December 28, 2006

Delta and Pine Land's Q1 loss narrows to US$0.26 per share

Delta and Pine Land Company's fiscal first-quarter loss narrowed slightly to US$9.36 million, or 26 cents a share, from US$9.45 million, or 27 cents a share, a year earlier as revenue rose 45 percent.

The Scott, Mississippi, agricultural company said Wednesday (Dec 27) that net sales for the quarter ended Nov 30 climbed to US$14.3 million from US$9.83 million in the year-earlier period.

Charges of 6 cents a share related to Delta and Pine's pending merger with Monsanto partially offset revenue gains.

Delta and Pine forecast 2007 earnings of US$1.10 to US$1.20 a share.

The company said it expected cotton planting to decline in fiscal 2007 from 2006 levels.