Scott, Mississippi/
June 24, 2002

Delta and Pine Land Company (NYSE: DLP) ("D&PL"), a leading commercial breeder, producer and marketer of cotton planting seed, today announced financial results for the third quarter and nine months ended May 31, 2002.

Third Quarter and Nine-Month Results

Third quarter 2002 net income was $0.63 per diluted share, an increase over last year's third quarter net income of $0.56 per diluted share. Net sales for the 2002 third quarter were $135.4 million compared to $139.3 million in the year-ago quarter. Although sales for the 2002 quarter were approximately flat compared to last year's quarter, net income exceeded last year due to higher margins earned on both cotton and soybean seed sales and due to reduced operating expenses. As we noted in our revised earnings guidance issued on May 16, 2002, D&PL expects planted cotton acreage in the U.S. this spring to fall to between 13.5 million and 14 million acres compared to 15.6 million acres planted in the previous year. This estimate reflects our belief that the passage of the 2002 Farm Bill occurred too late to alter many cropping plans for 2002.

Net income for the 2002 nine-month period was $0.96 per diluted share, compared to $1.04 per diluted share for the same period of 2001. Net sales for the 2002 period were $255.5 million versus $299.2 million in the comparable prior year period. The effect of the expected reduction in planted acreage was partially offset by higher margins earned on both cotton and soybean sales. Operating expenses for the nine-month period decreased $3.2 million, or 9%, from the comparable prior year period, primarily attributable to the completion of cost-saving actions announced at the end of the 2001 fiscal year and other cost savings steps taken in 2002 in anticipation of lower acreage.

Results for the 2002 three-month and nine-month periods include legal expenses of $0.02 and $0.04 per diluted share, respectively, related to the Monsanto litigation.

Murray Robinson, President and Chief Executive Officer, stated, "This quarter we announced a number of significant strategic transactions with Syngenta and Maxygen, Inc. and our acquisition of the 50% interest of D&M International that we did not own, which will position D&PL well for significant future growth. While our sales were impacted by the expected lower number of acres planted, our margins have remained strong based upon product pricing as well as the cost reduction actions we have
taken."

W. T. Jagodinski, Executive Vice President, said, "The strategic transactions we announced this quarter reflect the strength of D&PL's fundamental business and market position as well as our industry-leading germplasm base and Research and Technical Services capabilities. D&PL has the technology, the people and the capital to grow at an accelerated rate."

Earnings Outlook

Based on year to date results for the 2002 fiscal year, D&PL continues to expect sales to range from $255 million to $270 million and EPS to range from $0.81 to $0.87 per diluted share, before consideration of legal expenses of approximately $0.05 per diluted share related to the Monsanto litigation.

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