North Central KFMA
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                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
INCOME AND EXPENSE ANALYSIS   
 **BY OWNERSHIP TYPE                                    CORPORATIONS                            PARTNERSHIP - OWNER     
                                                         18 FARMS                                   8 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                105,273                                    82,692 
   2  DAIRY AND MILK                                       53,509                                    19,877 
   3  SHEEP                                                                                              50-
   4  SWINE 
   5  POULTRY AND EGGS  
   6  OTHER LIVESTOCK                                         292-
   7  CUSTOM FEEDING                                        5,115                                       940 
   8  FEED PURCHASED                                       24,445-                                   14,646-
   9     LIVESTOCK INCOME                                $139,161                                   $88,812 
      
  10  CORN                                                 26,749                                    26,197 
  11  GRAIN SORGHUM                                        53,056                                    39,694 
  12  SOYBEANS                                             42,712                                    39,057 
  13  SUNFLOWERS                                              234-                                    1,520 
  14  WHEAT                                               115,638                                    75,152 
  15  HAY AND FORAGE                                       23,713                                     1,812-
  16  OTHER CROP                                           15,942                                     6,626 
  17  GOVERNMENT PAYMENTS                                  43,890                                    33,096 
  18  CROP INSURANCE PROCEEDS                               8,002                                     3,600 
  19  OTHER INCOME                                         18,781                                    15,674 
  20     VALUE OF FARM PRODUCTION                        $487,410                                  $327,617 
      
  21  HIRED LABOR                                          35,995                                     7,883 
  22  MACHINERY REPAIRS                                    35,713                                    19,203 
  23  IRRIGATION REPAIRS                                      330                                     1,340 
  24  BUILDING REPAIRS                                      3,437                                     2,542 
  25  INTEREST PAID                                        23,357                                    13,752 
  26  SEED-OTHER CROP EXPENSE                              30,132                                    16,604 
  27  CROP INSURANCE                                       10,106                                     7,311 
  28  FERTILIZER-LIME                                      51,685                                    35,599 
  29  MACHINE HIRE                                         15,434                                     5,997 
  30  ORGANIZATION FEE, PUBLICATION                         4,233                                     4,166 
  31  VET-MED-DRUGS                                         7,163                                     5,133 
  32  CROP STORAGE-MARKETING                                4,435                                       621 
  33  LIVESTOCK MARKETING-BREEDING                          8,470                                     9,019 
  34  DAIRY EXPENSE                                         5,166                                     1,816 
  35  GAS-FUEL-OIL                                         20,504                                    16,954 
  36  IRRIGATION ENERGY                                       835                                       803 
  37  REAL ESTATE TAXES                                     4,492                                     4,768 
  38  PERSONAL PROPERTY TAXES                               1,092                                       827 
  39  GENERAL FARM INSURANCE                                8,338                                     4,725 
  40  UTILITIES                                             8,536                                     4,172 
  41  CASH FARM RENT                                       62,344                                    37,593 
  42  HERBICIDE-INSECTICIDE                                29,161                                    19,759 
  43  CONSERVATION                                            887                                       141 
  44  AUTO EXPENSE                                            764                                       437 
  45     TOTAL OPERATING EXPENSE                         $372,607                                  $221,167 
      
  46  DEPRECIATION-MACHINERY                               35,076                                    20,383 
  47  DEPRECIATION-BUILDINGS                                3,183                                     1,061 
  48     TOTAL FARM EXPENSE                              $410,866                                  $242,611 
      
