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PIONEER HI-BRED REPORTS RESULTS

 PIONEER HI-BRED REPORTS RESULTS
 DES MOINES, Iowa, April 10 /PRNewswire/ -- Pioneer Hi-Bred


International, Inc. (NASDAQ: PHYB) announced today that operations for the first six months of fiscal 1992, ended Feb. 29, resulted in a loss of $39,529,000, or $1.31 per share. A year earlier, the Iowa-based genetic supply firm posted a loss of $48,306,000, or $1.59 per share.
 Because of the seasonal nature of the seed business, Pioneer typically records a loss in its first, second, and fourth quarters, generating its profits in the third quarter which includes most of the planting season in the northern hemisphere.
 Thomas N. Urban, chairman and president, attributed increased sales for this year's improved results. He noted that sales of $233 million so far in fiscal 1992 were well ahead of last year's $186 million. "We don't record a sale by our sales reps until a customer takes delivery of seed even if it has been paid for earlier to take advantage of early pay savings," Urban pointed out, "so this year's sales increase means that customers took more seed home with them than last year."
 At least a part of the 1992 sales increase is due to the predicted increase in planted corn acreage in North America. "In addition, we feel that the outstanding performance of our seed products around the world played a significant role in increasing sales," he said, "especially in corn and soybean seed."
 During the second quarter, Pioneer took a charge for doubtful accounts receivable from Eastern Europe due to economic difficulties and a current shortage of hard currency. Urban commented that the company's policy is to take such charges when uncertain about the collectibility of accounts.
 Urban admits that he is quite enthusiastic about the prospects for fiscal 1992. "Many factors are working in favor of our customers -- and therefore in our favor, too," he said. He added that seed supplies seem to be in good shape with only a few of the newest corn hybrids in tight supply.
 He issued his customary caveat, however. "We and our customers still face a number of hurdles, such as the kind of weather that delayed planting in a number of areas last year," he cautioned. "But we still share our customers' optimism for 1992."
 PIONEER HI-BRED INTERNATIONAL, INC.
 (Unaudited, In Thousands, Except For Per Share Amounts)
 Periods ended: Quarter Six months
 2/29/92 2/28/91 2/29/92 2/28/91
 Net sales $178,813 $138,306 $233,284 $186,450
 (Loss) before income
 tax credits (10,112) (17,662) (64,583) (79,280)
 Provision for income
 tax credits 3,910 6,896 25,054 30,974
 Net (loss) (6,202) (10,766) (39,529) (48,306)
 (Loss) per common share $ (.21) $ (.36) $ (1.31) $ (1.59)
 Average shares
 outstanding 30,241 30,180 30,228 30,373
 -0- 4/10/92
 /CONTACT: James Ansorge of Pioneer Hi-Bred, 515-245-3578/
 (PHYB) CO: Pioneer Hi-Bred International Inc. ST: Iowa IN: SU: ERN


TS -- NY037 -- 7231 04/10/92 12:27 EDT
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Date:Apr 10, 1992
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