North Central KFMA
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                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
INCOME AND EXPENSE ANALYSIS   
 **BY NET INCOME                                         HIGH 25%                                HIGH MIDDLE
                                                         68 FARMS                                  68 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                180,627                                    72,082 
   2  DAIRY AND MILK                                       46,372                                    12,734 
   3  SHEEP                                                                                             341 
   4  SWINE                                                 8,478                                     8,980 
   5  POULTRY AND EGGS                                          1                                         7 
   6  OTHER LIVESTOCK                                         580-                                    1,339-
   7  CUSTOM FEEDING                                        1,391                                     1,198 
   8  FEED PURCHASED                                       80,163-                                   25,235-
   9     LIVESTOCK INCOME                                $156,125                                   $68,767 
      
  10  CORN                                                 16,904                                    13,633 
  11  GRAIN SORGHUM                                        40,533                                    24,032 
  12  SOYBEANS                                             37,616                                    25,193 
  13  SUNFLOWERS                                            1,183                                       558 
  14  WHEAT                                                81,311                                    58,759 
  15  HAY AND FORAGE                                       11,152                                    11,583 
  16  OTHER CROP                                            3,490                                     2,598 
  17  GOVERNMENT PAYMENTS                                  34,239                                    23,047 
  18  CROP INSURANCE PROCEEDS                               4,774                                     2,445 
  19  OTHER INCOME                                         12,381                                    12,707 
  20     VALUE OF FARM PRODUCTION                        $399,708                                  $243,322 
      
  21  HIRED LABOR                                          16,686                                     8,509 
  22  MACHINERY REPAIRS                                    24,411                                    17,914 
  23  IRRIGATION REPAIRS                                      187                                       405 
  24  BUILDING REPAIRS                                      3,443                                     1,249 
  25  INTEREST PAID                                        18,122                                    13,550 
  26  SEED-OTHER CROP EXPENSE                              18,130                                    13,033 
  27  CROP INSURANCE                                        7,261                                     5,029 
  28  FERTILIZER-LIME                                      37,742                                    27,332 
  29  MACHINE HIRE                                         13,192                                     8,172 
  30  ORGANIZATION FEE, PUBLICATION                         2,753                                     3,202 
  31  VET-MED-DRUGS                                         7,056                                     3,220 
  32  CROP STORAGE-MARKETING                                1,642                                     1,935 
  33  LIVESTOCK MARKETING-BREEDING                          4,884                                     3,447 
  34  DAIRY EXPENSE                                         5,260                                       984 
  35  GAS-FUEL-OIL                                         14,538                                    12,355 
  36  IRRIGATION ENERGY                                       243                                       112 
  37  REAL ESTATE TAXES                                     4,829                                     4,408 
  38  PERSONAL PROPERTY TAXES                               1,098                                       707 
  39  GENERAL FARM INSURANCE                                5,734                                     3,947 
  40  UTILITIES                                             4,818                                     3,512 
  41  CASH FARM RENT                                       30,217                                    19,162 
  42  HERBICIDE-INSECTICIDE                                19,663                                    12,354 
  43  CONSERVATION                                            687                                       203 
  44  AUTO EXPENSE                                            899                                     1,419 
  45     TOTAL OPERATING EXPENSE                         $243,497                                  $166,160 
      
  46  DEPRECIATION-MACHINERY                               26,970                                    19,444 
  47  DEPRECIATION-BUILDINGS                                2,920                                     1,580 
  48     TOTAL FARM EXPENSE                              $273,387                                  $187,184 
      
