Scott, Mississippi
October 3, 2000
Delta and Pine Land Company (NYSE:
DLP), a leading commercial breeder, producer and marketer of cotton and soybean planting seed, today
announced financial results for the fourth fiscal quarter and year ended August 31, 2000. The Company
also announced several executive management changes.
Net income for the year ended August 31, 2000, excluding unusual items and the cumulative effect of a
change in accounting principles, was a record $0.90 per diluted share, an increase from $0.66 per diluted
share for the comparable prior year. Annual net income, including these unusual items, was $1.98 per
diluted share, primarily reflecting the receipt of $81 million from Monsanto less related expenses and other
unusual non recurring charges, compared to $0.18 per diluted share for fiscal 1999. Net sales and
licensing fees for the year increased to $301 million from $286 million in the prior year. The strong results
reported are primarily attributable to Delta and Pine Land's international operations, which were
profitable on an overall basis for the first time, and to an increase in transgenic cottonseed sales, which
comprised approximately 89% of total domestic unit sales in 2000 compared to 80% in 1999.
Furthermore, unit sales of transgenic products that contain both herbicide tolerance and insect resistance
genes increased 54% in 2000 compared to 1999.
The Company recorded a net loss for the fourth quarter, excluding unusual items, of $0.09 per diluted
share compared to net income of $0.08 per diluted share in last year's fourth quarter. Fourth quarter net
loss, including unusual items, was $0.12 per diluted share in 2000 compared to a net loss of $0.24 per
diluted share in the fourth quarter of 1999.
Due to health-related issues, Roger D. Malkin, Chairman and CEO, will take a reduced role and will
become Chairman Emeritus of the Company. Malkin will continue on the Board of Directors. Vice
Chairman Jon E. M. Jacoby will assume the role of Chairman and F. Murray Robinson, who retired as
President and Chief Operating Officer of Delta and Pine Land Company in 1999, has been named Chief
Executive Officer and will join the Board of Directors as Vice Chairman. The appointment of Robinson
expands the Board by one member. Steven M. Hawkins will continue to manage operations as President
and Chief Operating Officer of the Company.
In addition, current Board member Stanley P. Roth has been named Vice Chairman and W. Thomas
Jagodinski was named Senior Vice President and Chief Financial Officer, reporting directly to Robinson.
"Roger has been instrumental in the development of Delta and Pine Land Company, and has served the
Company extraordinarily well throughout his tenure as CEO," said Jacoby. "His strategic vision and
long-term planning have been essential to the growth of the Company, and we are pleased that he will
remain a member of the Company's Board. We are also delighted that Murray will be returning to Delta
and Pine Land, bringing his considerable experience to the Company at such an important time. His broad
background and vision will complement Steve's outstanding track-record of operational leadership."
"Over the past thirty years, I've had the rare and gratifying opportunity to help build a great organization,"
said Malkin. "With the combination of leading technology, talented employees and a strong balance sheet,
Delta and Pine Land is now stronger than it has been in the Company's history, and I'm proud to have
been a part of that effort. In fact, the Company is now better positioned both domestically and
internationally than ever before. While I regret having to reduce my role due to health reasons, I am
honored by my appointment as Chairman Emeritus and I look forward to continuing to serve as a member
of the Board. With Jon's and Murray's depth of knowledge and extensive experience, and Steve's
exceptional management skills, I am confident that the Company will continue to reach its full potential."
Robinson said, "I am extremely pleased to have the opportunity to serve as CEO of Delta and Pine Land
at this exciting time in the Company's development. I look forward to leveraging my more than 11 years
experience in various capacities at Delta and Pine Land to continue to move the Company forward.
Working alongside Steve, whose talents have been fundamental to the success of the Company, I intend
to further strengthen Delta and Pine Land's leadership position as a commercial breeder, producer and
marketer of cotton and soybean planting seed and create additional value for our shareholders."
Robinson served as Delta and Pine Land Company's President and Chief Operating Officer from 1988
until his retirement in 1999. From 1987 to 1988, Robinson directed the International Division of
Agrigenetics Corporation, an agribusiness company with various seed divisions and
biotechnology plant operations. From 1986 to 1987, he was Senior Vice President and acting General Manager of
Agrigenetics. From 1981 to 1986, Robinson served as Chief Financial Officer of Agrigenetics.
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. Delta and Pine Land
Company stock trades on the NYSE under the symbol "DLP."
Company news release
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