Southwest KFMA
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       2005 DATA - SW KANSAS  
       INCOME AND EXPENSE ANALYSIS  
       SORTED BY FARM TYPE                               CROP FARM                             CROP FARM IRRIGATED
                                                         88 FARMS                                  20 FARMS 
      
             ITEM                                        PER FARM                                  PER FARM 
      
        1  BEEF                                            40,074                                    31,788 
        2  DAIRY AND MILK                                   2,724                                        -8 
        3  SHEEP                                            2,179 
        4  SWINE                                              -11 
        5  POULTRY AND EGGS   
        6  OTHER LIVESTOCK                                   -569                                   -15,355 
        7  CUSTOM FEEDING                                   6,746                                    15,865 
        8  FEED PURCHASED                                 -15,531                                    -9,470 
        9     LIVESTOCK INCOME                       $     35,612                              $     22,822 
      
       10  CORN                                            12,870                                   140,871 
       11  GRAIN SORGHUM                                   19,580                                     5,151 
       12  SOYBEANS                                         6,157                                    24,459 
       13  SUNFLOWERS                                          33                                       847 
       14  WHEAT                                           66,949                                    47,842 
       15  HAY AND FORAGE                                   4,825                                    23,140 
       16  OTHER CROP                                       2,456                                    27,962 
       17  GOVERNMENT PAYMENTS                             49,703                                    94,429 
       18  CROP INSURANCE PROCEEDS                          7,269                                    13,160 
       19  OTHER INCOME                                    11,454                                    65,920 
       20     VALUE OF FARM PRODUCTION               $    216,909                              $    466,602 
      
       21  HIRED LABOR                                     16,928                                    22,990 
       22  MACHINERY REPAIRS                               21,470                                    28,355 
       23  IRRIGATION REPAIRS                               1,471                                    12,044 
       24  BUILDING REPAIRS                                 1,475                                     2,862 
       25  INTEREST PAID                                   11,212                                    25,808 
       26  SEED-OTHER CROP EXPENSE                          8,724                                    33,166 
       27  CROP INSURANCE                                   6,273                                     6,444 
       28  FERTILIZER-LIME                                 21,880                                    52,461 
       29  MACHINE HIRE                                    14,458                                    68,611 
       30  ORGANIZATION FEE, PUBLICATION                    3,114                                     4,915 
       31  VET-MED-DRUGS                                    3,292                                     5,204 
       32  CROP STORAGE-MARKETING                           2,229                                       564 
       33  LIVESTOCK MARKETING-BREEDING                     1,418                                       230 
       34  DAIRY EXPENSE                                       32                                         5 
       35  GAS-FUEL-OIL                                    16,634                                    26,376 
       36  IRRIGATION ENERGY                                6,691                                    47,159 
       37  REAL ESTATE TAXES                                4,821                                     7,589 
       38  PERSONAL PROPERTY TAXES                          1,270                                       989 
       39  GENERAL FARM INSURANCE                           4,650                                     6,010 
       40  UTILITIES                                        4,903                                     3,894 
       41  CASH FARM RENT                                   7,335                                    18,981 
       42  HERBICIDE-INSECTICIDE                           18,131                                    35,499 
       43  CONSERVATION                                       375 
       44  AUTO EXPENSE                                       930                                       576 
       45     TOTAL OPERATING EXPENSE                $    179,716                              $    410,734 
      
       46  DEPRECIATION-MACHINERY                          15,790                                    27,718 
       47  DEPRECIATION-BUILDINGS                           1,338                                     2,635 
       48     TOTAL FARM EXPENSE                     $    196,844                              $    441,087 
      
       49     NET FARM INCOME                        $     20,065                              $     25,515 
      
       50  UNPAID FAMILY LABOR                              1,125 
       51  UNPAID OPERATOR LABOR                           26,693                                    25,380 
       52  MANAGEMENT CHARGE                                8,026                                     9,993 
       53  CURRENT ASSET CHARGE - 8%                        9,068                                     7,592 
       54  NONCURRENT ASSET CHARGE - 8%                    46,211                                    52,073 
       55  RETURN LABOR-MANAGEMENT                        -36,340                                   -34,150 
       56  RETURN TO CAPITAL                               -4,567                                    15,950 
       57  ASSET TURNOVER RATIO                             .2445                                     .3923 
       58  OPERATING PROFIT MARGIN RATIO                   -.0211                                     .0342 
       59  % RETURN ON ASSETS                              -.0051                                     .0134 
       60  % RETURN ON EQUITY                              -.0228                                    -.0132 
       61  TOTAL EXPENSE RATIO                              .9075                                     .9453 
       62  ADJUSTED TOTAL EXPENSE RATIO                    1.0727                                    1.0211 
       63  ECONOMIC TOTAL EXPENSE RATIO                    1.3276                                    1.1490 
      
