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Monsanto Sees Record Sales in Fiscal Year 2007; Seeds and Traits Business Contributes to Strong Fourth Quarter and Year-End Results
Date:10/10/2007

ST. LOUIS, Oct. 10 /PRNewswire-FirstCall/ --

Fourth Fourth Fiscal Fiscal

($ in millions) Quarter Quarter Year Year

2007 2006 2007 2006

Net Sales by Segment

Corn seed and traits $364 $212 $2,807 $1,793

Soybean seed and traits 33 27 901 960

Cotton seed and traits 58 52 319 376

Vegetable and fruit seed 168 155 612 569

All other crops seeds and traits 119 85 325 280

TOTAL Seeds and Genomics $742 $531 $4,964 $3,978

Roundup and other glyphosate-based

herbicides $632 $632 $2,568 $2,262

All other agricultural productivity

products 199 227 1,031 1,054

TOTAL Agricultural Productivity $831 $859 $3,599 $3,316

TOTAL Net Sales $1,573 $1,390 $8,563 $7,294

Gross Profit $653 $480 $4,286 $3,519

Operating Expenses $1,008 $662 $2,868 $2,348

Interest Expense - Net $10 $16 $17 $79

Other Expense (Income) - Net $33 $(2) $65 $43

Net (Loss) Income $(210) $(144) $993 $689

Diluted (Loss) Earnings per Share

(See note 1.) $(0.39) $(0.27) $1.79 $1.25

Items Affecting Comparability - EPS

Impact

Loss (Income) on Discontinued

Operations $(0.13) $0.01 $(0.13)

Delta and Pine Land In-Process R&D

Expense $0.34 $0.34

Tax Charge on Repatsells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.

References to Roundup herbicides in this release mean Roundup branded herbicides, excluding lawn-and-garden herbicide products, and references to "Roundup and other glyphosate-based herbicides" exclude all lawn-and-garden herbicides.

Monsanto Company

Selected Financial Information

(Dollars in millions, except per share amounts)

Unaudited

Statements of Three Months Three Months 12 Months 12 Months

Consolidated Ended Ended Ended Ended

Operations Aug. 31, Aug. 31, Aug. 31, Aug. 31,

2007 2006 2007 2006

Net Sales $1,573 $1,390 $8,563 $7,294

Cost of Goods Sold 920 910 4,277 3,775

Gross Profit 653 480 4,286 3,519

Operating Expenses:

Selling, General and

Administrative Expenses 596 472 1,895 1,638

Research and Development

Expenses 226 190 780 710

Acquired In-Process Research

and Development 186 - 193 -

Total Operating Expenses 1,008 662 2,868 2,348

Income (Loss) From Operations (355) (182) 1,418 1,171

Interest Expense 43 34 139 134

Interest Income (33) (18) (122) (55)

Solutia-Related Expenses 17 9 40 29

Other Expense (Income) - Net 16 (11) 25 14

Income (Loss) From Continuing

Operations Before

Income Taxes and Minority

Interest (398) (196) 1,336 1,049

Income Tax Provision (Benefit) (119) (70) 402 337

Minority Interest Expense 5 5 12 17

Income (Loss) From Continuing

Operations (284) (131) 922 695

Discontinued Operations:

Income (Loss) From

Operations of Discontinued

Businesses 48 (10) 43 1

Income Tax Provision

(Benefit) (26) (3) (28) 1

Income (Loss) on Discontinued

Operations 74 (7) 71 -

Income (Loss) Before Cumulative

Effect of

Accounting Change (210) (138) 993 695

Cumulative Effect of a Change

Accounting in Principle,

Net of Tax Benefit - (6) - (6)

Net Income (Loss) $(210) $(144) $993 $689

EBIT (See note 2) $(349) $(207) $1,376 $1,095

Basic Earnings (Loss) per

Share:(1)

