CADIZ REPORTS THIRD QUARTER RESULTS
Quarterly Earnings Improve By $.24 Per Share

Santa Monica, CA -- Cadiz Inc., (NASDAQ: CLCI) today reported results for the third quarter ended September 30, 1999. Revenues for the quarter were $60.6 million, operating profit was $7.4 million and net income was $3.0 million, or $.09 per share. The 1999 third-quarter net income amount included $5.5 million in charges for depreciation, amortization and non-cash interest. By comparison, in the third quarter of 1998, revenues were $45.6 million, operating loss was $0.2 million and net loss was $4.9 million, or ($.15) per share. The 1998 third-quarter net loss amount included $5.1 million of depreciation, amortization and non-cash interest charges.

The significant increase in operating profit for the third quarter of 1999, compared to the same period in 1998, is primarily attributable to newly planted crops reaching commercial production and favorable market conditions for the Company’s primary crop varieties.

The majority of the Company’s annual revenues are currently generated by the harvest and sale of crops produced by its wholly owned subsidiary, Sun World International, Inc., ("Sun World"). Those revenues are primarily recognized between June and October, while fixed overhead costs are incurred throughout the year. Therefore, the Company’s three- and nine-month results are not indicative of the results of operations for a full fiscal year. Once the Company’s water development programs are operational, revenues are not expected to be as seasonal in nature.

For the nine months ended September 30, 1999, revenues were $93.4 million, operating profit was $7.1 million and net loss was $6.3 million, or ($.18) per share. The 1999 nine-month net loss amount included $8.8 million of depreciation, amortization and non-cash interest charges. For the nine months ended September 30, 1998, revenues were $73.7 million, operating loss was $2.0 million and net loss was $15.1 million, or ($.46) per share. The 1998 nine-month net loss amount included $7.9 million of depreciation, amortization and non-cash interest charges.

Earnings before income taxes, interest expense, depreciation and amortization (EBITDA) contributed from Sun World were $17.7 million for the nine months ended September 30, 1999, compared to $7.3 million for the nine months ended September 30, 1998.

As detailed in its September 14, 1999 Letter to Shareholders, the Company is also pleased to report continued progress with the Cadiz Groundwater Storage & Dry-Year Supply Program ("Program"), the cooperative water management effort between Cadiz and the Metropolitan Water District of Southern California. The Program continues to move forward on schedule as anticipated.

Founded in 1983, Cadiz Inc., is a publicly held water and agricultural resources firm. With its subsidiary, Sun World International, Inc., Cadiz is one of the largest vertically integrated agricultural companies in California. The Company owns significant landholdings with substantial water resources throughout California. Further information on the Company can be obtained by visiting its corporate web site at www.cadizinc.com.

This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company’s forward-looking statements include price and yield fluctuations in the agricultural operations, seasonality, timing and terms of various approvals required to complete the Program, and other factors and considerations detailed in the Company’s Securities and Exchange Commission filings.

CADIZ INC.
Financial Summary

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