South Central KFMA
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                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, SC     
INCOME AND EXPENSE ANALYSIS   
 **BY NET INCOME                                         HIGH 25%                                HIGH MIDDLE
                                                         75 FARMS                                  75 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                 72,793                                    24,761 
   2  DAIRY AND MILK                                       21,342                                    14,125 
   3  SHEEP                                                   579                                       176 
   4  SWINE                                                 9,066                                       246 
   5  POULTRY AND EGGS  
   6  OTHER LIVESTOCK                                         357-                                       48-
   7  CUSTOM FEEDING                                          860                                     4,463 
   8  FEED PURCHASED                                       36,795-                                   11,626-
   9     LIVESTOCK INCOME                                 $67,489                                   $32,096 
      
  10  CORN                                                 63,009                                    24,062 
  11  GRAIN SORGHUM                                        60,088                                    28,642 
  12  SOYBEANS                                             56,723                                    22,146 
  13  SUNFLOWERS                                            3,412                                       462 
  14  WHEAT                                               111,932                                    62,982 
  15  HAY AND FORAGE                                       19,916                                    16,362 
  16  OTHER CROP                                            5,147                                     1,305 
  17  GOVERNMENT PAYMENTS                                  45,608                                    23,423 
  18  CROP INSURANCE PROCEEDS                              10,370                                     2,475 
  19  OTHER INCOME                                         44,253                                    14,161 
  20     VALUE OF FARM PRODUCTION                        $487,947                                  $228,118 
      
  21  HIRED LABOR                                          22,776                                     7,299 
  22  MACHINERY REPAIRS                                    33,787                                    20,699 
  23  IRRIGATION REPAIRS                                    2,202                                       929 
  24  BUILDING REPAIRS                                      1,299                                     1,144 
  25  INTEREST PAID                                        18,611                                    12,750 
  26  SEED-OTHER CROP EXPENSE                              29,509                                    13,434 
  27  CROP INSURANCE                                        9,538                                     4,880 
  28  FERTILIZER-LIME                                      54,014                                    24,085 
  29  MACHINE HIRE                                         21,471                                    10,188 
  30  ORGANIZATION FEE, PUBLICATION                         5,248                                     2,704 
  31  VET-MED-DRUGS                                         1,865                                     2,265 
  32  CROP STORAGE-MARKETING                                2,742                                       926 
  33  LIVESTOCK MARKETING-BREEDING                          3,886                                     1,322 
  34  DAIRY EXPENSE                                         1,010                                       876 
  35  GAS-FUEL-OIL                                         21,854                                    12,924 
  36  IRRIGATION ENERGY                                     2,770                                     1,329 
  37  REAL ESTATE TAXES                                     4,692                                     2,932 
  38  PERSONAL PROPERTY TAXES                               1,191                                       692 
  39  GENERAL FARM INSURANCE                                5,898                                     3,575 
  40  UTILITIES                                             5,309                                     3,000 
  41  CASH FARM RENT                                       20,815                                     9,566 
  42  HERBICIDE-INSECTICIDE                                30,997                                    13,529 
  43  CONSERVATION                                            972                                        76 
  44  AUTO EXPENSE                                            907                                       513 
  45     TOTAL OPERATING EXPENSE                         $303,362                                  $151,636 
      
  46  DEPRECIATION-MACHINERY                               37,175                                    17,531 
  47  DEPRECIATION-BUILDINGS                                2,865                                     1,289 
  48     TOTAL FARM EXPENSE                              $343,402                                  $170,456 
      
