Scott, Mississippi
January 3, 2002

Delta and Pine Land Company (NYSE: DLP), a commercial breeder, producer and marketer of cotton planting seed, today announced results for the first quarter ended November 30, 2001. Due
to the seasonal nature of the seed business, DLP typically incurs losses in its first and fourth fiscal quarters.

The Company reported a net loss of $0.12 per share for the first quarter ended November 30, 2001, compared to a net loss of $0.13 per share, posted in the same period in the prior year. Revenues were $8.3 million in the 2002 first quarter compared to $9.7 million recorded in the same period last year. Average shares outstanding during the first quarter of 2002 were 38,385,000 compared to 38,386,000 for the same period last year.

Higher gross margins earned on slightly lower revenues combined with reduced operating expenses resulting from the Company's corporate realignment announced in August contributed to a reduction in the net loss reported in the quarter. The slight decline in revenues is attributable to a shift in export shipments from the first quarter to the second quarter.

Murray Robinson, Chairman, President and Chief Executive Officer, said, "While the first quarter is typically slower due to the seasonal nature of our business, we announced important investments in our cotton research facilities which will allow us to continue to pursue new technologies to benefit our customers. We also increased the quarterly dividend to shareholders by 25% in the quarter, which reflects our confidence in D&PL's 2002 earnings and cash flow from operations."

The Company also announced that during the quarter ended November 30, 2001 it purchased 207,800 shares of the Company's common stock at an aggregate purchase price of $3.9 million.

Delta and Pine Land Company is a commercial breeder, producer and marketer of cotton planting seed. Headquartered in Scott, Mississippi, with multiple offices in eight states and facilities in several foreign countries, DLP also breeds, produces and markets soybean planting seed in the U.S. where it sells cotton seed.  

Company news release
N4079