Scott, Mississippi
October 15, 2002

• DeltaMax joint venture initiates cotton transformation
• Repurchases shares pursuant to repurchase plan

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 fourth quarter and year ended August 31, 2002.

Annual Operating Results

Net income for the year ended August 31, 2002, was $0.84 per diluted share, excluding legal expenses related to the Monsanto litigation, a decrease from $0.95 per diluted share, excluding unusual items and legal expenses related to the Monsanto litigation for the prior year. Net sales and licensing fees for the year decreased to $257.8 million from $305.8 million. The decreases in sales and earnings are primarily due to decreased domestic and international cotton seed sales, partially offset by higher cotton seed selling prices and an increase in soybean seed sales. Cotton seed sales were impacted by a substantial reduction in planted cotton acreage in the U.S. in 2002 from 2001. Net income for the year ended August 31, 2002, after legal expenses related to the Monsanto litigation, was $0.76 per diluted share compared to $0.81 per diluted share in 2001 after legal expenses related to the Monsanto litigation and unusual items. The Company's reported 2001 results included an unusual charge of $0.10 per diluted share related to plant closings and a corporate reorganization. Legal expenses related to the Monsanto litigation totaled $0.08 per diluted share in 2002 and $0.04 per diluted share in 2001.

Fourth Quarter Results

For the fourth quarter ended August 31, 2002, the net loss was $0.17 per diluted share, excluding legal expenses of $0.04 related to the Monsanto litigation, compared to last year's fourth quarter net loss of $0.12 per diluted share before unusual items and excluding legal expenses of $0.03 per share related to the Monsanto litigation. Net sales for the 2002 fourth quarter were $2.3 million compared to $6.6 million in the same quarter of 2001. The decline in sales resulted primarily from a reduction in cotton seed sales due to a decrease in planted cotton acreage but was partially offset by increased soybean seed sales. Net loss after legal expenses related to the Monsanto litigation for the fourth quarter of 2002 was $0.21 per diluted share compared to a net loss after unusual items and legal expenses related to the Monsanto litigation of $0.25 per diluted share in 2001. The Company's reported fourth quarter 2001 results included an unusual charge of $0.10 per diluted share related to plant closings and a corporate reorganization.

W. T. ("Jag") Jagodinski, President and Chief Executive Officer, said, "Our 2002 results were impacted primarily by the decline in cotton acreage in the U.S. and key international markets. However, D&PL is well positioned for 2003 with the planned launch of several new products, which we believe will increase both sales and D&PL's market share. The Company's product portfolio is well positioned and extensive, with several products in the development pipeline containing new technologies scheduled for launch as early as 2004 or 2005."

DeltaMax Cotton LLC

The Company also announced that its joint venture with MaxyAg Inc., DeltaMax Cotton LLC, has initiated cotton transformation of a proprietary glyphosate tolerant gene. The Company hopes this product will eventually compete in the glyphosate tolerant cotton seed market, which made up more than 70% of the cotton planted in the U.S. in 2002 according to USDA figures.

Stock Repurchase Plan

D&PL also announced that it had repurchased a total of 539,200 shares, at an aggregate cost of $9.96 million, in the open market during the 2002 fiscal year. The Company said that pursuant to its share repurchase program, it may continue to do so from time to time depending on market price and other considerations.

2003 Earnings Outlook

The Company also announced it will provide earnings guidance for fiscal year 2003 later this year due to detrimental weather conditions which have cast doubt on 2002 seed production. Storms caused by hurricanes Lili and Isidore have severely limited seed production in the Mid-South. D&PL has seed production in areas of Texas, Arizona and California which have yet to be harvested. Once the seed supply outlook becomes clearer, D&PL will provide earnings guidance for 2003. 

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.