As of June 30, 2005, the Company had purchased approximately 3.1 million shares of its common stock at an aggregate purchase price of $82.6 million in the current fiscal year. Current year repurchases totaled approximately 8% of the Company's issued and outstanding stock as of the beginning of the fiscal year.
Quarterly Dividend
The Company also announced that its Board of Directors has declared a dividend of $0.15 per share for the fourth quarter, an increase of 25% over the third quarter dividend. The dividend will be paid on September 14, 2005 to shareholders of record on August 31, 2005.
2005 Earnings Outlook
For the fiscal year 2005, D&PL now expects to report sales in the range of $340 million to $360 million, based on U.S. cotton plantings remaining constant with 2004 levels.
The Company is revising its earlier diluted earnings per share guidance to reflect an anticipated reduction in legal fees related to its lawsuit against Pharmacia and Monsanto, which previously were estimated to be $0.13 to $0.18 per diluted share. The Company now believes the Pharmacia/Monsanto legal expenses will be between $0.08 and $0.10 per diluted share.
Accordingly, the Company now expects to report earnings per diluted share in the range of $1.02 to $1.11. The earlier guidance provided related to core business earnings remains unchanged.
These earnings estimates include forecasts of fourth quarter domestic and international sales, slightly higher technology fee rebates under crop loss and replant programs than was experienced in 2004, and other assumptions regarding fourth quarter results. Crop loss and replant program rebates and other grower and channel marketing programs are finalized in the fourth quarter.
Mississippi based Delta and Pine Land Company is a leading commercial breeder, producer and marketer of cotton planting seed. The company with multiple offices in eight states and facilities in several foreign countries, D&PL also breeds, produces and markets soybean planting seed in the U.S.
Delta and Pine Land Company
marketing@alchempro.com