  49     NET FARM INCOME                                 $126,321                                   $56,139 
      
  50  UNPAID FAMILY LABOR                                   1,853                                       993 
  51  UNPAID OPERATOR LABOR                                32,003                                    26,404 
  52  MANAGEMENT CHARGE                                    26,922                                    13,164 
  53  CURRENT ASSET CHARGE - 8%                            22,479                                     9,784 
  54  NONCURRENT ASSET CHARGE - 8%                         33,852                                    24,537 
  55  RETURN LABOR-MANAGEMENT                              68,138                                    20,825 
  56  RETURN TO CAPITAL                                    83,665                                    29,127 
  57  ASSET TURNOVER RATIO                                  .3642                                     .3591 
  58  OPERATING PROFIT MARGIN RATIO                         .2093                                     .1197 
  59  % RETURN ON ASSETS                                    .0762                                     .0430 
  60  % RETURN ON EQUITY                                    .0931                                     .0363 
  61  TOTAL EXPENSE RATIO                                   .6840                                     .7693 
  62  ADJUSTED TOTAL EXPENSE RATIO                          .8360                                     .9360 
  63  ECONOMIC TOTAL EXPENSE RATIO                          .9770                                    1.0770 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            438,194               510,174             201,340               224,001 
  65  NONCURRENT ASSETS                         599,169               647,749             447,205               482,693 
  66  CURRENT LIABILITIES                       185,277               201,127              87,430                93,320 
  67  NONCURRENT LIABILITIES                    195,457               205,161             149,242               167,231 
  68  CURRENT RATIO                                2.37                  2.54                2.30                  2.40 
  69  DEBT TO ASSET RATIO                           .37                   .35                 .36                   .37 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
ANALYSIS OF THE FARM BUSINESS 
 **BY NET INCOME                                         HIGH 25%                                HIGH MIDDLE
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   90,744                                    52,255 
  71  MACHINERY AND EQUIPMENT                              81,515                                    60,950 
  72  MOTOR VEHICLES & LISTED PROPERTY                    132,786                                    95,542 
  73  BUILDINGS                                            28,786                                    15,720 
  74  OWNED LAND                                          352,312                                   274,160 
  75  TOTAL ASSETS                                      1,097,643                                   677,619 
  76  NET WORTH                                           704,132                                   429,008 
      
 LABOR
  77  NUMBER OF OPERATORS                                    1.18                                       .97 
  78  NUMBER OF WORKERS                                      1.86                                      1.29 
  79  TOTAL WORK DAYS                                         456                                       295 
  80  VALUE FARM PRODUCTION/WORKER                        214,524                                   187,808 
  81  NET FARM INCOME/WORKER                               67,797                                    43,331 
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        926,051                                   692,904 
  83  VALUE OF FARM PRODUCTION                            337,223                                   248,811 
  84  NET FARM INCOME                                     106,574                                    57,405 
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                 1.92                                      3.28 
  86  % TILLABLE LAND                                       62.31                                     62.20 
  87  CROP MACH COST/TOT EXPENSE(%)                         27.11                                     27.85 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           2261    67    696    56   1815    62       1604    67    535    58   1176    65   
  89  NON-IRRIGATED CROP ACRES              1382    67    528    55   1042    61        965    67    362    56    694    64   
  90  IRRIGATED CROP ACRES                   259     7                 277     5        183    12    137     6    125    11   
  91  TOTAL CROP ACRES                      1409    67    535    55   1065    61        998    67    376    56    715    64   
  92  PASTURE ACRES                         1097    52    237    40   1034    46        768    52    250    38    648    47   
  93  FARMSTEAD ACRES                                                                    84     8     76     6    
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                 1388          1418                         983          1016
  95  CROP MACHINERY INVESTMENT               175,680        126.54        123.89        130,657        132.89        128.63  
  96  CROP MACHINERY COST                      74,122         53.39         52.27         52,124         53.01         51.32  
  97  GROSS CROP VALUE                        295,063        209.40        205.03        196,527        196.94        190.63  
  98  CROP PRODUCTION COSTS                   186,100        134.05        131.24        132,129        132.41        128.17  
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                  32    158    126   143.1   121   146.6     26    120     74   130.7    97   136.2 
 100  GRAIN SORGHUM                         61    336    150   102.8   280   105.4     62    230    114   100.0   173   100.5 
 101  SOYBEANS                              57    262    160    36.0   201    38.0     51    203     97    37.4   162    37.0 
 102  SUNFLOWERS                             5    114                                   5     58                   39    14.2 
 103  WHEAT                                 66    585    209    51.6   474    51.5     65    452    163    49.4   361    50.2 
 104  OTHER CROPS                            7     70     95            28              5     16
 105  ALFALFA                               48    120     61     3.8   133     3.9     48     96     44     3.2    88     3.4 
 106  OTHER HAY & FORAGE                    53    156     92           120             51     88     40            70   
 107  VEGETABLES  
 108  TRUCK CROPS 
 109  FRUIT - FLOWERS - TREES 
      
 IRRIGATED ACRES                                  AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
 110  CORN                                   4    181                                   6    100                   90   186.4 
 111  GRAIN SORGHUM                                                                     5     25                   25   124.0 
 112  SOYBEANS                               7    152                  177    53.6     10    113     96    54.4    74    43.4 
 113  SUNFLOWERS  
 114  WHEAT                                                                             4    105
 115  OTHER CROPS 
 116  ALFALFA     
 117  OTHER HAY & FORAGE
 118  VEGETABLES  
 119  TRUCK CROPS 
 120  FRUIT - FLOWERS - TREES 
      