  49     NET FARM INCOME                                  $76,543                                   $85,006 
      
  50  UNPAID FAMILY LABOR                                     375 
  51  UNPAID OPERATOR LABOR                                36,900                                    47,250 
  52  MANAGEMENT CHARGE                                    20,188                                    19,023 
  53  CURRENT ASSET CHARGE - 8%                            15,307                                    14,294 
  54  NONCURRENT ASSET CHARGE - 8%                          7,497                                    22,704 
  55  RETURN LABOR-MANAGEMENT                              53,365                                    48,008 
  56  RETURN TO CAPITAL                                    42,438                                    32,485 
  57  ASSET TURNOVER RATIO                                  .6585                                     .4736 
  58  OPERATING PROFIT MARGIN RATIO                         .0871                                     .0992 
  59  % RETURN ON ASSETS                                    .0573                                     .0470 
  60  % RETURN ON EQUITY                                    .0669                                     .0405 
  61  TOTAL EXPENSE RATIO                                   .8430                                     .7405 
  62  ADJUSTED TOTAL EXPENSE RATIO                          .9609                                     .9428 
  63  ECONOMIC TOTAL EXPENSE RATIO                         1.0076                                    1.0558 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            347,731               388,594             269,740               293,567 
  65  NONCURRENT ASSETS                         360,167               383,891             404,691               415,379 
  66  CURRENT LIABILITIES                       169,411               184,250              96,668               109,287 
  67  NONCURRENT LIABILITIES                    276,396               280,242             128,361               124,120 
  68  CURRENT RATIO                                2.05                  2.11                2.79                  2.69 
  69  DEBT TO ASSET RATIO                           .63                   .60                 .33                   .33 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
ANALYSIS OF THE FARM BUSINESS 
 **BY OWNERSHIP TYPE                                    CORPORATIONS                            PARTNERSHIP - OWNER     
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                  119,205                                    85,553 
  71  MACHINERY AND EQUIPMENT                             113,795                                    63,293 
  72  MOTOR VEHICLES & LISTED PROPERTY                    154,056                                   102,895 
  73  BUILDINGS                                            34,076                                    10,648 
  74  OWNED LAND                                           35,232                                   224,263 
  75  TOTAL ASSETS                                        740,191                                   691,689 
  76  NET WORTH                                           285,042                                   462,471 
      
 LABOR
  77  NUMBER OF OPERATORS                                    1.36                                      1.75 
  78  NUMBER OF WORKERS                                      2.61                                      2.00 
  79  TOTAL WORK DAYS                                         565                                       347 
  80  VALUE FARM PRODUCTION/WORKER                        186,271                                   163,809 
  81  NET FARM INCOME/WORKER                               29,252                                    42,503 
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        541,603                                   395,251 
  83  VALUE OF FARM PRODUCTION                            356,641                                   187,210 
  84  NET FARM INCOME                                      56,007                                    48,575 
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                 5.73                                      4.20 
  86  % TILLABLE LAND                                       73.50                                     69.45 
  87  CROP MACH COST/TOT EXPENSE(%)                         24.78                                     27.73 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           2530    18    722     5   2466    17       1673     8    672     5   1253     8   
  89  NON-IRRIGATED CROP ACRES              1753    18    607     5   1677    17       1113     8    565     5    760     8   
  90  IRRIGATED CROP ACRES                   274     7                 274     7    
  91  TOTAL CROP ACRES                      1860    18    607     5   1790    17       1162     8    565     5    809     8   
  92  PASTURE ACRES                          738    16                 766    15    
  93  FARMSTEAD ACRES   
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                 1860          1926                        1162          1200
  95  CROP MACHINERY INVESTMENT               224,112        120.52        116.35        147,888        127.28        123.22  
  96  CROP MACHINERY COST                     101,814         54.75         52.86         67,285         57.91         56.06  
  97  GROSS CROP VALUE                        394,275        212.03        204.68        241,801        208.11        201.46  
  98  CROP PRODUCTION COSTS                   280,156        150.66        145.44        171,820        147.88        143.16  
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                   7    194                  194   141.7      4    137
 100  GRAIN SORGHUM                         17    409                  384    96.4      8    247    178   109.5   158    88.1 
 101  SOYBEANS                              15    349                  363    41.7      7    232     98    26.4   176    41.1 
 102  SUNFLOWERS  
 103  WHEAT                                 17    834                  816    50.1      7    540    266    48.7   350    52.7 
 104  OTHER CROPS 
 105  ALFALFA                               14    201                  198     3.7      5     96                   82     4.1 
 106  OTHER HAY & FORAGE                    14    135                  122    
 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  
 111  GRAIN SORGHUM     
 112  SOYBEANS                               4    199                  199    52.2  
 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                                                24                                        43 
 122  DAIRY COWS                                               14                                         6 
 123  EWES  
 124  SOWS  
 125  BEEF PURCHASED FOR RESALE SALES                         167                                        99 
 126  SWINE PURCHASED FOR RESALE SALES    
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
INCOME AND EXPENSE ANALYSIS   
 **BY OWNERSHIP TYPE                               PARTNERSHIP - PARTOWNER                        SINGLE - OWNER  
                                                          5 FARMS                                  15 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                 38,224                                   237,921 
   2  DAIRY AND MILK                                       79,517                                    28,243 
   3  SHEEP 
   4  SWINE                                                47,685                                     8,337 
   5  POULTRY AND EGGS  
   6  OTHER LIVESTOCK                                                                                   285-
   7  CUSTOM FEEDING                                       45,649                                       212 
   8  FEED PURCHASED                                       51,377-                                  130,260-
   9     LIVESTOCK INCOME                                $159,698                                  $144,168 
      
