Scotts, Mississippi
July 7, 2003

Reports Increased Sales and Net Income
Full Year Earnings Guidance Updated in Light of Heavy Rains and Storms in the Cotton Belt

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 fiscal quarter and nine months ended May 31, 2003.

Third Quarter and Nine-Month Results

Third quarter net income was $0.77 per diluted share, an increase of 18% over last year’s third quarter net income of $0.65, before legal expenses related to the D&PL versus Monsanto/Pharmacia litigation of $0.04 in 2003 ($0.02 in 2002), and before special charges in 2003 primarily related to a workforce reduction in Australia of $0.01 per diluted share.  Diluted earnings per share after such expenses and special charges was $0.72 per share for the third quarter compared to $0.63 per share in the prior year.  Net sales for the fiscal 2003 third quarter increased 25% to $169.0 million from $135.4 million in the year ago quarter, primarily the result of a shift in shipments into the third quarter from the second quarter.  Sales and net income were also favorably affected by increased demand for stacked gene cottonseed products, which carry higher technology fees. Operating expenses were essentially flat with last year.

Net income for the nine-month period was $1.10 per diluted share compared to $1.00 in the prior year, before legal expenses related to the D&PL versus Monsanto/Pharmacia litigation of $0.14 in 2003 ($0.04 in 2002), and special charges related to two U.S. location shut downs and workforce reductions at two foreign locations of $0.02 per diluted share.  Diluted earnings per share after such expenses and special charges was $0.94 for the nine-month period compared to $0.96 in the prior year.  Net sales for the current nine-month period increased to $282.1 million from $255.5 million in the comparable prior period.  This increase was primarily the result of higher sales of stacked gene products and higher soybean sales in the U.S. market.  Lower international sales and poor weather in the U.S. and Australia also negatively affected our 2003 results.  The USDA is now estimating that planted cotton acreage in 2003 will be lower overall than in 2002 and a major commodity broker has lowered its earlier estimates of acres to be planted in 2003.  Operating expenses increased due to higher insurance, pension and payroll related costs.

Tom Jagodinski, President and CEO said, “Although we reported higher sales and net income in the third quarter and year-to-date versus 2002, inclement weather, primarily heavy rains in the South and the Texas High Plains, reduced the number of acres planted to levels below our earlier estimates as well as forecasts made by the USDA.   Because of the poor weather, several hundred thousand acres were not planted with cotton and, in many cases, technology fees will not be collected on some planted acres if the crop was subsequently destroyed or abandoned.    In spite of the effects of the weather this year, we are encouraged by increased market share for our high-value picker products in markets east of Texas, the strong demand for higher margin stacked gene products and higher soybean sales.  We remain optimistic about new products containing third party traits we are currently working on, as well as the prospects for our DeltaMax Cotton joint venture.”

The following table reconciles net income before unusual items to net income at May 31.

Diluted EPS:

2003 Earnings Outlook

Due to the reduction in planted acreage in D&PL’s key picker markets (primarily east of Texas) and inclement weather across the Cotton Belt, the Company now expects to report earnings per diluted share before Monsanto legal expenses and special charges (a non-GAAP measure) in the range of $0.93 to $0.98.   Legal expenses associated with the Monsanto litigation are expected to range from $0.17 to $0.19 per diluted share.  Special charges are expected to approximate $0.02 per share.  Diluted earnings per share after Monsanto legal expenses and special charges (a GAAP measure) are expected to range from $0.72 to $0.79 per share.

Delta and Pine Land Company is a leading 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, D&PL also breeds, produces and markets soybean planting seed in the U.S.