 AVERAGE LIVESTOCK INVENTORIES AND SALES  
 121  BEEF COWS                                                37                                        42 
 122  DAIRY COWS                                               11                                         3 
 123  EWES                                                                                                3 
 124  SOWS                                                      6                                         4 
 125  BEEF PURCHASED FOR RESALE SALES                         379                                        97 
 126  SWINE PURCHASED FOR RESALE SALES                                                                   39 
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
INCOME AND EXPENSE ANALYSIS   
 **BY NET INCOME                                        LOW MIDDLE                                 LOW 25%  
                                                         68 FARMS                                  66 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                 58,499                                    31,239 
   2  DAIRY AND MILK                                        4,887                                    10,197 
   3  SHEEP                                                    68                                       508 
   4  SWINE                                                 8,328                                       982 
   5  POULTRY AND EGGS                                         11                                         1-
   6  OTHER LIVESTOCK                                          94-                                      193 
   7  CUSTOM FEEDING                                          892                                     5,275 
   8  FEED PURCHASED                                       14,206-                                   12,050-
   9     LIVESTOCK INCOME                                 $58,384                                   $36,344 
      
  10  CORN                                                  7,116                                     2,628 
  11  GRAIN SORGHUM                                        16,246                                    18,280 
  12  SOYBEANS                                             13,329                                    12,475 
  13  SUNFLOWERS                                              171-                                    1,422 
  14  WHEAT                                                43,136                                    46,048 
  15  HAY AND FORAGE                                          542                                     8,428 
  16  OTHER CROP                                            1,173                                     1,998 
  17  GOVERNMENT PAYMENTS                                  16,034                                    15,917 
  18  CROP INSURANCE PROCEEDS                               2,323                                     2,190 
  19  OTHER INCOME                                          7,232                                     8,409 
  20     VALUE OF FARM PRODUCTION                        $165,344                                  $154,140 
      
  21  HIRED LABOR                                           6,138                                     9,316 
  22  MACHINERY REPAIRS                                    16,051                                    17,891 
  23  IRRIGATION REPAIRS                                      391                                       167 
  24  BUILDING REPAIRS                                      1,406                                     1,417 
  25  INTEREST PAID                                        10,415                                    15,639 
  26  SEED-OTHER CROP EXPENSE                               7,396                                     8,939 
  27  CROP INSURANCE                                        3,308                                     3,596 
  28  FERTILIZER-LIME                                      18,323                                    20,854 
  29  MACHINE HIRE                                          6,807                                     7,795 
  30  ORGANIZATION FEE, PUBLICATION                         2,016                                     2,469 
  31  VET-MED-DRUGS                                         2,940                                     2,514 
  32  CROP STORAGE-MARKETING                                  654                                       951 
  33  LIVESTOCK MARKETING-BREEDING                          3,121                                     1,640 
  34  DAIRY EXPENSE                                            82                                       844 
  35  GAS-FUEL-OIL                                          9,555                                    10,405 
  36  IRRIGATION ENERGY                                       203                                       194 
  37  REAL ESTATE TAXES                                     3,449                                     3,210 
  38  PERSONAL PROPERTY TAXES                                 524                                       661 
  39  GENERAL FARM INSURANCE                                2,979                                     3,910 
  40  UTILITIES                                             3,841                                     4,491 
  41  CASH FARM RENT                                       12,813                                    12,095 
  42  HERBICIDE-INSECTICIDE                                11,245                                     9,255 
  43  CONSERVATION                                            152                                       241 
  44  AUTO EXPENSE                                            990                                     1,357 
  45     TOTAL OPERATING EXPENSE                         $124,801                                  $139,850 
      
  46  DEPRECIATION-MACHINERY                               11,574                                    16,937 
  47  DEPRECIATION-BUILDINGS                                1,554                                     2,209 
  48     TOTAL FARM EXPENSE                              $137,930                                  $158,996 
      