  10  CORN                                                 11,094                                    11,758 
  11  GRAIN SORGHUM                                        42,778                                    12,393 
  12  SOYBEANS                                             36,713                                    12,502 
  13  SUNFLOWERS  
  14  WHEAT                                                71,857                                    44,210 
  15  HAY AND FORAGE                                        1,409                                    12,402 
  16  OTHER CROP                                               49                                     1,173 
  17  GOVERNMENT PAYMENTS                                  30,064                                    18,868 
  18  CROP INSURANCE PROCEEDS                                 921                                     3,468 
  19  OTHER INCOME                                          8,342                                     8,449 
  20     VALUE OF FARM PRODUCTION                        $362,924                                  $269,391 
      
  21  HIRED LABOR                                          26,523                                    14,289 
  22  MACHINERY REPAIRS                                    18,865                                    15,089 
  23  IRRIGATION REPAIRS                                      723                                       320 
  24  BUILDING REPAIRS                                      2,622                                     1,195 
  25  INTEREST PAID                                        25,518                                    11,241 
  26  SEED-OTHER CROP EXPENSE                              11,743                                     8,821 
  27  CROP INSURANCE                                        7,318                                     3,437 
  28  FERTILIZER-LIME                                      33,306                                    21,958 
  29  MACHINE HIRE                                         10,792                                    16,890 
  30  ORGANIZATION FEE, PUBLICATION                         2,940                                     2,776 
  31  VET-MED-DRUGS                                         4,457                                     5,791 
  32  CROP STORAGE-MARKETING                                3,532                                     1,089 
  33  LIVESTOCK MARKETING-BREEDING                          1,076                                     8,089 
  34  DAIRY EXPENSE                                         5,247                                     6,695 
  35  GAS-FUEL-OIL                                         16,605                                    10,216 
  36  IRRIGATION ENERGY                                       577                                        17 
  37  REAL ESTATE TAXES                                     4,318                                     6,611 
  38  PERSONAL PROPERTY TAXES                               1,422                                     1,190 
  39  GENERAL FARM INSURANCE                                6,039                                     4,238 
  40  UTILITIES                                            18,931                                     3,813 
  41  CASH FARM RENT                                       30,339                                     7,225 
  42  HERBICIDE-INSECTICIDE                                23,989                                     8,756 
  43  CONSERVATION                                            544                                       283 
  44  AUTO EXPENSE                                            559                                     1,888 
  45     TOTAL OPERATING EXPENSE                         $257,984                                  $161,918 
      
  46  DEPRECIATION-MACHINERY                               26,805                                    18,833 
  47  DEPRECIATION-BUILDINGS                                6,969                                     3,883 
  48     TOTAL FARM EXPENSE                              $291,758                                  $184,635 
      
