TABLE 13 - 3
Type of Farm Report, 2002
North Dakota Farm Business Management Education Program
State Report
(Farms Sorted By Farm Type)
Avg. Of Crop and Crop and
All Farms Crop Dairy Beef Dairy Beef Other
Number of farms 431 163 12 55 6 87 103
Income Statement
Gross cash farm income 245,559 294,590 221,364 189,904 113,019 268,265 193,046
Total cash farm expense 196,922 233,365 191,322 162,688 93,403 220,256 147,529
Net cash farm income 48,637 61,225 30,042 27,216 19,616 48,009 45,517
Inventory change 12,429 30,096 6,255 -5,698 -17,254 11,162 -1,373
Depreciation and capital adjust -16,530 -21,458 -11,167 -7,548 -4,236 -18,007 -14,264
Net farm income 44,536 69,863 25,131 13,970 -1,875 41,164 29,880
Profitability (cost)
Labor and management earnings 24,530 45,393 13,545 -2,992 -10,399 17,466 16,356
Rate of return on assets 5.7 % 8.2 % 3.7 % 2.0 % -1.5 % 4.4 % 4.6 %
Rate of return on equity 5.6 % 9.9 % 0.7 % -2.4 % -14.8 % 3.5 % 3.2 %
Operating profit margin 15.3 % 18.0 % 10.2 % 10.4 % -6.5 % 13.3 % 13.4 %
Asset turnover rate 37.0 % 45.8 % 35.9 % 19.7 % 23.2 % 33.3 % 34.2 %
Liquidity
Term debt coverage ratio 131.3 % 186.4 % 89.3 % 72.0 % -3.7 % 110.7 % 106.6 %
Expense as a percent of income 76.5 % 72.1 % 84.0 % 88.3 % 97.6 % 79.2 % 76.9 %
Interest as a percent of income 6.9 % 5.6 % 6.7 % 10.5 % 15.7 % 6.9 % 8.7 %
Solvency (cost)
Number of sole proprietors 413 156 12 54 5 80 101
Ending farm assets 633,111 703,410 472,953 625,139 340,930 706,633 517,383
Ending farm liabilities 318,110 313,496 280,766 344,177 200,759 362,551 292,939
Ending total assets 730,471 831,028 558,031 709,899 379,808 787,980 586,376
Ending total liabilities 337,959 339,736 302,176 354,283 214,577 375,914 313,151
Ending net worth 392,512 491,292 255,855 355,616 165,231 412,066 273,225
Net worth change 20,513 39,428 7,339 7,772 -12,730 12,891 10,738
Ending farm debt to asset ratio 50 % 45 % 59 % 55 % 59 % 51 % 57 %
Beg total debt to asset ratio 46 % 41 % 52 % 50 % 54 % 47 % 54 %
End total debt to asset ratio 46 % 41 % 54 % 50 % 56 % 48 % 53 %
Nonfarm Information
Net nonfarm income 19,573 21,342 14,462 21,451 9,990 18,028 18,932
Farms reporting living expenses 359 137 12 41 5 67 92
Total family living expense 33,795 37,513 26,083 27,737 19,564 33,840 32,744
Total living, invest, & capital 47,184 58,615 31,016 33,704 20,590 45,413 41,246
Crop Acres
Total acres owned 854 722 358 1,267 522 842 949
Total cop acres 1,714 2,258 591 1,027 800 1,868 1,302
Total cop acres owned 496 566 191 432 353 537 433
Total cop acres cash rented 946 1,281 399 514 399 1,032 699
Total cop acres share rented 272 411 - 81 48 299 170