  49     NET FARM INCOME                                  $27,415                                    $4,857-
      
  50  UNPAID FAMILY LABOR                                   1,423                                       716 
  51  UNPAID OPERATOR LABOR                                25,690                                    23,686 
  52  MANAGEMENT CHARGE                                     8,013                                     2,660 
  53  CURRENT ASSET CHARGE - 8%                             8,333                                     2,628 
  54  NONCURRENT ASSET CHARGE - 8%                         20,108                                    17,285 
  55  RETURN LABOR-MANAGEMENT                               2,449-                                   25,485-
  56  RETURN TO CAPITAL                                     2,704                                    16,280-
  57  ASSET TURNOVER RATIO                                  .3023                                     .3007 
  58  OPERATING PROFIT MARGIN RATIO                         .0164                                     .1056-
  59  % RETURN ON ASSETS                                    .0049                                     .0318-
  60  % RETURN ON EQUITY                                    .0217-                                    .1282-
  61  TOTAL EXPENSE RATIO                                   .8342                                    1.0315 
  62  ADJUSTED TOTAL EXPENSE RATIO                         1.0466                                    1.2071 
  63  ECONOMIC TOTAL EXPENSE RATIO                         1.2186                                    1.3363 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            173,306               186,143             132,503               133,579 
  65  NONCURRENT ASSETS                         351,785               382,659             375,170               383,880 
  66  CURRENT LIABILITIES                        72,520                78,600              94,903               105,487 
  67  NONCURRENT LIABILITIES                    111,906               119,841             153,643               173,288 
  68  CURRENT RATIO                                2.39                  2.37                1.40                  1.27 
  69  DEBT TO ASSET RATIO                           .35                   .35                 .49                   .54 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
ANALYSIS OF THE FARM BUSINESS 
 **BY NET INCOME                                        LOW MIDDLE                                 LOW 25%  
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   62,133                                    35,114 
  71  MACHINERY AND EQUIPMENT                              35,958                                    49,552 
  72  MOTOR VEHICLES & LISTED PROPERTY                     69,826                                    77,927 
  73  BUILDINGS                                            13,108                                    17,730 
  74  OWNED LAND                                          233,700                                   224,879 
  75  TOTAL ASSETS                                        546,947                                   512,567 
  76  NET WORTH                                           355,513                                   248,906 
      
 LABOR
  77  NUMBER OF OPERATORS                                     .95                                       .87 
  78  NUMBER OF WORKERS                                      1.18                                      1.25 
  79  TOTAL WORK DAYS                                         225                                       222 
  80  VALUE FARM PRODUCTION/WORKER                        138,979                                   122,717 
  81  NET FARM INCOME/WORKER                               23,043                                     3,867-
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        574,843                                   584,273 
  83  VALUE OF FARM PRODUCTION                            173,778                                   175,703 
  84  NET FARM INCOME                                      28,813                                     5,536-
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                 2.11                                      1.94 
  86  % TILLABLE LAND                                       58.61                                     66.81 
  87  CROP MACH COST/TOT EXPENSE(%)                         28.83                                     30.89 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           1373    68    438    58   1029    66       1249    66    453    55    959    60   
  89  NON-IRRIGATED CROP ACRES               788    68    255    55    618    64        818    66    334    53    615    59   
  90  IRRIGATED CROP ACRES                   129     9                 129     8        179     6                 111     5   
  91  TOTAL CROP ACRES                       805    68    257    55    634    64        835    66    344    53    614    60   
  92  PASTURE ACRES                          609    63    230    48    463    59        600    45    180    36    570    36   
  93  FARMSTEAD ACRES                         61     5                                   60     6     33     6    
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                  805           782                         835           841
  95  CROP MACHINERY INVESTMENT                83,115        103.25        106.27        104,147        124.79        123.87  
  96  CROP MACHINERY COST                      39,766         49.40         50.84         49,120         58.86         58.42  
  97  GROSS CROP VALUE                        131,064        162.82        167.58        139,959        167.70        166.47  
  98  CROP PRODUCTION COSTS                    94,641        117.57        121.01        112,401        134.68        133.69  
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                  22    102     73   121.1    89   130.4     14    101     39   155.0    91   114.9 
 100  GRAIN SORGHUM                         58    188     68    91.3   156    89.0     53    199    105    83.9   155    83.6 
 101  SOYBEANS                              47    114     64    35.4    95    36.6     41    147     66    33.8   127    34.6 
 102  SUNFLOWERS                                                                        4    157
 103  WHEAT                                 65    377    128    47.8   304    46.6     60    456    179    44.3   350    44.1 
 104  OTHER CROPS                           10     40     21            43    
 105  ALFALFA                               49     57     35     3.9    55     3.3     46     96     66     3.5    85     3.5 
 106  OTHER HAY & FORAGE                    59     99     52            80             44     90     56            75   
 107  VEGETABLES  
 108  TRUCK CROPS 
 109  FRUIT - FLOWERS - TREES 
      
