TABLE 14 - 1
Size of Farm Report
Minnesota and North Dakota Farm Business Mgmt. Education
Red River Valley, 2004
(Farms Sorted By Gross Farm Income)
Avg. Of 50,001 - 100,001 - 250,001 - 500,001 - Over
All Farms 100,000 250,000 500,000 1,000,000 1,000,000
Number of farms 230 6 48 66 73 34
Income Statement
Gross cash farm income 559,921 69,238 185,898 377,978 667,982 1,342,485
Total cash farm expense 427,807 59,282 152,742 286,476 513,790 1,005,316
Net cash farm income 132,114 9,955 33,156 91,502 154,192 337,168
Inventory change -21,583 5,819 8,969 -3,594 -28,429 -92,967
Depreciation and capital adjust -23,587 -2,687 -8,412 -18,951 -28,047 -49,929
Net farm income 86,944 13,087 33,714 68,957 97,716 194,273
Profitability (cost)
Labor and management earnings 46,428 9,511 22,587 39,848 49,773 96,266
Rate of return on assets 5.5 % 4.8 % 6.3 % 6.4 % 5.6 % 4.8 %
Rate of return on equity 6.1 % 4.0 % 7.2 % 7.3 % 6.2 % 5.1 %
Operating profit margin 12.2 % 9.5 % 12.6 % 14.4 % 12.5 % 10.5 %
Asset turnover rate 45.5 % 51.1 % 50.1 % 44.5 % 45.3 % 45.4 %
Liquidity
Ending current ratio 1.42 1.07 1.39 1.48 1.36 1.46
Ending working capital 76,945 1,884 29,753 84,160 82,112 138,041
End working capital to gross inc 13.7 % 2.7 % 16.0 % 22.3 % 12.3 % 10.3 %
Term debt coverage ratio 113.9 % 57.3 % 117.9 % 126.4 % 109.6 % 110.6 %
Expense as a percent of income 79.8 % 79.7 % 78.7 % 77.3 % 80.6 % 80.5 %
Interest as a percent of income 4.7 % 6.4 % 6.0 % 5.3 % 4.7 % 3.9 %
Solvency (market)
Number of sole proprietors 199 6 47 63 62 18
Ending farm assets 1,290,378 190,836 488,987 1,137,533 1,690,807 3,083,041
Ending farm liabilities 618,096 109,705 266,037 518,443 786,586 1,551,494
Ending total assets 1,507,156 304,785 642,219 1,336,606 1,926,931 3,527,976
Ending total liabilities 673,628 146,168 312,918 557,284 855,892 1,655,975
Ending net worth 833,527 158,617 329,301 779,322 1,071,039 1,872,001
Net worth change 69,293 4,030 31,859 67,560 82,696 158,381
Ending farm debt to asset ratio 48 % 57 % 54 % 46 % 47 % 50 %
Beg total debt to asset ratio 44 % 40 % 46 % 41 % 45 % 48 %
End total debt to asset ratio 45 % 48 % 49 % 42 % 44 % 47 %
Nonfarm Information
Net nonfarm income 15,123 22,533 23,778 16,312 10,877 7,567
Crop Acres
Total acres owned 377 152 189 383 438 564
Total crop acres 1,726 381 796 1,423 1,937 3,539
Total crop acres owned 351 107 149 354 401 591
Total crop acres cash rented 1,291 204 567 991 1,443 2,857
Total crop acres share rented 84 70 80 78 93 91
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