Delta and Pine Land Company, Scott, Miss., announced results for its first quarter ended Nov. 30, 2004. Due to the seasonal nature of the seed business, the Company typically incurs losses in its first and fourth fiscal quarters.

After charges of $0.03 per diluted share related to Pharmacia/Monsanto litigation expenses, net loss for the 2005 first quarter was $0.12 per diluted share, a reduction from last year's first quarter net loss of $0.19 per diluted share. In the prior year first quarter, Pharmacia/Monsanto litigation expenses were $0.05 per diluted share.



Revenues were $17.5 million in the 2005 first quarter compared to $13.8 million recorded in the year-ago quarter. The revenue increase was attributable to international operations, particularly in South America and Australia. Sales in South America benefited from higher volumes in Argentina and Brazil, as well as improvements in pricing. The increase in sales in Australia relates to higher volumes, resulting from expanded cotton plantings and the introduction of new products. International revenues decreased in China due to an expected shift in shipments to later in the year as well as an anticipated decline in cotton plantings. Operating expenses were slightly higher than the 2004 first quarter, primarily due to increased spending on research and development activities.



Tom Jagodinski, president and CEO, said, "We are pleased with our first quarter results and the strong growth of our businesses in Brazil and Australia. We are also optimistic about the outlook for the U.S. business due to our strong product lineup. Growers responded favorably to the performance of our new varieties launched in 2004 and we expect to have increased supplies of those products, as well as new varieties developed for the Texas High Plains, available in 2005. We are continuing to develop new varieties containing Monsanto's second-generation traits, Bollgard II