This report iooks at the regional differences in trends, performances, and financial

measures of 403 cooperatives. The regions represented are Atlantic, South Centrai,

Mountain, Pacific, Northern Plains. Lake States, and Corn Belt. Aiso included are a

consolidated balance sheet, an income statement, and financial ratios for these cooperatives.

Key words: Cooperatives, farm supply, region, Atlantic, South Central, Mountain,

Pacific, Northern Plains, Lake States, Corn Belt.

Performance of Cooperatives Handling Farm

Supplies, by Region

RBS Research Report 160

Beverly L. Rotan

Rural Business-Cooperative Service

April 1998
Preface The trends, performances, and financial measures of 403 cooperatives handling farm

supplies are compared for years 1994 and 1995. Although in some instances, the

changes between a 2-year period were small; in other instances the changes were

noteworthy. The report also looks at some of the major components of the balance

sheet, income statement, and financial ratios. information contained in this report may

be used by management of cooperatives handling farm supplies to compare their

cooperative’s general performance with other cooperatives in their geographical area.
Contents Highlights.. ...........................................................

Trends .............................................................. .

Movement ........................................................... .

EconomicParticipation ................................................. .

Sales ........................................................ ...4

FarmSupplyRevenue ............................................... ...4

Feed ........................................................... .

Seed ........................................................... .

Petroleum ....................................................... .

Fertilizer ........................................................ .

Crop Protectants ............................................... ...7

Service ......................................................... .

Financial Statement ....................................................7

BalanceSheet ................................................... .

Income Statement ................................................lO

FinancialTrends ................................................... ..12

Liquidity Ratios ..................................................12

LeverageRatios ............................................... ..12

Activity Ratios ...................................................14

Profitability Ratios ................................................14

Summary.. ....................................................... ..15

Bibliography.........................................................l 6

Appendixtables.. .................................................. ..17
Highlights More than 400 cooperatives handling farm supplies provided financial and other information which allow comparisons of performance and trends. The cooperatives were

grouped into seven regions-Atlantic, South Central, Mountain, Pacific, Northern

Plains, Lake States, and Corn Belt. Important points included:

l Average total assets grew 17 percent between 1995 and 1994, fueled by large

increases in inventories and investments.

l Average net sales for all respondent cooperatives increased 7.8 percent from

1994. In 1995, average net sales for all cooperatives studied was $12.2 million.

l Petroleum and fertilizer were the number one and two farm supplies sold.

l Marketing activity in Corn Belt and Northern Plains regions provided more than

54 percent of sales.

l The greatest movement was in the Corn Belt where a larger number of cooperatives moved into larger sales categories.

l The Corn Belt had the highest sale of fertilizers, crop protectants, and services.

. . . 111
Performance of Cooperatives Handling

Farm Supplies, by Region

Beverly L. Rotan

Rural Business-Cooperative Service

This report analyzes the regional trends, performances, and financial measures of cooperatives handling farm supplies. The 403 cooperatives included in

this study completed a survey and included a detailed

financial report. These cooperatives had farm supply

sales (petroleum, fertilizer, feed, etc.) which averaged

$5.6 million in 1995 and $5.5 million in 1994. They also

provided a number of services (product delivery, fertilizer application, grain and oilseed hauling and storage,

etc.) to their farmer-members. Service income averaged $428,837 in 1995 and $372,901 in 1994.

For the purpose of this report, the United States

was divided into seven regions-Atlantic, South

Central, Mountain, Pacific, Northern Plains, Lake

States, and Corn Belt. This breakdown and the percentage of cooperatives handling farm supplies per region

may be seen in figure 1.

Trends

Cooperatives were grouped according to functions provided. A large number of local cooperatives

handling farm supplies also marketed grains, other

farm products, and provided services. Fifty-nine percent of the cooperatives surveyed sold farm supplies

and grain in 1995. A combination of farm supplies and

products marketing in a cooperative generally provided greater efficiency in operation and service to members. Other farm products marketed were milk, dry

beans, cottonseeds, fresh fruits and vegetables, livestock, and nuts.

