Oxnard, California
January 16, 2002

Seminis, Inc. (Nasdaq: SMNS) today reported results for the fourth quarter and the year ended September 30, 2001.

In Fiscal year 2001 the Company successfully implemented its Global Restructuring and Optimization Plan and strengthened the management oversight of its operations, creating the foundation for the success of its business.

The major achievements were:

• An increase from 58% to 61.4% in gross margins (after non-recurrent inventory write-offs).
• A reduction of $40 million in operating expenses.
• An EBITDA, excluding non-recurring charges, of $71.7 million or 16% of sales.
• A reduction of its Bank Debt of $33 million and an additional $32 million during the first four months of fiscal year 2002.

Fourth Quarter Results

Total net sales for the fourth quarter increased by $18.4 million to $110.7 million compared to the same period last year. Excluding a negative currency impact of $4.1 million and the sales from divested non-core businesses, net sales increased 26%, from $90.4 million to $113.7 million. The Company reduced its net loss from $61.9 million, or $1.08 per share during the fourth quarter of 2000 to $15.4 million, or $0.33 per share, for the fourth quarter of 2001 (per share figures shown as available to common shareholders). This reduction is primarily due to the Company's improved sales levels and the Company's on-going Global Restructuring and Optimization Plan. Included in the net loss, but not
reflected in the preliminary unaudited financial information released on October 26, 2001, is a provision for a valuation allowance of $5.4 million for certain deferred tax assets relating to net operating loss carryforwards (NOL).

Gross profit was $67.2 million in 2001, compared with $20.4 million, for the fourth quarter of 2000. The effective improvement in gross profit excluding non-recurring charges during the fourth quarter of year 2000 was 29%, from $52 million to $67.2 million; in the same manner, gross margins improved from 56% to 61%.

Operating expenses during the fourth quarter 2001 were also positively affected by various actions taken under the Global Restructuring and Optimization Plan and were reduced by 22%, or $18.1 million, from $82.2 million to $64.1 million last year. Operating income for the quarter was $3.1 million, compared to a loss of $61.8 million during the same quarter last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $16.6 million, compared to a loss of $6.7 million for the same quarter last year.

Fiscal Year Ended September 30, 2001

Sales for fiscal year 2001 were $449.9 million versus $474.4 million from last year. Excluding the effect of currency conversion and the divestiture of non-core business, net seed sales increased 2.4% to $439.5 million for fiscal year 2001 from $429.2 in the previous year.

Gross profits for fiscal 2001 decreased 8.2% to $217.8 million, from $237.3 million for the year 2000. In fiscal year 2001 and fiscal year 2000, gross margins were impacted by non-cash charges of $58 million and $38 million, respectively, relating to the Global Restructuring and Optimization Plan. Therefore, gross profit, excluding these non-recurring, non-cash charges, was $276 million, or 61.4% of net sales, compared to 58% of net sales for fiscal 2000.

Operating expenses for fiscal year 2001 were $271.6 million, a $40 million reduction from $311.6 million recorded last year. This reduction mostly reflects the positive impact from management successful implementation of Global Restructuring and Optimization initiatives. Also, during fiscal year 2001, the Company incurred non-recurring expenses related to its restructuring and optimization programs of approximately $19 million.

During fiscal year 2001, the Company reduced its operating loss by 27% to $53.8 million from $74.1 million during fiscal 2000. In addition to $58 million in non-recurring, non-cash inventory write-offs, results were affected by the $19.6 million in charges associated with the Company's Global Restructuring and Optimization Plan. Excluding non-recurring inventory write- offs and charges related to the Global Restructuring and Optimization Plan, operating income for fiscal year 2001 would have been $24 million. EBITDA for fiscal year 2001 excluding all of these non-recurring charges, was $71.7 million, compared to $41.6 million during fiscal year 2000.

In addition to the valuation allowance of $5.4 million charged during the fourth quarter of fiscal 2001, the Company also established an additional $42.6 million valuation allowance for certain deferred tax assets which should have been recognized following the losses incurred during the third quarter. This adjustment to the valuation allowance was not included in previous financial information concerning the Company, and consequently, the net loss for fiscal year 2001 was $134.5 million as compared to $80.8 million from last year (before dividends).

The valuation allowance is a non-cash charge and to the extent the Company generates future taxable income, it may be able to realize the value of the deferred tax assets.

Eugenio Najera, President and COO, commented: "Due to the positive impacts of a decrease in operating expenses of $40 million and an overall improvement in working capital arising from strong accounts receivable collections and improved seed production planning, operating activities utilized $55 million less cash than fiscal year 2000."

The Company met all required principal and interest payments during fiscal year 2001, and as of September 30, 2001, was in compliance with all of its financial covenants and obligations under the amended credit agreement. Principal repayments during fiscal year 2001 amounted to $33.2 million.

In October 2001, the Company repaid $19.5 million, and in January 2002, prepaid an additional $13 million from part of the proceeds of the divestiture of Incotec, a non-core business related to seed treatment. Net proceeds of the transaction were $17.6 million.

Eugenio Najera commented: "The various repayments the Company has been making are yet another fact that Seminis has been accomplishing and exceeding its commitments with its debtors. This is another step in increasing the credibility and trustworthiness of our Company in the financial market."

Mr. Alfonso Romo, Chairman and CEO, commented: "Financial results for fiscal year 2001 were significantly affected by non-cash charges and other actions that had to be taken to ensure that Seminis would operate both efficiently and under financially healthy conditions. We expect that in fiscal year 2002 the Company's financial statements will reflect the return to normal levels of operating results and not be affected by non-recurring charges related to the Global Restructuring and Optimization Plan."

Seminis Inc.
Net Seed Sales
Currency stated at FY 2000 Exchange rates
(In US Million $)

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