(2) Seminis presenta los resultados del primer trimestre del ejercicio 2003

(Continuación)

SEMINIS, INC.

Consolidated Balance Sheets

(In thousands of U.S. Dollars)

As of As of

Dec. 27, Sept.

30,

2002 2002

ASSETS:

Current assets

Cash and cash equivalents US$31,957 US$36,805

Accounts receivable, net 131,773 140,315

Inventories 287,393 272,527

Prepaid expenses and other current assets 5,370 2,427

Total current assets 456,493 452,074

Property, plant and equipment, net 167,279 168,729

Goodwill, net 101,083 98,931

Intangible assets, net 58,885 61,872

Other assets 19,151 18,391

US$802,891 US$799,997

LIABILITIES, MANDATORILY REDEEMABLE

STOCK AND STOCKHOLDERS" EQUITY:

Current liabilities

Short-term borrowings US$39,716 US$28,532

Current maturities of long-term debt 229,126 21,709

Accounts payable 38,143 38,179

Accrued liabilities 100,586 98,624

Total liabilities 407,571 187,044

Long-term debt 15,808 228,293

Deferred income tax 13,289 15,753

Minority interest in subsidiaries 1,797 1,902

Total liabilities 438,465 432,992

Commitments and contingencies

Mandatorily Redeemable Stock Class B

Redeemable Preferred Stock, US$.01 par

value; 25 shares authorised as of

December 27, 2002 and September 30, 2002;

25 shares issued and outstanding as of

December 27, 2002 and September 30, 2002 30,000 29,500

Total mandatorily redeemable stock 30,000 29,500

Total stockholders" equity 334,426 337,505

US$802,891 US$799,997

SEMINIS, INC.

Consolidated Statements of Operations

(In thousands of U.S. dollars, except per share data)

For the 3 months ended

Dec. 27, Dec. 28,

2002 2001

Net sales US$80,616 US$80,079

Cost of goods sold 30,233 30,286

Gross profit 50,383 49,793

Research and development 11,425 11,899

Selling, general and administrative

expenses 42,700 43,907

Amortisation of intangible assets 3,927 4,158

Total operating expenses 58,052 59,964

Gain (loss) on sale of fixed assets (446) 916

Loss from operations (8,115)

(9,255)

Other expense

Interest expense, net (6,490)

(7,170)

Other, net (53)

(1,586)

Total non-operating expense (6,543)

(8,756)

Loss from continuing operations

before income taxes (14,658)

(18,011)

Income tax benefit (expense) 2,878

(1,300)

Net loss (11,780)

(19,311)

Preferred stock dividends (4,523)

(3,430)

Additional capital contribution --

(1,139)

Net loss available for common

stockholders US$(16,303)

US$(23,880)

Net loss available for common

stockholders per common share

basic and diluted US$(0.25)

US$(0.40)

SEMINIS, INC.

Consolidated Statements of Operations

(In thousands of U.S. dollars)

For the 3 months ended

Dec. 27, Dec. 28,

2002 2001

Loss from operations US$(8,115) US$(9,255)

Depreciation and amortisation 7,821 8,050

EBITDA (294) (1,205)

Adjustments:

Consulting fees for restructuring -- 284

Gain/(loss) on sale of fixed assets 446 (916)

Restricted stock -- 1,300

Subtotal adjustments 446 668

Adjusted EBITDA US$152 US$(537)

Seminis Inc.

Net Seed Sales

Currency stated at FY 2002 Exchange rates

(In US Million US$)

First Quarter Ended

FY 2002 FY 2001 % Change

North America US$31.9 US$32.4

-1.5%

Europe & Middle East 29.4 26.4

11.2%

Far East 8.6 10.5

-17.9%

South America 6.8 5.7

19.8%

Total Seed Sales US$76.7 US$75.0

2.3%

Emisor: Seminis Inc.

Contacto: Enrique Osorio, teléfono +1 805 918 2233, e-mail

enrique.osorio@seminis.com; Patrick Turner, teléfono +1 805 918 2201,

e-mail patrick.turner@seminis.com.

Página web: http://www.seminis.com

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02/11/20-17/03
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