TABLE 13 - 2
Age of Operator Report, 2002
North Dakota Farm Business Management Education Program
State Report
(Farms Sorted By Age Of Operator)
Avg. Of Less
All Farms than 31 31 - 40 41 - 50 51 - 60 Over 60
Number of farms 431 41 106 179 83 22
Income Statement
Gross cash farm income 245,559 165,641 249,514 277,413 229,563 176,624
Total cash farm expense 196,922 135,012 198,833 225,017 182,481 128,994
Net cash farm income 48,637 30,629 50,680 52,396 47,082 47,630
Inventory change 12,429 10,745 9,974 17,960 5,378 9,003
Depreciation and capital adjust -16,530 -3,753 -15,991 -19,621 -18,420 -10,654
Net farm income 44,536 37,620 44,663 50,735 34,041 45,979
Profitability (cost)
Labor and management earnings 24,530 31,545 28,402 28,506 9,323 17,822
Rate of return on assets 5.7 % 8.9 % 6.3 % 6.0 % 3.8 % 5.1 %
Rate of return on equity 5.6 % 16.4 % 6.7 % 6.1 % 2.4 % 4.9 %
Operating profit margin 15.3 % 16.0 % 15.4 % 15.5 % 13.4 % 20.0 %
Asset turnover rate 37.0 % 56.0 % 40.5 % 38.6 % 28.7 % 25.4 %
Liquidity
Term debt coverage ratio 131.3 % 150.2 % 116.8 % 135.3 % 122.5 % 210.6 %
Expense as a percent of income 76.5 % 77.1 % 77.1 % 76.3 % 77.4 % 69.7 %
Interest as a percent of income 6.9 % 6.1 % 7.3 % 6.8 % 7.5 % 5.8 %
Solvency (cost)
Number of sole proprietors 413 40 99 170 83 21
Ending farm assets 633,111 328,957 589,329 704,096 717,524 510,583
Ending farm liabilities 318,110 225,761 328,588 357,283 301,017 195,068
Ending total assets 730,471 363,277 664,627 809,850 857,382 596,098
Ending total liabilities 337,959 242,567 351,070 377,423 321,845 202,067
Ending net worth 392,512 120,710 313,556 432,427 535,537 394,031
Net worth change 20,513 23,084 23,794 20,671 17,812 9,542
Ending farm debt to asset ratio 50 % 69 % 56 % 51 % 42 % 38 %
Beg total debt to asset ratio 46 % 68 % 53 % 47 % 38 % 36 %
End total debt to asset ratio 46 % 67 % 53 % 47 % 38 % 34 %
Nonfarm Information
Net nonfarm income 19,573 14,213 17,750 19,684 22,691 25,665
Farms reporting living expenses 359 33 91 149 67 19
Total family living expense 33,795 22,913 32,710 37,611 33,015 30,718
Total living, invest, & capital 47,184 31,293 42,824 49,088 59,648 36,792
Crop Acres
Total acres owned 854 463 695 830 1,151 1,433
Total crop acres 1,714 1,096 1,797 1,936 1,561 1,237
Total crop acres owned 496 197 404 515 643 776
Total crop acres cash rented 946 717 1,063 1,117 690 383
Total crop acres share rented 272 182 329 304 229 78