• Reports Record Annual Revenues of $418 million
• Announces Fiscal 2007 First Quarter Dividend of $0.17 per share

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, 2006.

Fourth Quarter Results

Net sales were $6.2 million in the 2006 fourth quarter, a decrease from 2005 fourth quarter net sales of $25.5 million. After charges of $0.28 per diluted share related to the writeoff of acquired in-process research and development (“IPR&D”) and related transaction expenses from the acquisition of technology licenses from DuPont, and $0.15 per diluted share from expenses incurred in connection with the merger agreement with Monsanto, net loss for the 2006 fourth quarter was $0.91 per diluted share, an increase from last year’s fourth quarter net loss of $0.24 per diluted share. In the 2005 fourth quarter, net loss increased by $0.01 per diluted share, due to expenses related to the Pharmacia/Monsanto litigation.

Excluding the IPR&D charge and merger costs incurred in the fourth quarter, fourth quarter 2006 net loss was higher than the prior year period, primarily due to increased legal and professional fees and costs associated with D&PL’s crop loss and replant programs. These programs were adversely impacted by drought conditions in Texas that persisted throughout the growing season. During this period, areas east of Texas were plagued by early season cool weather, followed by drought conditions for the remainder of the growing season. The combination of these weather conditions resulted in unprecedented crop loss and replants for D&PL’s farmer customers in the fourth quarter.

Annual Operating Results

The Company recorded net sales of $417.6 million for the 2006 fiscal year, compared to $366.1 million in the prior year. The 14% increase in sales was primarily driven by increased domestic revenues, due to higher per-unit technology fees, a 7% increase in overall unit sales volume, and a shift in sales to higher-value stacked trait units, partially offset by higher sales incentive payments and payments under D&PL’s crop loss and replant programs. The increase in domestic revenues was partially offset by a decrease in international revenues, primarily resulting from acreage reductions, government regulations, competitive products and exchange rates in certain markets.

After charges of $0.67 per diluted share ($0.46 from IPR&D charges, $0.15 from merger related costs, and $0.06 from Pharmacia/Monsanto litigation expenses), net income for fiscal 2006 was $0.54 per diluted share, compared to net income of $1.08 per diluted share for fiscal 2005. Fiscal 2005 net income included a reduction of $0.07 per diluted share for expenses related to the Pharmacia/Monsanto litigation.

An increase in operating expenses for the 2006 fiscal year versus the 2005 fiscal year, excluding the 2006 fiscal year IPR&D charges, was primarily due to higher legal and professional fees, research and development expenses related to developing products with new technologies, and greater compensation and benefits costs.

Tom Jagodinski, President and Chief Executive Officer, said, “Revenues for the 2006 fiscal year represent the highest recorded in our 91 year history. Our 2006 results are indicative of the strong performance of our cotton germplasm throughout the cotton belt. Excluding the nearly $11 million spent on Monsanto related arbitration and legal costs, our core business earnings grew by 18% in a period where domestic cotton acreage only grew by approximately 7%. We are pleased that three of our top performing varieties were planted on approximately 35% of the domestic cotton acreage in 2006, again demonstrating the value of our long-term research and development efforts. Finally, we are optimistic about the pending merger with Monsanto and the value it will create for both our shareholders and our farmer customers.”

Stock Repurchase Plan

During fiscal 2006, the Company purchased approximately 808,000 shares of its common stock at an aggregate purchase price of $19.8 million under the $50 million stock repurchase program initiated in June, 2005. Pursuant to the merger agreement executed with Monsanto, D&PL is precluded from repurchasing its own shares.

Quarterly Dividend

The Company also announced that its Board of Directors has declared a dividend of $0.17 per share for the first quarter of fiscal 2007. The dividend will be paid on December 14, 2006 to shareholders of record on November 30, 2006.

2007 Earnings Outlook

The Company also announced that it will provide earnings guidance for fiscal year 2007 once the harvest is complete and 2007 U.S. cotton planting estimates have been made.

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.

Full results in PDF format:
http://www.deltaandpine.com/press_investors/Investor_Relations_10-24-2006-91514.pdf