  49     NET FARM INCOME                                 $144,545                                   $57,662 
      
  50  UNPAID FAMILY LABOR                                   2,190                                     1,590 
  51  UNPAID OPERATOR LABOR                                30,780                                    27,468 
  52  MANAGEMENT CHARGE                                    30,603                                    13,500 
  53  CURRENT ASSET CHARGE - 8%                            14,037                                     6,282 
  54  NONCURRENT ASSET CHARGE - 8%                         43,099                                    25,432 
  55  RETURN LABOR-MANAGEMENT                              85,219                                    24,358 
  56  RETURN TO CAPITAL                                    99,583                                    27,853 
  57  ASSET TURNOVER RATIO                                  .4350                                     .3711 
  58  OPERATING PROFIT MARGIN RATIO                         .2041                                     .1221 
  59  % RETURN ON ASSETS                                    .0888                                     .0453 
  60  % RETURN ON EQUITY                                    .1134                                     .0381 
  61  TOTAL EXPENSE RATIO                                   .7038                                     .7472 
  62  ADJUSTED TOTAL EXPENSE RATIO                          .8341                                     .9338 
  63  ECONOMIC TOTAL EXPENSE RATIO                          .9512                                    1.0728 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            312,003               378,717             137,654               147,993 
  65  NONCURRENT ASSETS                         760,671               792,263             461,299               482,486 
  66  CURRENT LIABILITIES                       170,137               169,662              64,981                63,628 
  67  NONCURRENT LIABILITIES                    236,144               239,322             155,603               152,389 
  68  CURRENT RATIO                                1.83                  2.23                2.12                  2.33 
  69  DEBT TO ASSET RATIO                           .38                   .35                 .37                   .34 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, SC     
ANALYSIS OF THE FARM BUSINESS 
 **BY NET INCOME                                         HIGH 25%                                HIGH MIDDLE
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   43,263                                    29,053 
  71  MACHINERY AND EQUIPMENT                             119,650                                    58,706 
  72  MOTOR VEHICLES & LISTED PROPERTY                    186,525                                   102,475 
  73  BUILDINGS                                            24,401                                    11,477 
  74  OWNED LAND                                          417,707                                   287,562 
  75  TOTAL ASSETS                                      1,121,827                                   614,716 
  76  NET WORTH                                           714,195                                   396,415 
      
 LABOR
  77  NUMBER OF OPERATORS                                    1.14                                      1.01 
  78  NUMBER OF WORKERS                                      1.84                                      1.32 
  79  TOTAL WORK DAYS                                         550                                       309 
  80  VALUE FARM PRODUCTION/WORKER                        263,850                                   172,642 
  81  NET FARM INCOME/WORKER                               78,160                                    43,639 
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        984,059                                   604,243 
  83  VALUE OF FARM PRODUCTION                            428,024                                   224,231 
  84  NET FARM INCOME                                     126,794                                    56,679 
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                14.83                                     10.94 
  86  % TILLABLE LAND                                       86.72                                     85.32 
  87  CROP MACH COST/TOT EXPENSE(%)                         34.64                                     37.64 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           2572    75    666    57   2122    73       1546    74    407    57   1249    73   
  89  NON-IRRIGATED CROP ACRES              1899    75    435    55   1623    73       1175    74    287    57    966    73   
  90  IRRIGATED CROP ACRES                   636    39    309    22    529    34        411    26    129    16    391    22   
  91  TOTAL CROP ACRES                      2230    75    559    55   1870    73       1319    74    323    57   1084    73   
  92  PASTURE ACRES                          512    45    243    26    507    33        339    46    140    30    344    33   
  93  FARMSTEAD ACRES                         59    43     24    35     88    19         37    33     19    28     55    12   
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                 2230          2327                        1301          1254
  95  CROP MACHINERY INVESTMENT               292,573        131.19        125.75        150,201        115.42        119.79  
  96  CROP MACHINERY COST                     118,946         53.34         51.12         64,167         49.31         51.17  
  97  GROSS CROP VALUE                        517,506        232.05        222.42        260,602        197.59        205.06  
  98  CROP PRODUCTION COSTS                   296,268        132.85        127.34        144,911        109.87        114.03  
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                  42    134     79   113.2   124   121.7     22    103     24   112.6    92   119.9 
 100  GRAIN SORGHUM                         67    541    175   102.5   478    98.6     60    321    112   102.3   276    94.6 
 101  SOYBEANS                              44    326     99    37.9   290    38.3     35    180     55    42.1   168    38.4 
 102  SUNFLOWERS                            11    182    140    15.8   144    13.6      4     97                   44     9.8 
 103  WHEAT                                 73   1058    223    47.1   937    47.6     74    635    176    46.0   530    45.0 
 104  OTHER CROPS                            7    295                  262              4     53
 105  ALFALFA                               36    168     77     4.1   167     4.1     42    136     70     4.4   120     6.9 
 106  OTHER HAY & FORAGE                    23    153     79           147             26     65     38            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                                  31    408    215   204.1   349   203.7     24    208     74   193.5   212   188.7 
 111  GRAIN SORGHUM                          8     99                  105   127.3      8     86     35   124.1    91    90.7 
 112  SOYBEANS                              34    297    202    59.1   241    57.1     19    190     75    56.3   175    59.7 
 113  SUNFLOWERS  
 114  WHEAT                                 11    191    228    47.2   132    60.6      6    104                  120    53.5 
 115  OTHER CROPS 
 116  ALFALFA                                4    285    189     6.8                    4    220
 117  OTHER HAY & FORAGE                                                                5     97
 118  VEGETABLES  
 119  TRUCK CROPS 
 120  FRUIT - FLOWERS - TREES 
      