  49     NET FARM INCOME                                  $71,166                                   $84,756 
      
  50  UNPAID FAMILY LABOR                                   1,350                                     2,400 
  51  UNPAID OPERATOR LABOR                                43,200                                    22,140 
  52  MANAGEMENT CHARGE                                    17,535                                    18,491 
  53  CURRENT ASSET CHARGE - 8%                            12,753                                    23,711 
  54  NONCURRENT ASSET CHARGE - 8%                         13,503                                    54,813 
  55  RETURN LABOR-MANAGEMENT                              43,561                                     3,832 
  56  RETURN TO CAPITAL                                    34,600                                    52,966 
  57  ASSET TURNOVER RATIO                                  .4539                                     .2149 
  58  OPERATING PROFIT MARGIN RATIO                         .0953                                     .1966 
  59  % RETURN ON ASSETS                                    .0433                                     .0423 
  60  % RETURN ON EQUITY                                    .0277                                     .0425 
  61  TOTAL EXPENSE RATIO                                   .8039                                     .6854 
  62  ADJUSTED TOTAL EXPENSE RATIO                          .9750                                     .8451 
  63  ECONOMIC TOTAL EXPENSE RATIO                         1.0473                                    1.1366 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            231,860               262,960             459,084               494,477 
  65  NONCURRENT ASSETS                         526,766               577,376             765,974               787,224 
  66  CURRENT LIABILITIES                        74,980               101,020             183,098               177,694 
  67  NONCURRENT LIABILITIES                    370,624               395,949              88,943                93,924 
  68  CURRENT RATIO                                3.09                  2.60                2.51                  2.78 
  69  DEBT TO ASSET RATIO                           .59                   .59                 .22                   .21 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
ANALYSIS OF THE FARM BUSINESS 
 **BY OWNERSHIP TYPE                               PARTNERSHIP - PARTOWNER                        SINGLE - OWNER  
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   98,743                                    33,003 
  71  MACHINERY AND EQUIPMENT                              84,841                                    53,594 
  72  MOTOR VEHICLES & LISTED PROPERTY                    126,568                                   108,590 
  73  BUILDINGS                                            56,946                                    30,112 
  74  OWNED LAND                                          241,106                                   552,098 
  75  TOTAL ASSETS                                        799,481                                 1,253,379 
  76  NET WORTH                                           328,195                                   981,550 
      
 LABOR
  77  NUMBER OF OPERATORS                                    1.60                                       .82 
  78  NUMBER OF WORKERS                                      2.76                                      1.39 
  79  TOTAL WORK DAYS                                         440                                       255 
  80  VALUE FARM PRODUCTION/WORKER                        131,494                                   193,343 
  81  NET FARM INCOME/WORKER                               25,785                                    60,830 
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        499,675                                 1,528,511 
  83  VALUE OF FARM PRODUCTION                            226,828                                   328,526 
  84  NET FARM INCOME                                      44,479                                   103,362 
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                 3.24 
  86  % TILLABLE LAND                                       63.78                                     81.36 
  87  CROP MACH COST/TOT EXPENSE(%)                         21.92                                     25.39 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                                                                       910    14    910    14    
  89  NON-IRRIGATED CROP ACRES                                                          740    14    740    14    
  90  IRRIGATED CROP ACRES    
  91  TOTAL CROP ACRES                                                                  740    14    740    14    
  92  PASTURE ACRES                                                                     255     9    255     9    
  93  FARMSTEAD ACRES   
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                 1319          1351                         691           714
  95  CROP MACHINERY INVESTMENT                                                          124,250        179.85        173.94  
  96  CROP MACHINERY COST                                                                 46,871         67.84         65.62  
  97  GROSS CROP VALUE                                       185.23        180.89        140,556        189.89        183.65  
  98  CROP PRODUCTION COSTS                                  139.31        136.04        111,594        161.53        156.22  
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                                                              4    234    234   141.4   
 100  GRAIN SORGHUM                          4    444                  322    99.2      9    194    194    93.3   
 101  SOYBEANS                                                                          9    148    148    30.4   
 102  SUNFLOWERS  
 103  WHEAT                                  4    718    212    46.0   507    42.6     14    329    329    46.2   
 104  OTHER CROPS 
 105  ALFALFA                                4    113                                  10     89     89     3.2   
 106  OTHER HAY & FORAGE                     4    139                   99             11    102    102     
 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  
 111  GRAIN SORGHUM     
 112  SOYBEANS    
 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                                                23                                         4 
 122  DAIRY COWS                                               26                                         6 
 123  EWES  
 124  SOWS                                                     12                                        16 
 125  BEEF PURCHASED FOR RESALE SALES                                                                   691 
 126  SWINE PURCHASED FOR RESALE SALES    
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
INCOME AND EXPENSE ANALYSIS   
 **BY OWNERSHIP TYPE                                 SINGLE - PARTOWNER                           SINGLE - TENANT 
                                                        197 FARMS                                  22 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                 79,057                                    49,211 
   2  DAIRY AND MILK                                       13,836                                    16,114 
   3  SHEEP                                                   219                                       846 
   4  SWINE                                                 4,629 
   5  POULTRY AND EGGS                                          1-
   6  OTHER LIVESTOCK                                         575-                                      106 
   7  CUSTOM FEEDING                                        1,281                                        68 
   8  FEED PURCHASED                                       28,837-                                   12,613-
   9     LIVESTOCK INCOME                                 $69,610                                   $53,731 
      