Income (Loss) From

Continuing Operations $(0.52) $(0.25) $1.70 $1.29

Income (Loss) on

Discontinued Operations 0.13 (0.01) 0.13 -

Cumulative Effect of

Accounting Change - (0.01) - (0.01)

Net Income (Loss) $(0.39) $(0.27) $1.83 $1.28

Diluted Earnings (Loss) per

Share:(1)

Income (Loss) From

Continuing Operations $(0.52) $(0.25) $1.66 $1.26

Income (Loss) on

Discontinued Operations 0.13 (0.01) 0.13 -

Cumulative Effect of

Accounting Change - (0.01) - (0.01)

Net Income (Loss) $(0.39) $(0.27) $1.79 $1.25

Weighted Average Shares

Outstanding:(1)

Basic 545.1 542.8 544.1 540.0

Diluted 545.1 542.8 555.0 551.6

Monsanto Company

Selected Financial Information

(Dollars in millions)

Unaudited Condensed Statements of Consolidated Financial As of As of

Position Aug. 31, Aug. 31,

2007 2006 Assets

Current Assets:

Cash and Cash Equivalents $866 $1,460

Trade Receivables - Net of Allowances of

$217 and $298, respectively 1,499 1,455

Miscellaneous Receivables 407 344

Deferred Tax Assets 449 390

Inventories 1,719 1,688

Other Current Assets 144 124

Total Current Assets 5,084 5,461

Property, Plant and Equipment - Net 2,656 2,418

Goodwill 2,625 1,522

Other Intangible Assets - Net 1,415 1,229

Noncurrent Deferred Tax Assets 732 625

Other Assets 473 473

Total Assets $12,985 $11,728

Liabilities and Shareowners' Equity

Current Liabilities:

Short-Term Debt, Including Current Portion

of Long-Term Debt $270 $28

Accounts Payable 649 514

Income Taxes Payable 150 234

Accrued Compensation and Benefits 349 295

Accrued Marketing Programs 517 494

Deferred Revenues 260 120

Miscellaneous Short-Term Accruals 880 594

Total Current Liabilities 3,075 2,279

Long-Term Debt 1,150 1,639

Postretirement Liabilities 542 600

Long-Term Portion of Solutia-Related Reserve 119 155

Other Liabilities 594 530

Shareowners' Equity 7,505 6,525

Total Liabilities and Shareowners' Equity $12,985 $11,728

Debt to Capital Ratio: 16% 20%

Monsanto Company

Selected Financial Information

(Dollars in millions)

Unaudited

Statements of Consolidated Cash Flows 12 Months 12 Months

Ended Ended

Aug. 31, Aug. 31,

2007 2006

Operating Activities:

Net Income $993 $689

Adjustments to Reconcile Cash Provided by

Operating Activities:

Items That Did Not Require (Provide) Cash:

Pre-Tax Cumulative Effect of Change in

Accounting Principle - 9

Depreciation and Amortization Expense 527 519

Bad-Debt Expense 70 47

Stock-Based Compensation Expense 73 63

Excess Tax Benefits from Stock-Based

Compensation (83) (98)

Deferred Income Taxes (88) 39

Equity Affiliate Expense - Net 34 31

Acquired In-Process Research and

Development 193 -

Other Items (39) 26

Changes in Assets and Liabilities, Net of the

Effects of Acquisitions:

Trade Receivables (2) 218

Inventories 60 (25)

Accounts Payable and Other Accrued

Liabilities 250 135

Solutia-Related Payments (26) (34)

PCB Litigation Settlement Proceeds 27 27

Net Investment Hedge Settlement (23) (1)

Other Items (112) 29

Net Cash Provided by Operating Activities 1,854 1,674

Cash Flows Provided (Required) by Investing

Activities:

Purchases of Short-Term Investments (59) (171)

Maturities of Short-Term Investments 22 300

Capital Expenditures (509) (370)

Acquisitions of Businesses,

Net of Cash Acquired (1,679) (258)