 AVERAGE LIVESTOCK INVENTORIES AND SALES  
 121  BEEF COWS                                                28                                        20 
 122  DAIRY COWS                                                5                                         4 
 123  EWES                                                      1 
 124  SOWS                                                      5 
 125  BEEF PURCHASED FOR RESALE SALES                         113                                        11 
 126  SWINE PURCHASED FOR RESALE SALES                         72                                         1 
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, SC     
INCOME AND EXPENSE ANALYSIS   
 **BY NET INCOME                                        LOW MIDDLE                                 LOW 25%  
                                                         75 FARMS                                  74 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                 22,806                                     9,604 
   2  DAIRY AND MILK                                        5,467                                     5,933 
   3  SHEEP                                                   130                                        50 
   4  SWINE                                                     9-
   5  POULTRY AND EGGS                                          2-                                        1 
   6  OTHER LIVESTOCK                                         182                                       288 
   7  CUSTOM FEEDING                                        2,890                                     2,683 
   8  FEED PURCHASED                                        7,228-                                    6,636-
   9     LIVESTOCK INCOME                                 $24,237                                   $11,922 
      
  10  CORN                                                 29,073                                    13,619 
  11  GRAIN SORGHUM                                        12,597                                     9,632 
  12  SOYBEANS                                             16,615                                     9,797 
  13  SUNFLOWERS                                               17-                                       33 
  14  WHEAT                                                55,025                                    53,190 
  15  HAY AND FORAGE                                        7,731                                     8,649 
  16  OTHER CROP                                            1,758                                     5,218 
  17  GOVERNMENT PAYMENTS                                  19,207                                    17,704 
  18  CROP INSURANCE PROCEEDS                               4,797                                     3,349 
  19  OTHER INCOME                                          7,424                                    10,534 
  20     VALUE OF FARM PRODUCTION                        $178,447                                  $143,648 
      
