TABLE 4
                          PROFITABILITY AND LIQUIDITY MEASURES, 2001                       
                   North Dakota Farm Business Management Education Program             
                                         State Report                                  
                               (Farms Sorted By Net Farm Income)                       
                                                 Avg. Of                         
                                                All Farms    Low 20%    High 20% 
            Number of farms                           452          90          91
            PROFITABILITY (assets valued at cost)
              Net farm income                      32,408     -27,437     110,382
              Labor and management earnings        13,529     -38,549      71,247
              Rate of return on assets              4.3 %      -5.2 %      10.0 %
              Rate of return on equity              2.2 %     -28.8 %      11.8 %
              Operating profit margin              11.8 %     -14.8 %      25.2 %
              Asset turnover rate                  36.6 %      34.9 %      39.6 %
              Interest on farm net worth           18,879      11,112      39,135
              Farm interest expense                19,674      24,397      21,410
              Value of operator lbr and mgmt.      25,461      24,142      33,308
              Return on farm assets                26,621     -27,182      98,485
              Average farm assets                 613,582     525,946     988,362
              Return on farm equity                 6,947     -51,579      77,074
              Average farm equity                 312,021     178,879     652,166
              Value of farm production            224,678     183,566     391,014
                                                 Avg. Of                         
                                                All Farms    Low 20%    High 20% 
            Number of farms                           452          90          91
            LIQUIDITY (cash)
              Net cash farm income                 51,299      17,601     109,194
              Net nonfarm income                   18,724      23,606      13,701
              Family living and taxes              40,497      38,540      53,767
              Real estate principal payments        7,422       7,485      10,481
              Cash available for interm. debt      22,104      -4,818      58,647
              Average intermediate debt           108,719     136,937     115,968
              Years to turnover interm. debt          4.9          **         2.0
              Expense as a % of income               79 %        92 %        74 %
              Interest as a % of income               8 %        10 %         5 %
            LIQUIDITY (accrual)
              Total accrual farm income           247,172     206,854     436,880
              Total accrual operating expense     198,008     213,700     302,950
              Net accrual operating income         49,164      -6,846     133,929
              Net nonfarm income                   18,724      23,606      13,701
              Family living and taxes              40,497      38,540      53,767
              Real estate principal payments        7,422       7,485      10,481
              Available for intermediate debt      19,969     -29,265      83,382
              Average intermediate debt           108,719     136,937     115,968
              Years to turnover interm. debt          5.4          **         1.4
              Expense as a % of income               80 %       103 %        69 %
              Interest as a % of income               8 %        12 %         5 %
              ** Income insufficient to meet debt servicing requirements