TABLE 13 - 3
Type of Farm Report, 2004
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 434 169 14 59 104 80
Income Statement
Gross cash farm income 312,901 401,803 352,701 167,513 260,016 299,607
Total cash farm expense 239,612 304,193 271,900 130,276 205,421 225,277
Net cash farm income 73,289 97,610 80,801 37,237 54,594 74,330
Inventory change 7,018 4,602 1,589 24,735 7,250 -2,265
Depreciation and capital adjust -22,319 -26,233 -23,290 -14,208 -19,606 -24,280
Net farm income 57,988 75,979 59,099 47,764 42,238 47,785
Profitability (cost)
Labor and management earnings 34,074 43,632 44,572 33,467 21,745 27,159
Rate of return on assets 6.2 % 6.7 % 6.6 % 7.8 % 4.9 % 5.3 %
Rate of return on equity 7.2 % 7.8 % 9.0 % 11.1 % 4.7 % 5.7 %
Operating profit margin 15.4 % 14.9 % 14.7 % 28.2 % 13.8 % 14.0 %
Asset turnover rate 40.0 % 45.1 % 45.0 % 27.7 % 35.5 % 37.5 %
Liquidity
Ending current ratio 1.49 1.65 2.35 1.52 1.33 1.24
Ending working capital 63,749 97,808 55,758 47,857 44,967 31,929
End working capital to gross inc 20.4 % 24.3 % 15.8 % 28.6 % 17.3 % 10.7 %
Term debt coverage ratio 156.4 % 169.6 % 167.5 % 181.8 % 137.9 % 134.7 %
Expense as a percent of income 75.1 % 75.0 % 77.1 % 67.4 % 77.1 % 76.2 %
Interest as a percent of income 5.5 % 4.5 % 5.0 % 7.7 % 6.5 % 6.4 %
Solvency (cost)
Number of sole proprietors 416 162 12 58 99 78
Ending farm assets 737,269 873,992 483,337 544,885 715,184 684,644
Ending farm liabilities 359,551 370,839 263,386 295,659 367,018 392,920
Ending total assets 842,133 1,023,081 599,850 608,978 796,526 762,613
Ending total liabilities 383,206 401,797 290,350 316,214 386,036 409,982
Ending net worth 458,927 621,283 309,500 292,764 410,490 352,631
Net worth change 34,874 46,635 39,772 41,829 23,360 20,945
Ending farm debt to asset ratio 49 % 42 % 54 % 54 % 51 % 57 %
Beg total debt to asset ratio 46 % 39 % 52 % 54 % 48 % 54 %
End total debt to asset ratio 46 % 39 % 48 % 52 % 48 % 54 %
Nonfarm Information
Net nonfarm income 20,419 22,190 15,637 20,477 18,722 20,791
Farms reporting living expenses 309 122 11 45 65 62
Total family living expense 39,673 46,229 31,154 29,124 36,528 39,356
Total living, invest, & capital 54,600 68,638 46,231 42,956 44,653 48,134
Crop Acres
Total acres owned 897 853 423 1,061 880 1,001
Total crop acres 1,799 2,445 684 754 1,599 1,721
Total crop acres owned 542 690 306 313 537 455
Total crop acres cash rented 1,038 1,382 358 367 914 1,132
Total crop acres share rented 219 373 20 73 147 134
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