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FIRST QUARTER EARNINGS RELEASE FROM PIONEER HI-BRED

 DES MOINES, Iowa, Jan. 8 /PRNewswire/ -- Pioneer Hi-Bred International, Inc. (NASDAQ-NMS: PHYB) announced today that operations for the first quarter of fiscal 1993, ended Nov. 30, 1992, resulted in a net loss of $37.9 million, or $.42 per share. For the same period a year earlier, the Iowa-based genetic supply company experienced a loss of $33.3 million or $.37 per share.
 Revenues for the quarter reached $58.4 million compared to last year's $54.5 million. Most of the increase in revenue resulted from earlier sales of the company's seed corn in the Southern Hemisphere. Sales of other products also grew but at a lesser rate.
 Thomas N. Urban, chairman and president, attributed the increase in loss for the most recent quarter to a number of factors. Larger research investments, timing of certain seasonal expenses, and a decline in the value of the dollar relative to other currencies were cited as reasons for the increased loss.
 Urban pointed out that the first quarter results in the current fiscal year were not a surprise. Typically, Pioneer records most of its revenues and profits in the third quarter because of the seasonality of the seed business. Therefore, single-quarter performance is seldom indicative of year-end results.
 "None of the events in the first three months of fiscal 1993 should cause analysts to change their earnings estimates for fiscal 1993," Urban said. Supplies of the company's seed products should meet expected increased demand in most cases. He added that field reports indicate that customers were pleased with the performance of the company's corn hybrids in North America.
 Despite projected reductions in corn acreage in North America and Europe, Urban expects Pioneer to record another good year. "Our operations in Latin America, Asia and some other areas outside North America are improving rapidly -- plus our field people are confident of increasing market share in North America. All of that bodes well for Pioneer," he concluded.
 PIONEER HI-BRED INTERNATIONAL INC.
 (UNAUDITED, IN THOUSANDS, EXCEPT FOR PER-SHARE MOUNTS)
 QUARTER ENDED NOV. 30,
 1992 1991
 Net sales $ 68,357 $ 54,471
 (Loss) before income tax credits (61,367) (54,471)
 Provision for income tax credits 23,497 21,144
 Net (loss) (37,870) (33,327)
 (Loss) per common share (a) $(.42) $ (.37)
 Average shares outstanding (a) 90,274 90,824
 (a) Share amounts for Nov. 30, 1991, have been restated to reflect a three-for-one stock split effected in the form of a 200 percent stock dividend paid July 17, 1992.
 -0- 1/8/93
 /CONTACT: James Ansorge, 515-245-3578, for Pioneer Hi-Bred/
 (PHYB)


CO: Pioneer Hi-Bred International, Inc. ST: Iowa IN: SU: ERN

LR -- NY023 -- 3007 01/08/93 11:50 EST
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Date:Jan 8, 1993
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