Scott, Mississipi
October 11,  2001

* Signs letters of intent for two additional joint ventures in China
* Repurchases shares pursuant to repurchase plan
* Provides 2002 sales and EPS guidance

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, 2001. The Company also announced that it has signed two letters of intent for two additional joint ventures in China and that it has repurchased some shares in the open market.

Annual Operating Results

Net income for the year ended August 31, 2001, excluding unusual items, was $0.91 per diluted share, an increase from $0.90 per diluted share for the prior year. Net sales and licensing fees for the year increased to $305.8 million from $301.2 million. The increases in sales and earnings are primarily due to increased international cotton seed sales, higher domestic cotton seed selling
prices and an increase in the unit sales of higher margin picker cotton seed, which was partially offset by lower stripper cotton seed sales in Texas and reduced soybean sales. Net income for the year ended August 31, 2001 after unusual items was $0.81 per diluted share compared to $1.98 per share in 2000. The Company's reported 2001 results include an unusual charge of $0.10 per
diluted share related to the previously announced plant closings and the corporate reorganization as compared to the 2000 results, which included unusual income of $1.08 per share.

Fourth Quarter Results

Fourth quarter 2001 net loss before unusual items was $0.15 per share compared to last year's fourth quarter net loss of $0.09 per share. Net sales for the 2001 fourth quarter were $6.6 million compared to $15.1 million in the same quarter of 2000. The decline in sales is primarily the result of a reduction of stripper cotton seed sales in Texas, which was caused by poor weather conditions. The quarterly net loss reported was also negatively affected by higher operating expenses and additional reserves established. Net loss after unusual items for the fourth quarter of 2001 was $0.25 per share compared to a net loss including unusual items of $0.12 per share in 2000.

Murray Robinson, Chairman, President and Chief Executive Officer, said, "Through the profitability and corporate realignment initiatives we have taken over the past several quarters, the Company is well positioned for future growth. The joint ventures in China we announced today, our third and fourth, exemplify our strategy to expand our ability to provide the best technology available to
D&PL's farmer customers domestically and internationally and, as a result, enhance shareholder value."

China Joint Ventures

The Company has signed letters of intent with two parties in China to form two new joint ventures there, one each in Hubei and Henan provinces. Henan is the second largest cotton planting province in China. The Company currently has joint ventures in Hebei and Anhui provinces to distribute transgenic cotton seed. D&PL's first joint venture in China was signed in 1995.

Stock Repurchase Plan

D&PL announced that subsequent to year end it repurchased some shares in the open market. 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.

2002 Earnings Outlook

Assuming that US cotton acreage planted in 2002 is consistent with that planted in 2001 and that the Company continues to successfully execute its international business plan, the Company expects to report sales in the range of $310 to $325 million and EPS in the range of $1.05 to $1.12 in fiscal year 2002.

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.

Company news release
N3872