Cadiz Land Company Inc. Reports Third Quarter Results

Santa Monica, CA - Cadiz Land Company, Inc., (Nasdaq National Market symbol "CLCI") today reported revenues for the third quarter ended September 30, 1997 of $53.0 million, operating profit of $7.6 million and net income of $3.6 million ($0.11 per share). In the third quarter of 1996, the Company had revenues of $4.7 million, operating loss of $1.3 million, and a net loss of $2.4 million ($0.12 per share). The 1997 results include the operations of Sun World International, Inc. ("Sun World"), a wholly-owned subsidiary of Cadiz, which was acquired on September 13, 1996. Sun World contributed $52.9 million of revenues, $8.3 million of operating profit and a $4.5 million net income for the third quarter of 1997. The third quarter 1996 results include $4.7 of revenues, $0.6 million of operating profit and a $0.2 million net loss for Sun World representing the 16 day period from September 14, 1996 to September 30, 1996 following the Cadiz acquisition. The results of operations for Sun World prior to the acquisition date have not been consolidated with those of the Company. As such, direct comparison of the Company's results of operations for the three and nine month periods ended September 30, 1997 with results for the three and nine months ended September 30, 1996, will not, in the view of management of the Company, prove meaningful.

For the first nine months of 1997, revenues totaled $83.5 million, operating profit was $4.4 million and net loss was $7.3 million ($0.30 per share). Nine month 1996 results included revenues of $5.1 million, operating loss of $5.6 million, and a net loss of $7.6 million ($0.39 per share). Sun World contributed $83.3 million of revenues, $7.2 million of operating income and a $3.1 million net loss for the nine months ended September 30, 1997.

Earnings before income taxes plus interest expense, depreciation and amortization ("EBITDA") contributed from Sun World were $11.9 million for the third quarter of 1997 and $12.7 million for the nine months ended September 30, 1997.

The Company's agricultural operations at Sun World are impacted by the general seasonal trends that are characteristic of the agricultural industry. The majority of the Company's products are harvested and sold in the June through October time frame. Therefore, the above results are not indicative of the results of operations for a full fiscal year.

The Company continues to pursue the development of its water resources and is seeking to finalize the regulatory approvals needed to commence construction of a water delivery and storage project at Cadiz. Concurrently with the regulatory review process, the Company is also negotiating the terms of water delivery and/or storage arrangements with various California water agencies, which include issues such as financing, pricing concepts and formulas and ownership of the pipeline and the delivery and/or storage system. The Company is pleased with the progress made during the quarter in furthering the proposed water delivery and storage project at Cadiz.

The Company is a publicly held agricultural and water development firm. With the acquisition of its subsidiary, Sun World, the Company has become one of the largest vertically integrated agricultural companies in California.

	Quarter Ended September 30		Nine Months Ended September 30
	1997	1996	1997	1996

($ in thousands except per share data)
Revenues	$52,949	$4,738	$83,492	$5,141
Operating Profit (loss)	$7,555	$ (1,305)	$4,376	$(5,541)
Interest expense, net	$3,937	$1,137	$11,723	$2,029
Net income (loss)	$3,618	$(2,442)	$(7,347)	$(7,570)
Less: Preferred stock dividends	$(9)	$-0-	$(1,213)	$-0-
Net income (loss) applicable to common stock	$3,609	$(2,442)	$(8,560)	$(7,570)
Net loss per common share	$0.11	$(0.12)	$(0.30)	$(0.39)
Weighted average shares outstanding	$32,400	$20,000	$28,400	$19,200