Seminis Reports Lower Sales in 3rd Quarter

Seminis Inc. in Oxnard reported sales of $114.4 million for the third quarter that ended June 30, 8.3% lower than the $124.7 million recorded during the same period in fiscal 1999.

Net loss for the vegetable seed company was $21.6 million, or 36 cents a share, compared with a loss of $10.6 million, or 27 cents a share in the same period of 1999. Excluding a $25.9-million write-off for restructuring and other nonrecurring charges, the loss was 9 cents a share.

“Although the results are below our expectations, the global position of Seminis provided a clear benefit by offsetting the reduced sales in NAFTA with increased sales in the rest of the world,” said Alejandro Rodriguez-Graue, president and chief operating officer. “The seed market in North America is undergoing the worst crisis in the last 25 to 30 years, and the weakness in the Euro currency continued to impact Seminis’ results during the quarter.”