DELTA AND PINE LAND COMPANY AND SUBSIDIARIES
PRO FORMA CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share amounts)
August 31, May 31,
1995 1996
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 8,192 $ 5,992
Receivables 5,252 81,129
Inventories 20,168 36,403
Prepaid expenses 1,159 1,215
Deferred income taxes 1,525 1,525
Total current assets 36,296 126,264
PROPERTY, PLANT and EQUIPMENT, net 41,091 50,428
NOTES RECEIVABLE FROM EMPLOYEES 833 421
EXCESS OF COST OVER NET ASSETS OF
BUSINESSES ACQUIRED, net 1,463 5,988
INTANGIBLE ASSETS, net 3,236 3,260
OTHER ASSETS 4,623 4,561
$ 87,542 $ 190,922
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes payable $ 65 $ 19,437
Accounts payable 6,142 9,186
Accrued expenses 11,746 58,098
Income taxes payable 6,157 10,882
Total current liabilities 24,695 97,603
LONG-TERM DEBT 12,814 16,677
DEFERRED INCOME TAXES 2,173 3,726
STOCKHOLDERS' EQUITY:
Convertible preferred stock, par value
$0.10 per share; 2,000,000 shares
authorized, 450,000 shares issued and
outstanding - 45
Common stock, par value $0.10 per share;
50,000,000 shares authorized;
20,855,655 and 20,957,431 shares issued
and outstanding 2,086 2,096
Capital in excess of par value 12,626 19,538
Retained earnings 32,751 51,027
Cumulative foreign currency translation 397 210
Total stockholders' equity 47,860 72,916
$ 87,542 $ 190,922
See Notes to Pro Forma Consolidated Financial Statements
DELTA AND PINE LAND COMPANY AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE YEARS ENDED AUGUST 31, 1993, 1994 AND 1995
(In thousands, except per share amounts)
AUGUST 31, AUGUST 31, AUGUST 31,
1993 1994 1995
NET SALES AND LICENSING FEES $ 77,605 $ 80,602 $ 97,976
COST OF SALES 43,368 46,073 51,001
GROSS PROFIT 34,237 34,529 46,975
OPERATING EXPENSES:
RESEARCH AND DEVELOPMENT 4,413 5,495 6,260
SELLING 4,894 4,865 5,881
GENERAL AND ADMINISTRATIVE 9,312 11,148 15,564
18,619 21,508 27,705
OPERATING INCOME 15,618 13,020 19,270
INTEREST EXPENSE, NET (2,338) (1,437) (2,163)
OTHER 487 604 554
INCOME BEFORE INCOME TAXES 13,767 12,187 17,661
PROVISION FOR INCOME TAXES 5,149 4,359 6,726
NET INCOME $ 8,618 $ 7,828 $ 10,935
PRIMARY EARNINGS PER SHARE $ 0.44 $ 0.38 $ 0.52
NUMBER OF SHARES USED IN
PRIMARY EARNINGS PER SHARE
CALCULATIONS 19,405 20,849 21,116
See Notes to Pro Forma Consolidated Financial Statements
DELTA AND PINE LAND COMPANY AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE NINE MONTHS ENDED MAY 31, 1996
(In thousands, except per share amounts)
MAY 31,
1996
NET SALES AND LICENSING FEES $ 151,379
COST OF SALES 93,026
GROSS PROFIT 58,353
OPERATING EXPENSES:
RESEARCH AND DEVELOPMENT 6,411
SELLING 6,262
GENERAL AND ADMINISTRATIVE 12,777
25,450
OPERATING INCOME 32,903
INTEREST EXPENSE, NET (1,601)
OTHER 270
INCOME BEFORE INCOME TAXES 31,572
PROVISION FOR INCOME TAXES 11,530
NET INCOME 20,042
DIVIDENDS ON PREFERRED STOCK (25)
NET INCOME APPLICABLE TO COMMON SHARES $ 20,017
PRIMARY EARNINGS PER SHARE $ 0.92
NUMBER OF SHARES USED IN
PRIMARY EARNINGS PER SHARE
CALCULATION 21,774
FULLY DILUTED EARNINGS PER SHARE $ 0.91
NUMBER OF SHARES USED IN
FULLY DILUTED EARNINGS PER
SHARE CALCULATION 21,906
See Notes to Pro Forma Consolidated Financial Statements
DELTA AND PINE LAND COMPANY AND SUBSIDIARIES
NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
No pro forma adjustments were made to the pro forma consolidated financial
statements.