Technology and Other Investments (54) (147)

Proceeds from Sale of Stoneville and NexGen

Businesses 317 -

Other Investments and Property Disposal Proceeds 51 21

Net Cash Required by Investing Activities (1,911) (625)

Cash Flows Provided (Required) by Financing

Activities:

Net Change in Financing With Less Than 90-Day

Maturities (5) (106)

Short-Term Debt Proceeds 8 6

Short-Term Debt Reductions (8) (39)

Long-Term Debt Proceeds 8 256

Long-Term Debt Reductions (281) (118)

Payments on Other Financing (16) (9)

Treasury Stock Purchases (197) (114)

Stock Option Exercises 83 116

Excess Tax Benefits From Stock-Based

Compensation 83 98

Dividend Payments (258) (207)

Net Cash Required by Financing Activities (583) (117)

Effect of Exchange Rate Changes on Cash and Cash

Equivalents 46 3

Net Increase (Decrease) in Cash and Cash

Equivalents (594) 935

Cash and Cash Equivalents at Beginning of Period 1,460 525

Cash and Cash Equivalents at End of Period $866 $1,460

Monsanto Company

Selected Financial Information

(Dollars in millions)

Unaudited

(1) All earnings per share figures have been adjusted to reflect the

company's two-for-one stock split which was paid on July 28, 2006, in

the form of a 100 percent stock dividend.

(2) EBIT, Ongoing EPS and Free Cash Flow: The presentations of EBIT,

ongoing EPS and free cash flow are not intended to replace net income

(loss), cash flows, financial position or comprehensive income

(loss), and they are not measures of financial performance as

determined in accordance with generally accepted accounting

principles (GAAP) in the United States. The following tables

reconcile EBIT, ongoing EPS and free cash flow to the respective most

directly comparable financial measure calculated in accordance with

GAAP.

Reconciliation of EBIT to Net Income (Loss): EBIT is defined as

earnings (loss) before interest and taxes. Earnings (loss) is

intended to mean net income (loss) as presented in the Statements of

Consolidated Operations under GAAP. The following table reconciles

EBIT to the most directly comparable financial measure, which is net

income (loss).

Three Months 12 Months

Ended Ended

Aug. 31 Aug. 31,

2007 2006 2007 2006

EBIT - Seeds and Genomics Segment $(397) $(228) $905 $794

EBIT - Agricultural Productivity

Segment 48 21 471 301

EBIT- Total (349) (207) 1,376 1,095

Interest Expense - Net 10 16 17 79

Income Tax Provision

(Benefit)(A) (149) (79) 366 327

Net Income (Loss) $(210) $(144) $993 $689

(A) Includes the income tax provision (benefit) from continuing

operations, the income tax benefit on minority interest, the income

tax provision (benefit) on discontinued operations, and the income

tax benefit on the cumulative effect of a change in accounting

principle.

Reconciliation of EPS to Ongoing EPS: Ongoing EPS is calculated excluding certain after-tax items which Monsanto does not consider part of ongoing operations. The reconciliation of EPS to ongoing EPS for the fourth quarter and twelve months ended Aug. 31, 2007 and 2006, is included on page 1 of this release.

Reconciliation of Free Cash Flow: Free cash flow represents the total of cash flows from operating activities and investing activities, as reflected in the Statements of Consolidated Cash Flows presented in this release. With respect to the fiscal year 2008 free cash flow target, Monsanto does not include any estimates or projections of Net Cash Provided (Required) by Financing Activities because in order to prepare any such estimate or projection, Monsanto would need to rely on market factors and conditions that are outside of its control.

