed by 42.6% during the first quarter of FY 2002 to $10.2 million, from $17.7 million during the same period a year ago. Due to the cyclical nature of the seed business, losses during this quarter are considered normal. Primarily as a result of an $8 million increase in income tax expense versus the same quarter last year, the company posted a net loss for the quarter of $19.3 million compared with a loss of $16.8 million for the same period in FY 2001.

"The initiatives associated with our Global Restructuring and Optimization Plan such as cash flow and working capital optimization, inventory reduction, workforce consolidation, product rationalization, and new risk-management systems, have been implemented successfully, and are positively affecting both our operational and financial results," said Mr. Najera. "As we move forward, we expect that these initiatives will continue to provide a positive catalyst for profitability and growth."

As of the first quarter of FY2002, Seminis' syndicated bank debt was $273.7 million compared to $315.5 million at December 2000. In addition, the company paid another $13 million toward the principal during January 2002 with proceeds from the sale of a non-core business to further reduce its syndicated loan to $261 million. The company is in compliance with all of its financial covenants under its current loan agreement.

Mr. Alfonso Romo, Chairman and CEO, commented: "The company has acted aggressively to retire its debt, reducing the syndicated credit facility by $60 million in the last sixteen months. This has led the Company to increased financial flexibility."

Mr. Romo concluded: "The positive EBITDA results from our ongoing operations during a quarter with historically negative cash flow demonstrate that Seminis has become a lean and efficient organization focused on creating and capturing value and represents a strong indication of the Company's recovery and future business potential. Our powerful R&D capabilities -- which are being fully funded during our short-term reorganization -- provide Seminis with an unrivaled platform for sustained, long-term growth. Matched with a product delivery system that is fast-becoming the most efficient in the industry, Seminis can take full advantage of its growth and cash flow generation potential. This efficiency that the Company is attaining will greatly support our vision of creating and capturing value in the industry."

Seminis Inc.
Net Seed Sales
Currency stated at FY 2001 Exchange rates
(In US Million $)

The full news release with Consolidated Statements of Operations and Consolidated Balance Sheets is at http://www.seminis.com/news/news_2002/PR_2002_February11.html .

Seminis (Nasdaq: SMNS) is the largest developer, grower 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 120 countries. Seminis is a majority owned subsidiary of Savia (NYSE: VAI), a leading Mexico-based conglomerate.