TABLE 13 - 1
Size of Farm Report, 2004
North Dakota Farm Business Management Education Program
State Report
(Farms Sorted By Gross Farm Income)
Avg. Of Less than 50,001 - 100,001 - 250,001 - 500,001 - Over
All Farms 50,000 100,000 250,000 500,000 1,000,000 1,000,000
Number of farms 434 19 38 159 159 48 11
Income Statement
Gross cash farm income 312,901 33,987 76,338 174,437 348,554 692,195 1,442,875
Total cash farm expense 239,612 30,402 65,697 142,493 264,644 509,990 1,063,941
Net cash farm income 73,289 3,585 10,641 31,944 83,910 182,205 378,934
Inventory change 7,018 9,925 15,671 14,652 7,444 -6,332 -86,132
Depreciation and capital adjust -22,319 -3,706 -8,072 -13,121 -25,527 -44,355 -94,120
Net farm income 57,988 9,804 18,239 33,475 65,827 131,518 198,682
Profitability (cost)
Labor and management earnings 34,074 3,938 10,225 20,531 38,815 82,732 83,408
Rate of return on assets 6.2 % 3.0 % 3.6 % 4.9 % 6.5 % 8.1 % 5.4 %
Rate of return on equity 7.2 % 0.6 % 1.6 % 5.0 % 7.6 % 10.2 % 5.6 %
Operating profit margin 15.4 % 13.8 % 12.5 % 13.8 % 16.0 % 17.3 % 13.1 %
Asset turnover rate 40.0 % 21.5 % 28.5 % 35.6 % 40.4 % 46.7 % 41.0 %
Liquidity
Ending current ratio 1.49 1.61 1.29 1.36 1.51 1.60 1.53
Ending working capital 63,749 12,986 14,065 33,043 78,011 155,788 159,141
End working capital to gross inc 20.4 % 38.2 % 18.4 % 18.9 % 22.4 % 22.5 % 11.0 %
Term debt coverage ratio 156.4 % 146.0 % 136.4 % 127.3 % 160.8 % 165.0 % 245.5 %
Expense as a percent of income 75.1 % 70.0 % 71.1 % 75.7 % 74.5 % 74.4 % 78.9 %
Interest as a percent of income 5.5 % 11.7 % 8.8 % 7.2 % 5.4 % 4.4 % 3.9 %
Solvency (cost)
Number of sole proprietors 416 19 38 153 155 44 7
Ending farm assets 737,269 214,279 297,856 511,792 863,249 1,456,582 2,159,509
Ending farm liabilities 359,551 112,439 159,076 296,279 396,244 635,836 952,367
Ending total assets 842,133 304,650 338,581 575,063 998,011 1,634,292 2,441,141
Ending total liabilities 383,206 152,177 173,111 313,165 422,513 667,981 1,021,291
Ending net worth 458,927 152,472 165,470 261,897 575,497 966,311 1,419,849
Net worth change 34,874 15,228 18,352 20,762 43,244 74,414 52,484
Ending farm debt to asset ratio 49 % 52 % 53 % 58 % 46 % 44 % 44 %
Beg total debt to asset ratio 46 % 47 % 52 % 55 % 43 % 41 % 41 %
End total debt to asset ratio 46 % 50 % 51 % 54 % 42 % 41 % 42 %
Nonfarm Information
Net nonfarm income 20,419 38,185 21,768 19,301 20,363 14,549 27,656
Farms reporting living expenses 309 13 29 110 123 28 6
Total family living expense 39,673 34,628 24,573 34,493 43,577 53,104 75,836
Total living, invest, & capital 54,600 53,103 31,703 41,977 59,792 79,908 175,396
Crop Acres
Total acres owned 897 398 483 806 1,028 1,056 1,917
Total crop acres 1,799 387 570 1,154 2,047 3,577 6,473
Total crop acres owned 542 184 232 372 659 888 1,479
Total crop acres cash rented 1,038 146 265 635 1,096 2,363 4,471
Total crop acres share rented 219 57 74 147 292 327 522
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