  21  HIRED LABOR                                           6,733                                     9,118 
  22  MACHINERY REPAIRS                                    17,389                                    19,215 
  23  IRRIGATION REPAIRS                                      723                                     1,111 
  24  BUILDING REPAIRS                                      1,428                                     1,215 
  25  INTEREST PAID                                        11,711                                    12,836 
  26  SEED-OTHER CROP EXPENSE                              12,087                                    12,131 
  27  CROP INSURANCE                                        4,059                                     3,958 
  28  FERTILIZER-LIME                                      26,324                                    23,758 
  29  MACHINE HIRE                                          8,905                                    12,570 
  30  ORGANIZATION FEE, PUBLICATION                         2,540                                     2,938 
  31  VET-MED-DRUGS                                         1,380                                       705 
  32  CROP STORAGE-MARKETING                                  637-                                      562 
  33  LIVESTOCK MARKETING-BREEDING                          1,000                                       989 
  34  DAIRY EXPENSE                                           260                                        36 
  35  GAS-FUEL-OIL                                         11,682                                    12,145 
  36  IRRIGATION ENERGY                                       354                                     1,637 
  37  REAL ESTATE TAXES                                     3,907                                     3,199 
  38  PERSONAL PROPERTY TAXES                                 814                                       557 
  39  GENERAL FARM INSURANCE                                3,935                                     3,844 
  40  UTILITIES                                             3,311                                     3,024 
  41  CASH FARM RENT                                        9,596                                     8,381 
  42  HERBICIDE-INSECTICIDE                                 9,239                                     8,094 
  43  CONSERVATION                                             45                                       110 
  44  AUTO EXPENSE                                            328                                       582 
  45     TOTAL OPERATING EXPENSE                         $137,116                                  $142,716 
      
  46  DEPRECIATION-MACHINERY                               16,679                                    14,789 
  47  DEPRECIATION-BUILDINGS                                1,797                                     1,272 
  48     TOTAL FARM EXPENSE                              $155,593                                  $158,777 
      
  49     NET FARM INCOME                                  $22,854                                   $15,129-
      
  50  UNPAID FAMILY LABOR                                     870                                     1,064 
  51  UNPAID OPERATOR LABOR                                27,612                                    26,161 
  52  MANAGEMENT CHARGE                                     7,652                                     1,316 
  53  CURRENT ASSET CHARGE - 8%                             4,623                                     3,086 
  54  NONCURRENT ASSET CHARGE - 8%                         33,460                                    25,078 
  55  RETURN LABOR-MANAGEMENT                              16,099-                                   44,358-
  56  RETURN TO CAPITAL                                     1,569-                                   30,834-
  57  ASSET TURNOVER RATIO                                  .2598                                     .2575 
  58  OPERATING PROFIT MARGIN RATIO                         .0088-                                    .2146-
  59  % RETURN ON ASSETS                                    .0023-                                    .0553-
  60  % RETURN ON EQUITY                                    .0279-                                    .1240-
  61  TOTAL EXPENSE RATIO                                   .8719                                    1.1053 
  62  ADJUSTED TOTAL EXPENSE RATIO                         1.0744                                    1.3040 
  63  ECONOMIC TOTAL EXPENSE RATIO                         1.2878                                    1.5001 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            124,868               131,538             115,777               103,037 
  65  NONCURRENT ASSETS                         549,014               568,141             445,497               451,472 
  66  CURRENT LIABILITIES                        66,196                74,637              68,091                73,570 
  67  NONCURRENT LIABILITIES                    137,021               143,630             137,280               132,727 
  68  CURRENT RATIO                                1.89                  1.76                1.70                  1.40 
  69  DEBT TO ASSET RATIO                           .30                   .31                 .37                   .37 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, SC     
ANALYSIS OF THE FARM BUSINESS 
 **BY NET INCOME                                        LOW MIDDLE                                 LOW 25%  
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   22,145                                    19,909 
  71  MACHINERY AND EQUIPMENT                              62,863                                    49,175 
  72  MOTOR VEHICLES & LISTED PROPERTY                     93,563                                    93,019 
  73  BUILDINGS                                            16,844                                    12,725 
  74  OWNED LAND                                          370,707                                   281,541 
  75  TOTAL ASSETS                                        686,780                                   557,891 
  76  NET WORTH                                           476,039                                   352,058 
      