Fiscal Year 12 Months

2008 Ended

Guidance Aug. 31,

2007 2006

Net Cash Provided by Operating Activities $1,750-$1,850 $1,854 $1,674

(950) (1,911) (625)

Net Cash Required by Investing Activities

Free Cash Flow $800-$900 $(57) $1,049

Net Cash Required by Financing Activities N/A (583) (117)

Effect of Exchange Rate Changes on Cash

and Cash Equivalents N/A 46 3

Net Increase (Decrease) in Cash and Cash

Equivalents N/A $(594) $935

Cash and Cash Equivalents at Beginning of

Period N/A $1,460 $525

Cash and Cash Equivalents at End of

Period N/A $866 $1,460

riated Earnings $0.04 $0.04

Cumulative Effect of Change in

Accounting Principle $0.01 $0.01

Diluted (Loss) Earnings per Share

from Ongoing $(0.18) $(0.21) $2.00 $1.30

Business (For the definition of

ongoing EPS, see note 2.)

Effective Tax Rate (Continuing

Operations) 30% 36% 30% 32%

Fourth Fourth Fiscal Fiscal

Comparison as a Percent of Net Sales: Quarter Quarter Year Year

2007 2006 2007 2006

Gross profit 42% 35% 50% 48%

Selling, general and administrative

expenses (SG&A) 38% 34% 22% 22%

Research and development expenses 14% 14% 9% 10%

Income (Loss) before income taxes and

minority interest (25)% (14)% 16% 14%

Net Income (Loss) (13)% (10)% 12% 9%

Comment from Monsanto Chairman, President and Chief Executive Officer Hugh Grant:

"This year was a benchmark year for our company, as more and more farmers throughout the world rewarded us for the value our products are delivering to their farms. We realized record sales for a fourth consecutive year, made several strategic acquisitions and rewarded shareowners with our largest dividend increase in our history. Our results this year have created a strong foundation for continued earnings growth for our business leading into 2008 and well into the next decade."

Market Conditions

The 2007 harvest season is well under way throughout the Northern Hemisphere. U.S. corn farmers are harvesting what the U.S. Department of Agriculture (USDA) now estimates to be the largest corn crop ever produced, estimated at approximately 13 billion bushels. The USDA currently estimates that this year's corn crop is 42 percent harvested, the cotton crop is 30 percent harvested, and the soybean crop is 50 percent harvested.

In South America, farmers are gearing up for planting and during the next several months will be seeding their fields with their crops. Early-season estimates suggest that soybean production in Brazil is expected to remain flat year over year. Meanwhile, farmers in both Brazil and Argentina are expected to increase their plantings of corn as they work to support the growing demand on Latin America export needs.

Operations Update

Monsanto reported record net sales of $1.6 billion for the fourth quarter of fiscal year 2007, which were 13 percent higher than sales in the same period in fiscal year 2006. Key drivers for the quarter were a strong conclusion to the corn seed and traits season in the United States as well as increased corn seed revenues in Argentina and Brazil. Results in the quarter also included results from our Delta and Pine Land (D&PL) cotton business, which included a $186 million in-process research and development (IPR&D) charge.

Monsanto saw record sales of $8.6 billion in the company's fiscal year 2007. The year-to-date sales were 17 percent higher than sales in fiscal year 2006. Key contributors to the company's growth included higher worldwide corn seed and traits revenues, as well as increased sales of Roundup and other glyphosate-based herbicides globally. These results were partially offset by lower revenues from the company's soybean seed and trait business, as farmers reduced the number of acres planted in favor of corn. Results also reflected lower cotton trait revenues, as the total number of acres planted in Australia and the United States were reduced compared with the prior year.

Monsanto reported a net loss of $210 million in the fourth quarter of fiscal year 2007, compared with a reported net loss of $144 million in the same period last year. The increase in the fourth quarter loss related primarily to the D&PL IPR&D charge. For fiscal year 2007, Monsanto reported net income of $993 million which was significantly higher than net income of $689 million in fiscal year 2006.

