Agribrands International, Inc. (NYSE: AGX) yesterday announced first quarter net earnings of $4.9 million compared to $13.9 million for the prior year. Diluted earnings per share for the quarter were $0.48 compared to $1.29 for the prior year. Excluding merger expenses and restructuring charges, operating profit for the current quarter was $14.5 million compared to $19.7 million for the same quarter last year.