Seminis Announces 24% Increase in Revenues

Seminis Inc. in Saticoy reported that annual revenues increased by 24%, from $428.4 million to $530.6 million, from 1998 to 1999, while revenues for the fourth quarter ended Sept. 30 grew 9% over the same period last year. Net income for the fiscal year, before extraordinary items related to debt-refinancing costs, was $2.4 million or 5 cents per share, compared with $6.8 million or 21 cents per share in 1998.

For the fourth quarter, net income before extraordinary items was $2.9 million or 5 cents per share, compared with a loss of $4.8 million or 13 cents per share in the fourth quarter of 1998. Because of debt refinancing costs, Seminis reported a net loss in 1999 of $10.9 million or 25 cents per share, versus a net loss in 1998 of $133.4 million or $4.23 per share. In the fourth quarter, the net loss was $1.5 million or 2 cents per share, compared with a loss of $5.9 million or 16 cents per share for the fourth quarter of 1998.

The higher revenue in 1999 versus 1998 was attributable primarily to sales from newly acquired companies and investments, officials said.

Seminis is the world’s largest developer, producer and marketer of vegetable seeds.