Loss per share for the fourth quarter was $(0.39) on an as-reported basis, and was $(0.18) on an ongoing basis. Earnings per share (EPS) for fiscal year 2007 were $1.79 on an as-reported basis, and $2.00 on an ongoing basis. (For a reconciliation of ongoing EPS, see page 1. See note 2 for a discussion of ongoing EPS.) As reported EPS results for both periods reflect the effect of discontinued operations for the Stoneville(R) and NexGen(R) cottonseed businesses, as well as the D&PL IPR&D charge.

The company's results also reflect a lower tax rate for continuing operations in 2007 primarily resulting from the resolution of several tax audits and the company's ability to use net operating loss carry forwards in Argentina. These positive factors were partially offset by approximately 4 points attributable to non-deductible IPR&D charges associated with the company's recent acquisition of D&PL.

Cash Flow

For fiscal year 2007, net cash provided by operating activities was $1.9 billion, compared with $1.7 billion in the same period in 2006. Net cash required by investing activities was $1.9 billion in fiscal year 2007, compared with net cash required of $625 million for the same period last year. As a result, free cash flow was a use of $57 million for fiscal year 2007, compared with a source of $1 billion in fiscal year 2006. (For a reconciliation of free cash flow, see note 2.) Free cash flow in fiscal year 2007 reflected higher net income and higher spending on acquisitions when compared with fiscal year 2006. Net cash required by financing activities was $583 million for fiscal year 2007, compared with net cash required of $117 million last year.

Outlook

Monsanto said that its full-year 2008 EPS guidance, both on a reported and ongoing basis, is in the range of $2.20 to $2.40. The company's 2008 EPS guidance reflects a projected growth rate of 10 percent to 20 percent from the fiscal year 2007 EPS ongoing base of $2.00 per share.

The company also confirmed guidance for free cash flow for fiscal year 2008 will be in the range of $800 million to $900 million. The company expects net cash provided by operating activities to be in the range of $1.75 billion to $1.85 billion, and net cash required by investing activities to be approximately $950 million for fiscal year 2008. (For a reconciliation of free cash flow, see note 2.)

Monsanto also noted that it expects that SG&A expense as a percent of sales for fiscal year 2008 will be in the range of 20 percent to 21 percent. The company also confirmed that its R&D expenses as a percent of sales for fiscal year 2008 are expected to be approximately 10 percent.

Trait Acreage Report

As part of today's announcement, Monsanto published its year-end report on the company's biotech trait acreage for fiscal year 2007. This report is available on Monsanto's web site at: http://www.monsanto.com/monsanto/layout/investor/company/crop.asp.

Seeds and Genomics Segment Detail

($ in millions) Net Sales Gross Profit

Fourth Fourth Fiscal Fiscal Fourth Fourth Fiscal Fiscal

Seeds and Quarter Quarter Year Year Quarter Quarter Year Year

Genomics 2007 2006 2007 2006 2007 2006 2007 2006

Corn seed

and traits $364 $212 $2,807 $1,793 $178 $71 $1,721 $1,019

Soybean seed

and traits 33 27 901 960 7 12 588 667

Cotton seed

and traits 58 52 319 376 45 46 267 305

Vegetable

and fruit

seed 168 155 612 569 57 75 267 296

All other

crops seeds

and traits 119 85 325 280 72 44 171 146

TOTAL Seeds

and

Genomics $742 $531 $4,964 $3,978 $359 $248 $3,014 $2,433

($ in millions) Earnings Before Interest & Taxes (EBIT)

Fourth Fourth Fiscal Fiscal

Seeds and Genomics Quarter Quarter Year Year

2007 2006 2007 2006

EBIT (For a reconciliation of

EBIT, see note 2.) $(397) $(228) $905 $794

Unusual Items Affecting EBIT

DPL Acquired In-Process R&D $(186) None $(186) None

Income (Loss) on

discontinued operations $50 $(6) $45 $6

Pre-tax Cumulative Effect of

Change in Accounting

Principle None $(5) None $(5)

The Seeds and Genomics segment consists of the company's global seeds and related traits business, and genetic technology platforms.

