Delta and Pine Land Company today announced record net sales of $260,465,000 for the fiscal year ended August 31, 1999 up 35% from $192,339,000 in fiscal 1998. The increase in sales in 1999 is primarily attributable to an increase in transgenic cottonseed sales which comprised approximately 80% of total domestic cottonseed unit sales compared to 65% in 1998 and record sales in Australia and China. Excluding special and nonrecurring pre-tax charges of $29,884,000 ($19,475,000 after tax) that relate to (i) costs associated with the Company's planned merger with Monsanto which is pending government review and approval, (ii) additional inventory reserves established to provide for excess inventory related to the realignment of the Company's product line to varieties that contain either or both of the Bollgard® and Roundup Ready® gene technologies and (iii) the loss on the disposition of fixed assets, the Company reported net income applicable to common shares of $26,952,000 or $0.66 per share (diluted) in fiscal 1999 compared with $15,153,000 or $0.37 per share, in fiscal 1998. After special and nonrecurring charges, the Company reported net income of $7,477,000 or $0.18 per share (diluted) for fiscal year 1999 and $1,783,000 or $0.04 per share in fiscal year 1998. The number of shares used in the computation of diluted earnings per share above was 40,973,000 and 40,839,000 for fiscal 1999 and 1998, respectively.

Before giving effect to special and nonrecurring pre-tax charges of $20,286,000 ($12,341,000
after tax), the Company reported net income of $3,199,000 or $0.08 per share (diluted) for the
fourth quarter ended August 31, 1999 compared to a net loss of $4,673,000 or $0.12 per share
(diluted) in the same quarter in 1998. After giving effect to special and nonrecurring charges, the
Company reported a net loss of $9,166,000 or $0.24 per share for the fourth quarter of 1999
compared to a net loss of $17,250,000 or $0.45 per share in the same quarter in 1998. The
number of shares outstanding used in the computation of diluted earnings per share was 38,513,000 and 38,367,000 for the fourth quarter of 1999 and 1998, respectively. Domestic and international shipments were up in the fourth quarter of 1999 and sales returns were in line with return accruals recorded at the end of the third quarter.

It is the nature of agricultural seed businesses that supply, demand and their timing are affected by many variables, including commodity prices, weather and governmental policy. Due to the seasonal nature of the seed business, the Company typically incurs losses in its first and fourth quarters. Additional risks and uncertainties with respect to the Company's business and forward looking statements are set forth in the Company's latest filings with the Securities and Exchange
Commission.

Delta and Pine Land Company is a commercial breeder, producer and marketer of cotton planting
seed. Headquartered in Scott, Mississippi, with offices and facilities in seven states and facilities in several foreign countries, DLP also breeds, produces and markets soybean planting seed. Delta and Pine Land Company common stock trades on the NYSE under the symbol ``DLP''.

Company news release
N2262