 LABOR
  77  NUMBER OF OPERATORS                                    1.02                                       .96 
  78  NUMBER OF WORKERS                                      1.29                                      1.23 
  79  TOTAL WORK DAYS                                         239                                       225 
  80  VALUE FARM PRODUCTION/WORKER                        137,832                                   116,047 
  81  NET FARM INCOME/WORKER                               17,652                                    12,222-
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        671,558                                   575,787 
  83  VALUE OF FARM PRODUCTION                            174,491                                   148,256 
  84  NET FARM INCOME                                      22,348                                    15,615-
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                12.21                                     11.02 
  86  % TILLABLE LAND                                       77.54                                     85.13 
  87  CROP MACH COST/TOT EXPENSE(%)                         38.42                                     38.10 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           1331    75    463    64   1047    67       1201    74    443    54    902    72   
  89  NON-IRRIGATED CROP ACRES               906    75    336    59    718    67        910    74    304    52    715    72   
  90  IRRIGATED CROP ACRES                   378    25    241    13    301    21        347    24    184    14    303    19   
  91  TOTAL CROP ACRES                      1032    75    382    60    813    67       1023    74    347    53    796    72   
  92  PASTURE ACRES                          424    49    133    43    487    31        300    39    170    29    234    29   
  93  FARMSTEAD ACRES                         35    46     24    42     46    13         45    33     19    31     62    15   
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                 1032           996                        1023           977
  95  CROP MACHINERY INVESTMENT               145,474        140.98        146.05        134,444        131.46        137.63  
  96  CROP MACHINERY COST                      59,780         57.93         60.02         60,487         59.15         61.92  
  97  GROSS CROP VALUE                        193,471        187.49        194.24        176,566        172.65        180.75  
  98  CROP PRODUCTION COSTS                   133,170        127.33        131.91        134,472        131.49        137.66  
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                  21     93     87   104.0    69   117.3     10    101     26   125.3   101   110.1 
 100  GRAIN SORGHUM                         57    166     90    81.5   134    85.4     51    197     69    67.5   178    77.3 
 101  SOYBEANS                              35     86     56    39.0    84    41.2     29     99     45    33.9    98    36.1 
 102  SUNFLOWERS  
 103  WHEAT                                 72    617    221    40.6   524    42.0     73    602    188    38.9   501    38.6 
 104  OTHER CROPS                            6     45 
 105  ALFALFA                               32     90     46     3.8   104     3.7     29    122     78     2.9   117     3.3 
 106  OTHER HAY & FORAGE                    32     59     34            62             21     83     48            74   
 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                                  21    243    171   204.6   179   191.9     17    206    148   191.0   193   198.6 
 111  GRAIN SORGHUM                          4     96                   96    94.4      5     47
 112  SOYBEANS                              21    171     95    56.8   166    53.7     19    157     97    54.4   158    49.0 
 113  SUNFLOWERS  
 114  WHEAT                                  8    111                  117    60.8      7    104                  106    45.6 
 115  OTHER CROPS 
 116  ALFALFA                                                                           4    227
 117  OTHER HAY & FORAGE                     5     36                                   4    110
 118  VEGETABLES  
 119  TRUCK CROPS 
 120  FRUIT - FLOWERS - TREES 
      
 AVERAGE LIVESTOCK INVENTORIES AND SALES  
 121  BEEF COWS                                                19                                        15 
 122  DAIRY COWS                                                1 
 123  EWES                                                      1 
 124  SOWS  
 125  BEEF PURCHASED FOR RESALE SALES                         133                                        33 
 126  SWINE PURCHASED FOR RESALE SALES    
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, SC     
INCOME AND EXPENSE ANALYSIS   
 **BY NET INCOME                                         AVERAGE                                   MY FARM  
                                                        299 FARMS 
      
      ITEM                                               PER FARM                                  PER FARM 
      
   1  BEEF                                                 32,568 
   2  DAIRY AND MILK                                       11,736 
   3  SHEEP                                                   234 
   4  SWINE                                                 2,333 
   5  POULTRY AND EGGS  
   6  OTHER LIVESTOCK                                          15 
   7  CUSTOM FEEDING                                        2,724 
   8  FEED PURCHASED                                       15,601-
   9     LIVESTOCK INCOME                                 $34,010 
      