  10  CORN                                                  7,029                                    10,036 
  11  GRAIN SORGHUM                                        23,532                                    14,646 
  12  SOYBEANS                                             19,562                                    25,581 
  13  SUNFLOWERS                                              703                                     2,462 
  14  WHEAT                                                53,383                                    40,570 
  15  HAY AND FORAGE                                        5,214                                    22,568 
  16  OTHER CROP                                            1,344                                       133 
  17  GOVERNMENT PAYMENTS                                  20,348                                    17,538 
  18  CROP INSURANCE PROCEEDS                               2,569                                     2,106 
  19  OTHER INCOME                                          9,202                                    10,028 
  20     VALUE OF FARM PRODUCTION                        $212,495                                  $199,400 
      
  21  HIRED LABOR                                           6,759                                     9,532 
  22  MACHINERY REPAIRS                                    16,854                                    23,126 
  23  IRRIGATION REPAIRS                                      266                                        11 
  24  BUILDING REPAIRS                                      1,848                                     1,043 
  25  INTEREST PAID                                        13,717                                    12,179 
  26  SEED-OTHER CROP EXPENSE                              10,324                                    11,345 
  27  CROP INSURANCE                                        4,341                                     3,646 
  28  FERTILIZER-LIME                                      24,262                                    19,431 
  29  MACHINE HIRE                                          7,367                                    14,185 
  30  ORGANIZATION FEE, PUBLICATION                         2,301                                     3,322 
  31  VET-MED-DRUGS                                         3,601                                     2,799 
  32  CROP STORAGE-MARKETING                                  975                                     1,212 
  33  LIVESTOCK MARKETING-BREEDING                          2,272                                     2,142 
  34  DAIRY EXPENSE                                         1,226                                       465 
  35  GAS-FUEL-OIL                                         10,658                                    11,431 
  36  IRRIGATION ENERGY                                       128 
  37  REAL ESTATE TAXES                                     3,895                                     1,762 
  38  PERSONAL PROPERTY TAXES                                 643                                       682 
  39  GENERAL FARM INSURANCE                                3,624                                     4,052 
  40  UTILITIES                                             3,247                                     4,167 
  41  CASH FARM RENT                                       14,234                                    17,946 
  42  HERBICIDE-INSECTICIDE                                11,313                                    10,483 
  43  CONSERVATION                                            241                                       239 
  44  AUTO EXPENSE                                          1,260                                       746 
  45     TOTAL OPERATING EXPENSE                         $145,356                                  $155,948 
      
  46  DEPRECIATION-MACHINERY                               17,153                                    16,848 
  47  DEPRECIATION-BUILDINGS                                1,723                                     1,603 
  48     TOTAL FARM EXPENSE                              $164,232                                  $174,399 
      
  49     NET FARM INCOME                                  $48,264                                   $25,001 
      
  50  UNPAID FAMILY LABOR                                   1,393                                       307 
  51  UNPAID OPERATOR LABOR                                24,821                                    25,405 
  52  MANAGEMENT CHARGE                                    11,821                                     7,777 
  53  CURRENT ASSET CHARGE - 8%                            10,229                                     4,120 
  54  NONCURRENT ASSET CHARGE - 8%                         25,143                                     9,655 
  55  RETURN LABOR-MANAGEMENT                              11,498                                    10,919 
  56  RETURN TO CAPITAL                                    23,945                                     3,692 
  57  ASSET TURNOVER RATIO                                  .3018                                     .5457 
  58  OPERATING PROFIT MARGIN RATIO                         .1127                                     .0185 
  59  % RETURN ON ASSETS                                    .0340                                     .0101 
  60  % RETURN ON EQUITY                                    .0231                                     .0493-
  61  TOTAL EXPENSE RATIO                                   .7729                                     .8746 
  62  ADJUSTED TOTAL EXPENSE RATIO                          .9519                                    1.0426 
  63  ECONOMIC TOTAL EXPENSE RATIO                         1.1183                                    1.1116 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            220,017               248,152             149,464               152,822 
  65  NONCURRENT ASSETS                         452,699               487,393             202,988               225,588 
  66  CURRENT LIABILITIES                       101,927               110,506              94,247               105,045 
  67  NONCURRENT LIABILITIES                    146,583               164,926              91,264                95,929 
  68  CURRENT RATIO                                2.16                  2.25                1.59                  1.45 
  69  DEBT TO ASSET RATIO                           .37                   .37                 .53                   .53 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, NC     
ANALYSIS OF THE FARM BUSINESS 
 **BY OWNERSHIP TYPE                                 SINGLE - PARTOWNER                           SINGLE - TENANT 
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   55,624                                    53,131 
  71  MACHINERY AND EQUIPMENT                              51,507                                    53,473 
  72  MOTOR VEHICLES & LISTED PROPERTY                     86,147                                    81,304 
  73  BUILDINGS                                            16,035                                    13,839 
  74  OWNED LAND                                          301,066                                    53,164 
  75  TOTAL ASSETS                                        704,130                                   365,431 
  76  NET WORTH                                           442,159                                   172,189 
      