 IRRIGATED ACRES                                  AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
 110  CORN                                   5     86                   98   173.7  
 111  GRAIN SORGHUM                                                                     4    138
 112  SOYBEANS                               5    100                  105    48.9  
 113  SUNFLOWERS  
 114  WHEAT 
 115  OTHER CROPS 
 116  ALFALFA     
 117  OTHER HAY & FORAGE
 118  VEGETABLES  
 119  TRUCK CROPS 
 120  FRUIT - FLOWERS - TREES 
      
 AVERAGE LIVESTOCK INVENTORIES AND SALES  
 121  BEEF COWS                                                39                                        14 
 122  DAIRY COWS                                                                                          3 
 123  EWES                                                      1                                         2 
 124  SOWS                                                     17                                         1 
 125  BEEF PURCHASED FOR RESALE SALES                          47                                        63 
 126  SWINE PURCHASED FOR RESALE SALES    
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
INCOME AND EXPENSE ANALYSIS   
 **BY NET INCOME                                         AVERAGE                                   MY FARM  
                                                        270 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                 86,015 
   2  DAIRY AND MILK                                       18,609 
   3  SHEEP                                                   227 
   4  SWINE                                                 6,734 
   5  POULTRY AND EGGS                                          4 
   6  OTHER LIVESTOCK                                         460-
   7  CUSTOM FEEDING                                        2,166 
   8  FEED PURCHASED                                       33,068-
   9     LIVESTOCK INCOME                                 $80,228 
      
  10  CORN                                                 10,125 
  11  GRAIN SORGHUM                                        24,821 
  12  SOYBEANS                                             22,225 
  13  SUNFLOWERS                                              743 
  14  WHEAT                                                57,397 
  15  HAY AND FORAGE                                        7,922 
  16  OTHER CROP                                            2,317 
  17  GOVERNMENT PAYMENTS                                  22,357 
  18  CROP INSURANCE PROCEEDS                               2,939 
  19  OTHER INCOME                                         10,195 
  20     VALUE OF FARM PRODUCTION                        $241,269 
      
  21  HIRED LABOR                                          10,169 
  22  MACHINERY REPAIRS                                    19,075 
  23  IRRIGATION REPAIRS                                      288 
  24  BUILDING REPAIRS                                      1,882 
  25  INTEREST PAID                                        14,423 
  26  SEED-OTHER CROP EXPENSE                              11,896 
  27  CROP INSURANCE                                        4,807 
  28  FERTILIZER-LIME                                      26,101 
  29  MACHINE HIRE                                          9,000 
  30  ORGANIZATION FEE, PUBLICATION                         2,611 
  31  VET-MED-DRUGS                                         3,943 
  32  CROP STORAGE-MARKETING                                1,298 
  33  LIVESTOCK MARKETING-BREEDING                          3,285 
  34  DAIRY EXPENSE                                         1,800 
  35  GAS-FUEL-OIL                                         11,723 
  36  IRRIGATION ENERGY                                       188 
  37  REAL ESTATE TAXES                                     3,979 
  38  PERSONAL PROPERTY TAXES                                 748 
  39  GENERAL FARM INSURANCE                                4,145 
  40  UTILITIES                                             4,163 
  41  CASH FARM RENT                                       18,620 
  42  HERBICIDE-INSECTICIDE                                13,158 
  43  CONSERVATION                                            321 
  44  AUTO EXPENSE                                          1,165 
  45     TOTAL OPERATING EXPENSE                         $168,790 
      
  46  DEPRECIATION-MACHINERY                               18,745 
  47  DEPRECIATION-BUILDINGS                                2,065 
  48     TOTAL FARM EXPENSE                              $189,599 
      