       ASSETS/LOANS/FINANCIAL RATIOS             JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31    
      
       64  CURRENT ASSETS                          200,647               216,637             258,396               302,965    
       65  NONCURRENT ASSETS                       667,038               690,251             880,186               937,205    
       66  CURRENT LIABILITIES                      88,992               101,582             161,642               209,908    
       67  NONCURRENT LIABILITIES                   97,013               104,998             247,661               267,917    
       68  CURRENT RATIO                              2.25                  2.13                1.60                  1.44    
       69  DEBT TO ASSET RATIO                         .21                   .23                 .36                   .39    
      
       2005 DATA - SW KANSAS  
       ANALYSIS OF THE FARM BUSINESS
       SORTED BY FARM TYPE                               CROP FARM                             CROP FARM IRRIGATED
      
       AVERAGE ASSET & NET WORTH VALUES   
       70  BREEDING LIVESTOCK                              23,235                                    23,650 
       71  MACHINERY AND EQUIPMENT                         68,990                                   152,731 
       72  MOTOR VEHICLES & LISTED PROPE                   89,114                                   101,459 
       73  BUILDINGS                                       17,109                                    28,144 
       74  OWNED LAND                                     479,786                                   546,819 
       75  TOTAL ASSETS                                   887,287                                 1,189,376 
       76  NET WORTH                                      690,994                                   745,812 
      
       LABOR
       77  NUMBER OF OPERATORS                                .98                                       .94 
       78  NUMBER OF WORKERS                                 1.43                                      1.87 
       79  TOTAL WORK DAYS                                    229                                       335 
       80  VALUE FARM PRODUCTION/WORKER                   150,893                                   249,520 
       81  NET FARM INCOME/WORKER                          13,958                                    13,644 
      
       PER OPERATOR BASIS     
       82  TOTAL ASSETS                                   897,485                                 1,265,294 
       83  VALUE OF FARM PRODUCTION                       219,402                                   496,385 
       84  NET FARM INCOME                                 20,295                                    27,144 
      
       OTHER FACTORS    
       85  % CROP ACRES IRRIGATED                            7.48                                     56.18 
       86  % TILLABLE LAND                                  82.32                                     88.03 
       87  CROP MACH COST/TOT EXPENSE(%)                    34.56                                     29.10 
      
       ACRES                              TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT    
       88  TOTAL ACRES                     2331    88   1144    79   1490    77       2001    20    938    17   1504    16    
       89  NON-IRRIGATED CROP ACRES        1796    87    798    78   1305    72        857    18    477    16    600    13    
       90  IRRIGATED CROP ACRES             342    37    247    21    310    24        989    20    442    15    940    14    
       91  TOTAL CROP ACRES                1941    87    864    78   1371    74       1761    20    891    16   1310    16    
       92  PASTURE ACRES                    665    53    580    39    467    27        943     5    327     5     
       93  FARMSTEAD ACRES                   38    27     15    25    110     6         12     6      9     6     
      
       CROP VALUE, COSTS, ACRES              TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE 
       94  ACRES                                          1919          1114                        1761          1324  
       95  CROP MACHINERY INVESTMENT          142,689         74.37        128.12        226,426        128.58        171.01  
       96  CROP MACHINERY COST                 68,022         35.45         61.08        128,342         72.88         96.93  
       97  GROSS CROP VALUE                   223,510        116.49        200.69        457,928        260.04        345.86  
       98  CROP PRODUCTION COSTS              172,513         89.91        154.90        349,280        198.34        263.80  
      