Cooperatives with over 75 percent of their sales

from marketing were classified as a marketing cooperative; mixed marketing cooperatives were those with

more than 50 to 75 percent sales generated from marketing; mixed farm supply had 50 to 99 percent of sales

from farm supplies; and farm supply cooperatives had

100 percent of sales from farm supplies (table 1).

According to Farmer Cooperative Stafistics, 1995 I,

there were 4,006 cooperatives in the United States. Of

this total, 1,458 (36 percent) were classified as farm

supply, based on business volume.

This number (1,458 farm supply cooperatives)

does not reflect all local cooperatives handling farm

supplies because cooperatives with other major functions also sold farm supplies. In 1994, there were 4,244

cooperatives and of that number, 1,547 handled farm

supplies. This was a decline of 5.6 percent for all cooperatives and 5.8 percent for farm supply cooperatives

between 1994 and 1995. The percentage of farm supply

to all cooperatives remained the same at 36 percent.

Of all cooperatives in the United States, the Lake

States region had the most farm supply cooperatives,

23.1 percent; Northern Plains, 18.3 percent; Corn Belt,

17.5 percent; Atlantic, 17.4 percent; South Central, 12.7

percent; Mountain, 6.3 percent; Pacific, 4.6 percent; and

other States (Hawaii, Alaska, etc.), 1 percent. 2

States in the Atlantic region were positioned high

in hog, broiler, egg, and turkey production. 3 USDANational Agricultural Statistics Service.) This may

have been a source for the generation of feed revenue.

With the Corn Belt having States ranking second and

third in crop production, this may be the reason it had

the highest service revenue. States in the Pacific region

ranked second and eighth for sheep and lamb production. Vegetables and fruits and nuts were produced

primarily in the Pacific and the Atlantic regions.

1 Farmer Cooperative Statistics, 1995. Ralph M. Richardson,

Celestine C. Adams, Katherine C. DeVille, Jacqueline E. Penn, and

Charles A. Kraenzle. Service Report 52. November 1996.)

2 op.cit.

3 Statistical Highlights of U.S. Agriculture, 3995/96.
Figure I- Regional Break Downs and Percent of Respondent Cooperatives Handling Farm Supplies

Pacific

1.5 Percent Northern

26.1 Percent

Lake States

29.5 Percent

Corn Belt

26.3 Percent

Atlantic

3.2 Percent

South Central

6.5 Percent

For the 403 respondent cooperatives, the regional

pattern was marginally different. The Lake States had

the most cooperatives handling farm supplies, 29.5

percent; Corn Belt, 26.3 percent; Northern Plains, 26.1;

Mountain, 6.9 percent; South Central, 6.5; Atlantic, 3.2

percent; and Pacific, 1.5 percent.

In both 1994 and 1995, the Lake States region had

the most farm supply and mixed marketing cooperatives while the Corn Belt region had the most marketing and mixed marketing cooperatives.

These 403 cooperatives were further classified by

sales size-less than $5 million as small, from $5 to $10

million as medium, between $10 and $20 million as

large, and more than $20 million as super. In 1994,

2

there were 158 small cooperatives, 95 medium cooperatives, 90 large cooperatives, and 60 super cooperatives. For 1995, there were 153 small cooperatives, 91

medium cooperatives, 90 large cooperatives, and 69

super cooperatives (table 2).

Regionally, most small cooperatives were concentrated in the Northern Plains region; medium cooperatives in the Lake States; and large and super cooperatives in the Corn Belt. For most regions, the super

category had the smallest number of cooperatives.
Table I- Respondent cooperatives by type and region, 1994 and 1995 l

Region

Farm

SUPPlY

1994 1995

Mixed Farm Mixed Farm Mixed Farm Mixed

SUPPlY Marketing MHg Total SUPPlY SUPPlY Marketing MMg Total

Atlantic 11 2 0 0 13 11 2 0 0 13

South Central 12 5 3 6 26 12 6 4 4 26

Mountain 16 4 4 4 28 15 7 5 1 28

Pacific 5 0 1 0 6 5 0 1 0 6

Northern Plains 55 9 16 25 105 55 9 16 25 105

Lake States 63 29 7 20 119 63 27 9 20 119

Corn Belt 11 18 26 51 106 12 11 35 48 106

Total 173 67 57 106 403 173 62 70 98 403

1 Type of cooperatives is determined through sales. To be classified as a farm supply cooperative the cooperative must have 100 percent of

sales from farm supplies; mixed farm supply, more than 50 percent to 99 percent from farm supplies; marketing, 26 percent from farm

supplies; and mixed marketing, at least 49 percent to 75 percent from farm supplies.