  49     NET FARM INCOME                                  $51,670 
      
  50  UNPAID FAMILY LABOR                                   1,250 
  51  UNPAID OPERATOR LABOR                                26,970 
  52  MANAGEMENT CHARGE                                    12,764 
  53  CURRENT ASSET CHARGE - 8%                            10,866 
  54  NONCURRENT ASSET CHARGE - 8%                         23,995 
  55  RETURN LABOR-MANAGEMENT                              15,559 
  56  RETURN TO CAPITAL                                    25,109 
  57  ASSET TURNOVER RATIO                                  .3397 
  58  OPERATING PROFIT MARGIN RATIO                         .1041 
  59  % RETURN ON ASSETS                                    .0354 
  60  % RETURN ON EQUITY                                    .0245 
  61  TOTAL EXPENSE RATIO                                   .7858 
  62  ADJUSTED TOTAL EXPENSE RATIO                          .9557 
  63  ECONOMIC TOTAL EXPENSE RATIO                         1.1002 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            237,105               264,436 
  65  NONCURRENT ASSETS                         443,837               474,915 
  66  CURRENT LIABILITIES                       110,145               119,738 
  67  NONCURRENT LIABILITIES                    152,554               166,329 
  68  CURRENT RATIO                                2.15                  2.21 
  69  DEBT TO ASSET RATIO                           .39                   .39 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
ANALYSIS OF THE FARM BUSINESS 
 **BY NET INCOME                                         AVERAGE                                   MY FARM  
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   60,246 
  71  MACHINERY AND EQUIPMENT                              57,049 
  72  MOTOR VEHICLES & LISTED PROPERTY                     94,140 
  73  BUILDINGS                                            18,844 
  74  OWNED LAND                                          271,607 
  75  TOTAL ASSETS                                        710,147 
  76  NET WORTH                                           435,764 
      
 LABOR
  77  NUMBER OF OPERATORS                                     .99 
  78  NUMBER OF WORKERS                                      1.40 
  79  TOTAL WORK DAYS                                         300 
  80  VALUE FARM PRODUCTION/WORKER                        172,062 
  81  NET FARM INCOME/WORKER                               36,849 
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        710,937 
  83  VALUE OF FARM PRODUCTION                            241,538 
  84  NET FARM INCOME                                      51,728 
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                 2.30 
  86  % TILLABLE LAND                                       62.34 
  87  CROP MACH COST/TOT EXPENSE(%)                         28.38 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           1623   268    530   227   1243   253    
  89  NON-IRRIGATED CROP ACRES               988   268    370   219    741   248    
  90  IRRIGATED CROP ACRES                   184    34    126    15    150    29    
  91  TOTAL CROP ACRES                      1012   268    378   219    756   249    
  92  PASTURE ACRES                          766   212    225   162    669   188    
  93  FARMSTEAD ACRES                         64    22     51    19     56     8    
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                 1004          1015
  95  CROP MACHINERY INVESTMENT               123,542        123.05        121.67   
  96  CROP MACHINERY COST                      53,817         53.60         53.00   
  97  GROSS CROP VALUE                        190,620        188.45        186.33   
  98  CROP PRODUCTION COSTS                   131,455        130.44        128.98   
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                  94    126     91   138.0   101   134.0  
 100  GRAIN SORGHUM                        234    240    109    94.8   193    95.2  
 101  SOYBEANS                             196    187    102    35.8   150    36.7  
 102  SUNFLOWERS                            16     97     55    18.2   105    14.7  
 103  WHEAT                                256    468    170    48.4   373    48.2  
 104  OTHER CROPS                           23     44     46            34    
 105  ALFALFA                              191     92     52     3.6    90     3.5  
 106  OTHER HAY & FORAGE                   207    109     60            86    
 107  VEGETABLES  
 108  TRUCK CROPS 
 109  FRUIT - FLOWERS - TREES 
      
 IRRIGATED ACRES                                  AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
 110  CORN                                  16    113     54   192.5   118   186.9  
 111  GRAIN SORGHUM                         11     68     66   111.3    54   113.8  
 112  SOYBEANS                              25    118     80    48.8   104    46.3  
 113  SUNFLOWERS  
 114  WHEAT                                  8    100     94    41.6    65    49.0  
 115  OTHER CROPS 
 116  ALFALFA     
 117  OTHER HAY & FORAGE                     8     57                   47    
 118  VEGETABLES  
 119  TRUCK CROPS 
 120  FRUIT - FLOWERS - TREES 
      
 AVERAGE LIVESTOCK INVENTORIES AND SALES  
 121  BEEF COWS                                                33 
 122  DAIRY COWS                                                4 
 123  EWES                                                      1 
 124  SOWS                                                      7 
 125  BEEF PURCHASED FOR RESALE SALES                         147 
 126  SWINE PURCHASED FOR RESALE SALES                         10 
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003