       NON-IRRIGATED ACRES                       AVE.     OWNED         RENTED             AVE.      OWNED        RENTED
                                          CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD  
       99  CORN                            10    204    135    31.3   188    52.4   
      100  GRAIN SORGHUM                   53    303    181    70.2   257    68.1      8    140    110    58.6    
      101  SOYBEANS     
      102  SUNFLOWERS   
      103  WHEAT                           83    721    289    37.3   605    38.8     16    422    188    39.4   331    36.1  
      104  OTHER CROPS                      4    147    147 
      105  ALFALFA                          7     55     52     3.7     
      106  OTHER HAY & FORAGE              29    218    200           184     
      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    200    107   152.9   202   182.4     14    546    275   178.2   739   201.2  
      111  GRAIN SORGHUM                   17    139    115    98.5   132   105.9      5    176 
      112  SOYBEANS                        12    153                  131    50.6     10    247    163    59.0   207    54.5  
      113  SUNFLOWERS   
      114  WHEAT                           19    155    146    42.2   122    46.2     12    299    225    51.6   279    59.6  
      115  OTHER CROPS  
      116  ALFALFA                          9    138     78     5.5   169     4.3      6    263    163     5.2   191     4.9  
      117  OTHER HAY & FORAGE              10     69     50            69     
      118  VEGETABLES   
      119  TRUCK CROPS  
      120  FRUIT - FLOWERS - TREES  
      
       AVERAGE LIVESTOCK INVENTORIES AND SALES  
      121  BEEF COWS                                            7                                         6 
      122  DAIRY COWS   
      123  EWES   
      124  SOWS   
      125  BEEF PURCH. FOR RESALE SALES                        76                                        94 
      126  SWINE PURCH. FOR RESALE SALES  
      127  TURKEYS
      
      
       2005 DATA - SW KANSAS  
       INCOME AND EXPENSE ANALYSIS  
       SORTED BY FARM TYPE                            CROP - COW HERD   
                                                          6 FARMS 
      
             ITEM                                        PER FARM                                  PER FARM 
      
        1  BEEF                                           118,445 
        2  DAIRY AND MILK     
        3  SHEEP  
        4  SWINE  
        5  POULTRY AND EGGS   
        6  OTHER LIVESTOCK                                   -557 
        7  CUSTOM FEEDING                                      61 
        8  FEED PURCHASED                                 -10,468 
        9     LIVESTOCK INCOME                       $    107,482 
      
       10  CORN                                             2,025 
       11  GRAIN SORGHUM                                   13,667 
       12  SOYBEANS                                           960 
       13  SUNFLOWERS   
       14  WHEAT                                           81,323 
       15  HAY AND FORAGE                                  -1,459 
       16  OTHER CROP   
       17  GOVERNMENT PAYMENTS                             33,258 
       18  CROP INSURANCE PROCEEDS                          5,712 
       19  OTHER INCOME                                     2,994 
       20     VALUE OF FARM PRODUCTION               $    245,962 
      
       21  HIRED LABOR                                     36,299 
       22  MACHINERY REPAIRS                               16,232 
       23  IRRIGATION REPAIRS                                 365 
       24  BUILDING REPAIRS                                 1,539 
       25  INTEREST PAID                                    8,026 
       26  SEED-OTHER CROP EXPENSE                          4,075 
       27  CROP INSURANCE                                   5,545 
       28  FERTILIZER-LIME                                 16,024 
       29  MACHINE HIRE                                     9,487 
       30  ORGANIZATION FEE, PUBLICATION                    2,511 
       31  VET-MED-DRUGS                                    4,392 
       32  CROP STORAGE-MARKETING                           6,770 
       33  LIVESTOCK MARKETING-BREEDING                     1,678 
       34  DAIRY EXPENSE
       35  GAS-FUEL-OIL                                    17,311 
       36  IRRIGATION ENERGY                                2,333 
       37  REAL ESTATE TAXES                                6,429 
       38  PERSONAL PROPERTY TAXES                            620 
       39  GENERAL FARM INSURANCE                           4,077 
       40  UTILITIES                                        4,475 
       41  CASH FARM RENT                                  13,919 
       42  HERBICIDE-INSECTICIDE                            8,705 
       43  CONSERVATION 
       44  AUTO EXPENSE                                     3,395 
       45     TOTAL OPERATING EXPENSE                $    174,208 
      
       46  DEPRECIATION-MACHINERY                          13,914 
       47  DEPRECIATION-BUILDINGS                             487 
       48     TOTAL FARM EXPENSE                     $    188,608 
      
