SCHEDULE A (Dollars in Thousands, except per share data and ratios)
For the Nine Months
DELTA AND PINE LAND COMPANY
-----------------For the Years Ended August 31,------------------------ Ended May 31, Sept. 21,
1992 1993 1994 1995 1996 1997 1997 1998 1998
------------------------------------------------------------------------ ----------------- ---------
SELECTED BALANCE SHEET ITEMS (Unaudited)
Accounts Receivable $5,252 $66,650 $95,437 $183,707
Inventory 20,168 41,460 42,886 58,931
Current Assets 24,065 23,979 29,269 36,296 111,940 145,449 261,722
Current Liabilities 20,194 17,634 18,883 24,695 75,966 112,524 177,457
Working Capital 3,871 6,345 10,386 11,601 35,974 32,925 84,265
Short Term Debt 2,595 259 23,940
Current Maturities LTD 3,250 0 0 0 0 0 0
L T Debt and Preferred St 13,750 1,104 14,047 12,814 31,545 30,652 56,194
Com Stckhldrs' Equity 11,172 31,593 38,024 47,860 69,261 72,451 99,492
Total Capitalization 24,922 32,697 52,071 60,674 100,806 103,103 155,686
Total Assets 45,561 50,958 72,394 87,542 179,660 220,656 339,401
SELECTED INCOME STATEMENT ITEMS
Sales 68,395 77,605 80,602 98,950 153,271 183,249 189,167 208,614
Cost of Goods Sold 39,395 45,192 48,135 55,946 97,477 116,289 119,933 139,382
Gross Profit 29,000 32,413 32,467 43,004 55,794 66,960 69,234 69,232
Other Income 552 539 383 463 467 0
Interest Expense 1,366 2,038 2,418 2,204 2,083 2,570
Deprec and Amor Exp 2,544 3,150 4,026 5,060 3,691 5,030
Sell, Gen & Admin Exp 13,971 17,213 18,818 21,189 16,982 20,352
Other Operating Expenses 5,496 6,631 11,212 13,651 11,056 14,673
Other Expenses 0 0 0 0 0 254
Pre-Tax Income 12,458 13,767 12,186 17,661 23,729 30,379 39,580 31,383
Taxes 4,608 5,149 4,359 6,726 8,453 10,448 14,073 12,278
N I From Continuing Ops 7,850 8,618 7,827 10,935 15,276 19,932 25,507 19,105
Dis Ops Extrao 0 0 0 0 0 (13,019) 0 0
Net Income 7,850 8,618 7,827 10,935 15,276 6,913 25,507 19,105
Preferred Dividends 0 0 0 0 39 63 45 72
N I from Cont Ops ava for Com 7,850 8,618 7,827 10,935 15,237 19,869 25,462 19,033
EBITDA 16,096 22,849 30,173 37,643 45,354 38,983
SELECTED LIQUIDITY, COVERAGE & LEVERAGE RATIOS
Current ratio 1.19 1.36 1.55 1.47 1.47 1.29 1.47
Collection period (days) 19.37 85.61 161.42 * 251.33 *
Inventory turnover 2.77 3.16 2.76 * 2.67 *
Sales / Assets (Avg) 1.69 1.61 1.31 1.24 1.15 0.92 * 0.72 *
EBIT / Interest 9.92 9.67 10.81 14.78 * 9.24 *
EBITDA/DMLTD+Interest 11.78 11.21 12.48 17.08 * 11.62 *
Assets / Equity 0.34 0.44 0.56 0.54 0.44 0.35 0.31
Equity / Ttl Cap[italiz (Avg) 0.61 0.74 0.82 0.76 0.73 0.69 0.66
SELECTED PROFITABILITY RATIOS
N I Con Ops avail com sh/Sales 11.48% 11.10% 9.71% 11.05% 9.94% 10.84% 10.82%* 6.63%*
N I Con Ops avail com sh/AvEqu 57.65% 40.30% 22.49% 25.46% 26.02% 28.04% * 15.63%*
N I Con Ops avail com sh/AvAss 19.44% 17.86% 12.69% 13.67% 11.40% 9.93% * 4.80%*
Gross Profit / Sales 42.40% 41.77% 40.28% 43.46% 36.40% 36.54% 36.60% 33.03%*
Operating Expense / Sales 24.15% 24.10% 19.59% 19.01% 14.82% 20.64%*
Taxes / Pretax income 36.99% 37.40% 35.77% 38.08% 35.62% 34.39% 35.56% 39.12%
SELECTED EARNINGS AND PRICING RATIOS
LTM EPS From Cont Operations $0.23 $0.25 $0.22 $0.29 $0.39 $0.50 $0.49 $0.33 $0.33 **
Wtd Aver EPS Cont Ops (5 Yrs) $0.37 $0.37 ***
Forecasted Next Yr EPS 8/99 $1.03
Fully diluted EPS as reported $0.23 $0.25 $0.22 $0.29 $0.39 $0.17 $0.64 $0.47
Dividend per share $0.00 $0.00 $0.05 $0.05 $0.06 $0.08 $0.06 $0.09 $0.12 ****
Dividend yield 0.28% 0.26%
Percentage payout 0.00% 0.00% 20.45% 15.52% 15.90% 45.88% 8.80% 19.15% 36.36%
Last 12 Mo sales per sha $2.01 $2.25 $2.17 $2.63 $3.90 $4.60 $5.00 $5.00 **
Last 12 Mo EBITDA per sha $0.43 $0.61 $0.77 $0.94 $0.77 $0.77 **
Book value per share $0.33 $0.92 $1.03 $1.27 $1.80 $1.93 $2.60 $2.60 **
Price / Share $27.56 $46.25
Invested capital per share $28.38 $48.34
Price / Share - LTM EPS - Cont ops 55.13 x 140.15 x
Price / Share - Wt Av EPS con ops 5yr 73.66 x 123.61 x
Price / Share - Forecasted EPS 44.90 x
Price / Share - Book value per share 14.31 x 17.79 x
Price / Share - Sales per share LTM 6.00 x 9.24 x
Price / Share - EBITDA per share LTM 29.19 x 59.92 x
Invested cap / Share Sales per share LTM 6.17 x 9.66 x
Invested cap / Share EBITDA per share LTM 30.06 x 62.63 x
End of Period shares Outstanding 37,076,720 37,563,787 37,609,849 38,267,283
Wtd aver shares Outstand 34,041,746 34,497,778 37,064,889 37,589,000 39,264,000 39,863,000 39,638,000 40,516,000
SELECTED GROWTH RATE CALCULATIONS
CAGR in Assets 1,2,3,4,5 Yrs 11.85% 26.05% 24.32% 40.92% 37.10%
CAGR in Sales 1,2,3,4,5 Yrs 13.47% 8.56% 13.10% 22.35% 21.79%
CAGR in FD EPS con ops 12345Yr 6.45% -3.28% 7.64% 13.80% 16.55%
EPS Cont Ops 5yr aver $0.33
EPS Cont Ops 5yr std dev $0.10
CAGR in FD EPS 12345yrs 7.53% -2.73% 7.64% 13.80% -6.07%
EPS 5 yr average $0.26
EPS (5 Year Standard Deviation) $0.07
EPS Cont. Ops. - Earnings per share before discontinued
operations and/or extraordinary and nonrecurring items
nmf - Not meaningful
* Annualized
** As of 5/31/98
*** As of 8/31/97
**** Indicated dividend rate