 LABOR
  77  NUMBER OF OPERATORS                                     .91                                       .94 
  78  NUMBER OF WORKERS                                      1.22                                      1.25 
  79  TOTAL WORK DAYS                                         276                                       272 
  80  VALUE FARM PRODUCTION/WORKER                        173,412                                   158,942 
  81  NET FARM INCOME/WORKER                               39,387                                    19,929 
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        765,950                                   388,381 
  83  VALUE OF FARM PRODUCTION                            231,152                                   211,923 
  84  NET FARM INCOME                                      52,501                                    26,571 
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                 2.00                                       .10 
  86  % TILLABLE LAND                                       58.68                                     68.77 
  87  CROP MACH COST/TOT EXPENSE(%)                         29.36                                     35.02 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           1599   197    484   197   1115   197       1323    22                1323    22   
  89  NON-IRRIGATED CROP ACRES               919   197    323   189    625   192        909    22                 909    22   
  90  IRRIGATED CROP ACRES                   161    23    120    14    106    19    
  91  TOTAL CROP ACRES                       938   197    332   189    632   193        910    22                 910    22   
  92  PASTURE ACRES                          808   160    222   144    666   146        606    15                 606    15   
  93  FARMSTEAD ACRES                         45    19     36    16     40     7    
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                  938           940                         910           926
  95  CROP MACHINERY INVESTMENT               111,956        119.34        119.09        120,062        132.00        129.71  
  96  CROP MACHINERY COST                      48,219         51.40         51.29         61,077         67.15         65.98  
  97  GROSS CROP VALUE                        170,824        182.08        181.70        180,884        198.87        195.42  
  98  CROP PRODUCTION COSTS                   115,153        122.74        122.49        125,232        137.69        135.29  
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                  63    104     67   137.5    78   135.1     10    112                  112   131.0 
 100  GRAIN SORGHUM                        175    225     93    95.0   171    95.9     18    186                  186    92.6 
 101  SOYBEANS                             142    165     92    37.0   118    35.9     16    219                  219    39.1 
 102  SUNFLOWERS                            11     92     47    16.2    97    14.3  
 103  WHEAT                                189    439    148    48.6   322    48.2     20    416                  416    46.3 
 104  OTHER CROPS                           20     43     45            35    
 105  ALFALFA                              139     77     49     3.6    66     3.4     17    127                  127     3.3 
 106  OTHER HAY & FORAGE                   156    106     56            78             17     97                   97   
 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                                  10     67     49   188.7    59   174.9  
 111  GRAIN SORGHUM                          9     55     66   111.3    33   120.0  
 112  SOYBEANS                              18     97     81    48.1    67    45.5  
 113  SUNFLOWERS  
 114  WHEAT                                  6    111    101    38.7    65    48.3  
 115  OTHER CROPS 
 116  ALFALFA     
 117  OTHER HAY & FORAGE                     4     54                   33    
 118  VEGETABLES  
 119  TRUCK CROPS 
 120  FRUIT - FLOWERS - TREES 
      
 AVERAGE LIVESTOCK INVENTORIES AND SALES  
 121  BEEF COWS                                                35                                        36 
 122  DAIRY COWS                                                3                                         4 
 123  EWES                                                      2 
 124  SOWS                                                      3 
 125  BEEF PURCHASED FOR RESALE SALES                         125                                        34 
 126  SWINE PURCHASED FOR RESALE SALES                         13 
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003