       49     NET FARM INCOME                        $     57,354 
      
       50  UNPAID FAMILY LABOR
       51  UNPAID OPERATOR LABOR                           31,500 
       52  MANAGEMENT CHARGE                               14,922 
       53  CURRENT ASSET CHARGE - 8%                       15,699 
       54  NONCURRENT ASSET CHARGE - 8%                    41,511 
       55  RETURN LABOR-MANAGEMENT                            143 
       56  RETURN TO CAPITAL                               18,958 
       57  ASSET TURNOVER RATIO                             .2837 
       58  OPERATING PROFIT MARGIN RATIO                    .0771 
       59  % RETURN ON ASSETS                               .0219 
       60  % RETURN ON EQUITY                               .0153 
       61  TOTAL EXPENSE RATIO                              .7668 
       62  ADJUSTED TOTAL EXPENSE RATIO                     .9556 
       63  ECONOMIC TOTAL EXPENSE RATIO                    1.1882 
      
       ASSETS/LOANS/FINANCIAL RATIOS             JANUARY 1           DECEMBER 31           JANUARY 1           DECEMBER 31    
      
       64  CURRENT ASSETS                          252,159               262,233    
       65  NONCURRENT ASSETS                       595,686               623,744    
       66  CURRENT LIABILITIES                      63,903                58,003    
       67  NONCURRENT LIABILITIES                   92,827                88,818    
       68  CURRENT RATIO                              3.95                  4.52    
       69  DEBT TO ASSET RATIO                         .18                   .17    
      
       2005 DATA - SW KANSAS  
       ANALYSIS OF THE FARM BUSINESS
       SORTED BY FARM TYPE                            CROP - COW HERD   
      
       AVERAGE ASSET & NET WORTH VALUES   
       70  BREEDING LIVESTOCK                             142,896 
       71  MACHINERY AND EQUIPMENT                         73,248 
       72  MOTOR VEHICLES & LISTED PROPE                   53,149 
       73  BUILDINGS                                        5,510 
       74  OWNED LAND                                     463,588 
       75  TOTAL ASSETS                                   866,911 
       76  NET WORTH                                      715,136 
      
       LABOR
       77  NUMBER OF OPERATORS                               1.16 
       78  NUMBER OF WORKERS                                 1.65 
       79  TOTAL WORK DAYS                                    268 
       80  VALUE FARM PRODUCTION/WORKER                   149,068 
       81  NET FARM INCOME/WORKER                          34,760 
      
       PER OPERATOR BASIS     
       82  TOTAL ASSETS                                   743,066 
       83  VALUE OF FARM PRODUCTION                       210,825 
       84  NET FARM INCOME                                 49,161 
      
       OTHER FACTORS    
       85  % CROP ACRES IRRIGATED                            3.91 
       86  % TILLABLE LAND                                  46.32 
       87  CROP MACH COST/TOT EXPENSE(%)                    27.02 
      
       ACRES                              TOTAL   CNT   OWNED  CNT  RENTED  CNT      TOTAL   CNT   OWNED  CNT  RENTED  CNT    
       88  TOTAL ACRES                     3275     6   1545     5   1987     6     
       89  NON-IRRIGATED CROP ACRES        1457     6    992     5    631     6     
       90  IRRIGATED CROP ACRES     
       91  TOTAL CROP ACRES                1517     6   1044     5    647     6     
       92  PASTURE ACRES                   1758     6                1340     6     
       93  FARMSTEAD ACRES    
      
       CROP VALUE, COSTS, ACRES              TOTAL    PER CROP ACRE PER HARV.ACRE      TOTAL     PER CROP ACRE  PER HARV.ACRE 
       94  ACRES                                          1517           900  
       95  CROP MACHINERY INVESTMENT           85,070         56.08         94.56   
       96  CROP MACHINERY COST                 50,955         33.59         56.64   
       97  GROSS CROP VALUE                   167,131        110.18        185.78   
       98  CROP PRODUCTION COSTS              125,570         82.78        139.58   
      
       NON-IRRIGATED ACRES                       AVE.     OWNED         RENTED             AVE.      OWNED        RENTED
                                          CNT   ACRES  ACRES  YIELD  ACRES  YIELD    CNT   ACRES  ACRES  YIELD  ACRES  YIELD  
       99  CORN   
      100  GRAIN SORGHUM
      101  SOYBEANS     
      102  SUNFLOWERS   
      103  WHEAT                            6    692    643    40.1   264    36.0   
      104  OTHER CROPS  
      105  ALFALFA
      106  OTHER HAY & FORAGE 
      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                                           94 
      122  DAIRY COWS   
      123  EWES   
      124  SOWS   
      125  BEEF PURCH. FOR RESALE SALES                         3 
      126  SWINE PURCH. FOR RESALE SALES  
      127  TURKEYS