  10  CORN                                                 32,504 
  11  GRAIN SORGHUM                                        27,800 
  12  SOYBEANS                                             26,376 
  13  SUNFLOWERS                                              976 
  14  WHEAT                                                70,841 
  15  HAY AND FORAGE                                       13,180 
  16  OTHER CROP                                            3,351 
  17  GOVERNMENT PAYMENTS                                  26,515 
  18  CROP INSURANCE PROCEEDS                               5,254 
  19  OTHER INCOME                                         19,122 
  20     VALUE OF FARM PRODUCTION                        $259,927 
      
  21  HIRED LABOR                                          11,490 
  22  MACHINERY REPAIRS                                    22,784 
  23  IRRIGATION REPAIRS                                    1,241 
  24  BUILDING REPAIRS                                      1,272 
  25  INTEREST PAID                                        13,981 
  26  SEED-OTHER CROP EXPENSE                              16,806 
  27  CROP INSURANCE                                        5,614 
  28  FERTILIZER-LIME                                      32,073 
  29  MACHINE HIRE                                         13,286 
  30  ORGANIZATION FEE, PUBLICATION                         3,359 
  31  VET-MED-DRUGS                                         1,557 
  32  CROP STORAGE-MARKETING                                  899 
  33  LIVESTOCK MARKETING-BREEDING                          1,802 
  34  DAIRY EXPENSE                                           547 
  35  GAS-FUEL-OIL                                         14,660 
  36  IRRIGATION ENERGY                                     1,522 
  37  REAL ESTATE TAXES                                     3,684 
  38  PERSONAL PROPERTY TAXES                                 814 
  39  GENERAL FARM INSURANCE                                4,314 
  40  UTILITIES                                             3,663 
  41  CASH FARM RENT                                       12,102 
  42  HERBICIDE-INSECTICIDE                                15,489 
  43  CONSERVATION                                            302 
  44  AUTO EXPENSE                                            583 
  45     TOTAL OPERATING EXPENSE                         $183,845 
      
  46  DEPRECIATION-MACHINERY                               21,566 
  47  DEPRECIATION-BUILDINGS                                1,808 
  48     TOTAL FARM EXPENSE                              $207,218 
      
  49     NET FARM INCOME                                  $52,709 
      
  50  UNPAID FAMILY LABOR                                   1,430 
  51  UNPAID OPERATOR LABOR                                28,011 
  52  MANAGEMENT CHARGE                                    13,308 
  53  CURRENT ASSET CHARGE - 8%                             7,020 
  54  NONCURRENT ASSET CHARGE - 8%                         31,790 
  55  RETURN LABOR-MANAGEMENT                              12,470 
  56  RETURN TO CAPITAL                                    23,941 
  57  ASSET TURNOVER RATIO                                  .3485 
  58  OPERATING PROFIT MARGIN RATIO                         .0921 
  59  % RETURN ON ASSETS                                    .0321 
  60  % RETURN ON EQUITY                                    .0205 
  61  TOTAL EXPENSE RATIO                                   .7972 
  62  ADJUSTED TOTAL EXPENSE RATIO                          .9617 
  63  ECONOMIC TOTAL EXPENSE RATIO                         1.1110 
      
 ASSETS/LOANS/FINANCIAL RATIOS                 JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31
      
  64  CURRENT ASSETS                            172,766               190,613 
  65  NONCURRENT ASSETS                         554,484               573,999 
  66  CURRENT LIABILITIES                        92,432                95,447 
  67  NONCURRENT LIABILITIES                    166,610               167,132 
  68  CURRENT RATIO                                1.87                  2.00 
  69  DEBT TO ASSET RATIO                           .36                   .34 
%%ISCC CHANGE_OVERLAY   SUMMB2003   

      

                                         2004  KANSAS FARM MANAGEMENT ASSOCIATION, SC     
ANALYSIS OF THE FARM BUSINESS 
 **BY NET INCOME                                         AVERAGE                                   MY FARM  
      
