Delta and Pine Land Company today announced that its Board of Directors has authorized a program for the repurchase of up to $50 million of the Company's common stock. The amount of the repurchase program approximates the net after tax amount that the Company received from Monsanto's recent payment of $81 million to the Company.

Under the repurchase program, the shares will be repurchased from time to time in the open market, depending on market price and other considerations.

Roger D. Malkin, Chairman and Chief Executive Officer of Delta and Pine Land Company, said: "We believe that at current market prices, Delta and Pine Land shares represent an attractive  investment opportunity, and the repurchase will immediately return value to our shareholders. While this decision by the Board demonstrates its confidence in the Company's future prospects, the Board continues to explore all strategic alternatives in order to maximize value for its shareholders.''

It is the nature of agricultural seed businesses that supply, demand and their timing are affected by many variables, including commodity prices, weather, farmer financing 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 businesses 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 several foreign countries, Delta and Pine Land Company also breeds, produces and markets soybean planting seed. 

Company news release
N2450