SEMINIS, INC. Consolidated Balance Sheets (In thousands, except per share data) As of As of March 29, September 30, 2002 2001 ASSETS: Current assets Cash and cash equivalents $27,484 $22,323 Accounts receivable, net 162,228 141,691 Other receivable-Korean asset sale -- 20,612 Inventories 268,872 279,683 Prepaid expenses and other current assets 3,820 3,436 Total current assets 462,404 467,745 Deferred income taxes -- -- Property, plant and equipment, net 168,587 182,261 Intangible assets, net 161,014 169,664 Other assets 15,636 15,687 $807,641 $835,357 LIABILITIES, MANDATORILY REDEEMABLE STOCK AND STOCKHOLDERS' EQUITY: Current liabilities Short-term borrowings $38,654 $19,665 Current maturities of long-term debt 262,932 67,527 Accounts payable 27,355 45,423 Accrued liabilities 97,202 89,169 Total liabilities 426,143 221,784 Long-term debt 16,865 248,898 Deferred income tax 15,486 15,736 Minority interest in subsidiaries 1,487 1,721 Total liabilities 459,981 488,139 Commitments and contingencies Mandatorily Redeemable Stock Class B Redeemable Preferred Stock, $.01 par value; 25 shares authorized as of March 29, 2002 and September 30, 2001; 25 shares issued and outstanding as of March 29, 2002 and September 30, 2001 28,500 27,500 Total mandatorily redeemable stock 28,500 27,500 Stockholders' Equity Class C Preferred Stock, $.01 par value; 14 shares authorized as of March 29, 2002 and September 30,2001; 12 shares issued and outstanding as of March 29, 2002 and September 30, 2001 $1 $1 Class A Common Stock, $.01 par value; 211,000 shares authorized as of March 29, 2002 and September 30, 2001; 17,603 and 14,682 shares issued and outstanding as of December 28 and September 30, 2001, respectively 176 147 Class B Common Stock, $.01 par value; 67,000 shares authorized as of March 29, 2002 and September 30, 2001; 45,142 shares issued and outstanding as of March 29, 2002 and September 30, 2001 452 452 Additional paid-in capital 766,240 764,657 Accumulated deficit (400,372) (397,485) Accumulated other comprehensive loss (47,337) (48,054) Total stockholders' equity 319,160 319,718 $807,641 $835,357 SEMINIS, INC. Consolidated Statements of Operations (In thousands, except per share data) For the three months ended For the six months ended Mar 29, Mar 30, Mar 29, Mar 30, 2002 2001 2002 2001 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $152,309 $151,514 $232,388 $232,747 Cost of goods sold 56,458 59,359 86,744 92,321 Gross profit 95,851 92,155 145,644 140,426 Research and development 9,611 13,076 21,510 26,632 Selling, general and administrative expenses 44,621 46,681 88,528 91,814 Amortization of intangible assets 4,144 7,002 8,302 14,302 Total operating expenses 58,376 66,759 118,340 132,748 Income from operations 37,475 25,396 27,304 7,678 Other income (expense) Interest expense, net (6,932) (11,505) (14,102) (19,616) Other, net 1,293 (2,734) 623 (393) Total non-operating income (expense) (5,639) (14,239) (13,479) (20,009) Income from continuing operations before income taxes 31,836 11,157 13,825 (12,331) Income tax expense (6,182) (6,278) (7,482) 373 Net Income 25,654 4,879 6,343 (11,958) Preferred stock dividends (3,497) (3,483) (6,927) (6,913) Additional capital contribution (1,164) (1,180) (2,303) (1,999) Net loss available for common stockholders $20,993 $216 $(2,887) $(20,870) Net Income (loss) available for common stockholders per common share basic and diluted $0.34 $-- $(0.05) $(0.35) Seminis Inc. Net Seed Sales Currency stated at FY 2001 Exchange rates (In US Million $) 2Q FY 2002 2Q FY 2001 % Change North America $53.4 $47.9 11.3% Europe & Middle East 65.4 58.5 11.7% Far East 20.8 23.1 -9.9% SAANZ 10.4 12.7 -18.5% Total Seed Sales $150.0 $142.3 5.3%