 AVERAGE ASSET & NET WORTH VALUES   
  70  BREEDING LIVESTOCK                                   28,621 
  71  MACHINERY AND EQUIPMENT                              72,677 
  72  MOTOR VEHICLES & LISTED PROPERTY                    118,982 
  73  BUILDINGS                                            16,374 
  74  OWNED LAND                                          339,573 
  75  TOTAL ASSETS                                        745,931 
  76  NET WORTH                                           485,120 
      
 LABOR
  77  NUMBER OF OPERATORS                                    1.03 
  78  NUMBER OF WORKERS                                      1.42 
  79  TOTAL WORK DAYS                                         331 
  80  VALUE FARM PRODUCTION/WORKER                        182,223 
  81  NET FARM INCOME/WORKER                               36,952 
      
 PER OPERATOR BASIS     
  82  TOTAL ASSETS                                        718,998 
  83  VALUE OF FARM PRODUCTION                            250,542 
  84  NET FARM INCOME                                      50,806 
      
 OTHER FACTORS    
  85  % CROP ACRES IRRIGATED                                12.75 
  86  % TILLABLE LAND                                       84.27 
  87  CROP MACH COST/TOT EXPENSE(%)                         36.63 
      
 ACRES                                     TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT   
  88  TOTAL ACRES                           1664   298    494   232   1338   285    
  89  NON-IRRIGATED CROP ACRES              1224   298    340   223   1013   285    
  90  IRRIGATED CROP ACRES                   467   114    224    65    403    96    
  91  TOTAL CROP ACRES                      1402   298    402   225   1149   285    
  92  PASTURE ACRES                          397   179    166   128    396   126    
  93  FARMSTEAD ACRES                         44   155     22   136     65    59    
      
 CROP VALUE, COSTS, ACRES                     TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE
  94  ACRES                                                 1398          1390
  95  CROP MACHINERY INVESTMENT               180,828        129.37        130.12   
  96  CROP MACHINERY COST                      75,896         54.30         54.61   
  97  GROSS CROP VALUE                        287,496        205.00        206.18   
  98  CROP PRODUCTION COSTS                   177,606        126.21        126.94   
      
 NON-IRRIGATED ACRES                              AVE.     OWNED         RENTED             AVE.      OWNED        RENTED     
                                           CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD 
  99  CORN                                  95    114     60   112.1   102   119.1  
 100  GRAIN SORGHUM                        235    319    117    90.3   280    89.9  
 101  SOYBEANS                             143    186     69    38.2   177    38.6  
 102  SUNFLOWERS                            19    138    128    13.8   103    13.2  
 103  WHEAT                                292    728    203    43.1   625    43.4  
 104  OTHER CROPS                           18    143     71           153    
 105  ALFALFA                              139    131     68     3.8   129     4.9  
 106  OTHER HAY & FORAGE                   102     87     47            88    
 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                                  93    282    155   199.2   251   196.4  
 111  GRAIN SORGHUM                         25     84     54   122.4    88    98.5  
 112  SOYBEANS                              93    218    130    57.0   196    55.6  
 113  SUNFLOWERS  
 114  WHEAT                                 32    136    135    48.9   120    56.1  
 115  OTHER CROPS                            4    117 
 116  ALFALFA                               15    208    137     5.7   172     5.1  
 117  OTHER HAY & FORAGE                    17     92     87            78    
 118  VEGETABLES  
 119  TRUCK CROPS 
 120  FRUIT - FLOWERS - TREES 
      
 AVERAGE LIVESTOCK INVENTORIES AND SALES  
 121  BEEF COWS                                                21 
 122  DAIRY COWS                                                3 
 123  EWES  
 124  SOWS                                                      1 
 125  BEEF PURCHASED FOR RESALE SALES                          73 
 126  SWINE PURCHASED FOR RESALE SALES                         18 
 127  TURKEYS     
      
%%ISCC CHANGE_OVERLAY   SUMMF2003