Sales for Monsanto's Seeds and Genomics segment were $742 million for the fourth quarter of fiscal year 2007, or 40 percent higher than sales in the same period last year.

During the fourth quarter of fiscal year 2007, the company realized increased revenues from its corn seed and traits business. The key factors for growth included a successful conclusion to the seed and traits season in the United States and strong farmer demand for the company's corn seed products in Argentina and Brazil.

Monsanto realized record segment sales of $5 billion for fiscal year 2007 which were 25 percent higher compared with sales last fiscal year. The key driver for growth in the fiscal year was higher global corn seed and traits revenue. Strong customer demand for the company's branded corn seed products contributed to a sixth consecutive year of market share gains in the U.S. corn seed market for our DEKALB brand. This year the brand gained 4 percentage points.

The increased corn sales for the fiscal year 2007 were partially offset by lower sales of soybean seeds and traits in the United States, as well as lower sales of cotton traits in Australia and the United States. Lower sales in the United States reflect farmer planting trends, while the lower sales in Australia were a result of drought conditions.

Agricultural Productivity Segment Detail

($ in millions) Net Sales Gross Profit

Fourth Fourth Fiscal Fiscal Fourth Fourth Fiscal Fiscal

Agricultural Quarter Quarter Year Year Quarter Quarter Year Year

Productivity 2007 2006 2007 2006 2007 2006 2007 2006

Roundup and

other

glyphosate-

based

herbicides $632 $632 $2,568 $2,262 $219 $146 $854 $648

All other

agricultural

productivity

products 199 227 1,031 1,054 75 86 418 438

TOTAL

Agricultural

Productivity $831 $859 $3,599 $3,316 $294 $232 $1,272 $1,086

($ in millions) Earnings Before Interest & Taxes (EBIT)

Fourth Fourth Fiscal Fiscal

Agricultural Productivity Quarter Quarter Year Year

2007 2006 2007 2006

EBIT (For a reconciliation of

EBIT, see note 2.) $48 $21 $471 $301

Unusual Items Affecting EBIT

Loss on Discontinued

Operations $(2) $(4) $(2) $(5)

Pre-tax Cumulative Effect of

Change in Accounting

Principle None $(4) None $(4)

The Agricultural Productivity segment consists primarily of crop protection products, the lawn-and-garden herbicide business, and the company's animal agricultural business.

Sales for Monsanto's Agricultural Productivity segment were $831 million for the fourth quarter of fiscal year 2007, or 3 percent lower compared with sales in the same period last year. Results in the quarter reflect lower sales from the company's selective chemistry business.

Sales for the segment were $3.6 billion for fiscal year 2007, or 9 percent higher compared with sales in the same period last year. Segment year-to-date sales benefited from higher sales of Roundup and other glyphosate-based herbicides globally primarily in the United States, Brazil, the Europe-Africa region, Asia, Canada and Argentina. Segment sales were partially offset by lower sales from the company's selective chemistry and dairy businesses.

Webcast Information

In conjunction with this announcement, Monsanto will hold a conference call at 8:30 a.m. central time (9:30 a.m. eastern time) today. The call will focus on these results and future expectations. The call may also include a discussion of Monsanto's strategic initiatives, product performance and other matters related to the company's business.

Presentation slides and a simultaneous audio webcast of the conference call may be accessed by visiting the company's web site at http://www.monsanto.com/investor/. Visitors may need to download Windows Media Player(TM) prior to listening to the webcast. Following the live broadcast, a replay of the webcast will be available on the Monsanto web site for three weeks.

About Monsanto Company

Monsanto Company (NYSE: MON) is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. For more information on Monsanto, see http://www.monsanto.com.

Cautionary Statements Regarding Forward-Looking Information:

Certain statements contained in this release are "forward-looking statements," such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits, including proceedings related to Solutia Inc.; developments related to foreign currencies and economies; successful completion and operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it
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