TABLE 13 - 3
Type of Farm Report, 2003
North Dakota Farm Business Management Education Program
State Report
(Farms Sorted By Farm Type)
Avg. Of Crop and
All Farms Crop Dairy Beef Beef Other
Number of farms 431 184 11 61 98 68
Income Statement
Gross cash farm income 287,656 359,831 361,332 160,122 280,072 216,606
Total cash farm expense 227,310 282,722 302,118 133,932 220,919 165,523
Net cash farm income 60,346 77,109 59,215 26,190 59,152 51,084
Inventory change 25,405 49,395 3,964 3,864 11,828 4,858
Depreciation and capital adjust -20,064 -24,259 -21,957 -8,295 -21,090 -18,157
Net farm income 65,687 102,245 41,222 21,759 49,891 37,784
Profitability (cost)
Labor and management earnings 44,748 76,255 29,739 7,735 27,590 23,385
Rate of return on assets 8.1 % 11.3 % 5.7 % 3.2 % 5.7 % 5.5 %
Rate of return on equity 10.8 % 16.0 % 5.1 % 0.8 % 6.1 % 6.0 %
Operating profit margin 19.2 % 21.8 % 13.3 % 13.8 % 16.3 % 16.0 %
Asset turnover rate 42.0 % 51.9 % 42.8 % 22.9 % 35.0 % 34.7 %
Liquidity
Ending current ratio 1.55 1.71 1.75 1.47 1.45 1.27
Ending working capital 64,413 91,785 37,165 41,277 60,893 25,853
End working capital to gross inc 22.4 % 25.5 % 10.3 % 25.8 % 21.7 % 11.9 %
Term debt coverage ratio 178.7 % 255.0 % 88.6 % 104.9 % 138.3 % 127.0 %
Expense as a percent of income 72.1 % 68.4 % 83.0 % 81.6 % 75.3 % 74.3 %
Interest as a percent of income 5.6 % 4.3 % 6.9 % 9.0 % 6.6 % 7.4 %
Solvency (cost)
Number of sole proprietors 412 176 9 60 93 66
Ending farm assets 670,557 742,727 483,214 532,793 743,846 551,424
Ending farm liabilities 333,925 339,445 340,404 299,065 371,637 306,796
Ending total assets 771,512 868,467 589,228 606,540 844,434 616,482
Ending total liabilities 355,003 364,517 362,366 314,263 390,141 325,789
Ending net worth 416,509 503,950 226,863 292,278 454,294 290,694
Net worth change 45,706 70,990 24,206 21,571 32,704 23,291
Ending farm debt to asset ratio 50 % 46 % 70 % 56 % 50 % 56 %
Beg total debt to asset ratio 47 % 43 % 63 % 52 % 46 % 55 %
End total debt to asset ratio 46 % 42 % 61 % 52 % 46 % 53 %
Nonfarm Information
Net nonfarm income 21,011 22,025 13,592 24,541 19,582 18,587
Farms reporting living expenses 300 129 8 44 64 49
Total family living expense 37,008 43,385 30,222 29,426 34,216 32,206
Total living, invest, & capital 52,404 60,439 38,158 42,562 47,764 50,580
Crop Acres
Total acres owned 853 701 357 1,070 916 1,088
Total crop acres 1,733 2,296 769 847 1,734 1,234
Total crop acres owned 504 548 255 371 582 438
Total crop acres cash rented 983 1,382 515 400 924 656
Total crop acres share rented 247 366 - 75 228 140
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