Leading cotton plant breeder, producer and marketer Delta and Pine Land Company announced financial results for its third quarter and nine months ended May 31, 2005.
After charges of $0.01 per diluted share related to Pharmacia/Monsanto litigation expenses, net earnings for the 2005 third quarter were $0.91 per diluted share, an increase from last year's comparable third quarter net earnings of $0.79 per diluted share. In the prior year third quarter, net earnings were reduced by $0.05 per diluted share for Pharmacia/Monsanto litigation expenses.
Revenues were $203.3 million in the current year third quarter, compared to $185.6 million recorded in the year-ago quarter. The revenue increase was primarily due to higher sales of premium priced stacked trait varieties and higher trait prices in the domestic segment. Operating expenses increased, largely due to higher research expenses, legal fees and Sarbanes-Oxley compliance costs.
After charges of $0.06 per diluted share related to Pharmacia/Monsanto litigation expenses, net income for the 2005 nine-month period increased more than 50% to $1.28 per diluted share, compared to net income of $0.85 per diluted share for the same period last year. In the 2004 nine-month period, net income included a reduction of $0.16 per diluted share for Pharmacia/Monsanto litigation expenses.
Revenues for the 2005 nine-month period increased 18% to $340.6 million, compared to $288.1 million in the prior year period. The revenue increase was primarily the result of higher unit sales of premium priced stacked trait picker varieties, as well as increases in trait fee prices.
marketing@alchempro.com
