Delta and Pine Land Company, a leading commercial breeder, producer and marketer of cotton planting seed, today announced strong financial results for the second fiscal quarter and six months ended February 29, 2000. 

Second-quarter net income, excluding unusual items relating to the terminated merger with
Monsanto, was $0.30 per diluted share, an increase of 100% from $0.15 per diluted share in last
year's second quarter. Second quarter net income including these unusual items was $1.46 per
diluted share, reflecting receipt of $81 million from Monsanto net of related expenses, compared
to $0.06 in the comparable prior year period. Net sales for the second quarter increased 43% to
$104.2 million from $72.8 million in the year-ago quarter. 

The Company also announced that Chairman and Chief Executive Officer Roger D. Malkin is
reducing his activities for medical reasons. President and Chief Operating Officer Steven M.
Hawkins will continue to oversee the daily operations of the Company and Board member Jon E.
M. Jacoby, who has been named Vice Chairman, will focus on strategic direction and long-term
planning. 

"While I regret having to reduce the scope of my involvement, I have complete confidence in Jon's
and Steve's abilities to continue to build on the momentum of the Company," said Malkin. "Delta
Pine is stronger today than at any time in its history, with leading technology, skilled employees
and a solid balance sheet. Since the termination of the merger with Monsanto, we have
commenced an ongoing program of reorganizing and re-energizing the Company to ensure a
successful future." 

Jacoby said, "I look forward to working with Delta Pine's strong management team in my role as
Vice Chairman. Delta Pine has a leading market position and is well poised for continuing
profitable growth. The Board and management remain committed to our shared goal of increasing
value for customers, employees and shareholders." 

"This has been a solid quarter for Delta Pine, as reflected in our significant increase in revenues
and strong growth in net income," said Hawkins. "We expect demand for Delta Pine's
high-technology cotton seed to continue to increase in 2000 and beyond. Accordingly, we believe
the Company is on track to meet or exceed current analyst earnings estimates." 

Net income for the six-month period, excluding unusual items relating to the terminated merger
with Monsanto and the cumulative effect of a change in accounting principles, was $0.14 per
diluted share, an increase from $0.01 per diluted share for the comparable prior year period.
Six-month net income including these unusual items was $1.22 per diluted share, reflecting receipt of $81 million from Monsanto net of related expenses, compared to a loss of $0.11 in the
comparable prior year period. Net sales for the period increased 36% to $108.8 million from
$80.0 million in the comparable prior year period. Delta and Pine Land Company is a
commercial breeder, producer and marketer of cotton planting seed. Headquartered in Scott,
Mississippi, with multiple offices in seven states and facilities in several foreign countries, DLP also breeds, produces and markets soybean planting seed. 

Company news release
N2598