Table 2- Respondent cooperatives by size and region, 1994 and 1995

Region Small Medium

1994

Large Super Total Small Medium

1995

Large Super Total

Atlantic 10 2 0

South Central 11 8 4

Mountain 15 8 1

Pacific 5 0 1

Northern Plains 56 21 26

Lake States 43 35 30

Corn Belt 18 2 1 38

Number

1 13 10 1

3 26 12 7

4 28 15 8

0 6 5 0

12 105 52 22

11 119 41 35

29 106 18 18

1

4

1

1

17

31

35

Total 158 95 90 60 403 153 91 90

1 13

3 26

4 28

0 6

14 105

12 119

35 106

69 403

Movement

There was no movement (from one size category

to another) of cooperatives between 1994 and 1995 in

the Mountain and Pacific regions. The Atlantic and

South Central regions saw a medium-sized cooperative move into the large-sized category and a mediumsized cooperative move into the small-sized category.

At the same time, in the Northern Plains five small

cooperatives moved into the medium category, one

medium cooperative into the small category, three

medium cooperatives into the large category, and two

large cooperatives into the super cooperative category.

There were three small to medium, one medium

to small, four medium to large, two large to medium,

and one large to the super category in the Lake States

region. The Corn Belt also had changes-one small

cooperative moved into the medium category, three

medium cooperatives moved to the large category, one

medium cooperative moved into the small category,

and six large cooperatives moved into the super category (table 2).

3
Economic Participation

Cooperatives are organized to enhance the

income of producers through collectively marketing

their farm products and providing producers with

farm supplies at lower cost. Farm supply sales patterns

of the respondent cooperatives are presented in the following section.

Sales

Cooperatives in the Lakes States had the greatest

average sales of farm supplies for both years, $6.4 million. The Corn Belt, the most important grain producing region, had the third largest average farm supply

sales in 1994 and 1995 (table 3).

In 1994, Atlantic region cooperatives averaged $6

million in farm supply sales making this region the

second largest in farm supply sales. The smallest farm

supply revenue occurred in the Pacific region.

However, data may be skewed because of the small

number of respondents in specific regions or because

of very high or very low farm supply revenues.

Farm Supply Revenue

The relative strength of cooperatives varied by

region. Cooperatives developed differently in each

region because of differing producer needs in different

areas. In some regions, farm supply cooperatives started as seed cooperatives. In other regions, petroleum

products were their initial reason for organizing. Thus,

historical developments may account for some of the

differences in cooperative strength in specified regions.

The major farm supplies handled for both years

included feed, seed, petroleum, fertilizer, and crop

protectants.

Feed

Feed is generally supplied by cooperatives for

livestock and poultry production. As part of the feed

sales, cooperatives received revenue for services such

as custom blending. Other services include pelleting,

mixing, ingredient storage, finished product storage,

shipping, formulation, purchasing, and energy management.

In 1994, respondents in the Atlantic region had

the most (66 percent) farm supply revenues resulting

from the sale of feed. The Corn Belt and South Central

regions tied for second with 25 percent of revenue generated from feed sales. The Pacific region had 5 percent, the smallest percentage of revenue from feed

sales. The breakdown in 1995 remained the same (figures 2 and 3).

For both years, only two respondent cooperatives

that handled farm supplies had 100 percent of their

revenue generated from feed sales. One cooperative

was classified as super in the Atlantic region and the

other was a medium cooperative in the Corn Belt.

Seed

The dollar amount of seed sold through respondent cooperatives was lower than for other farm supplies, possibly because farmer-members were more

selective and more loyal to private brands of seeds.

This is especially true for seed corn. Another reason is

that there were many sources-specialized dealers and

farmer agents-where producers can purchase seed.

U.S. net sales of seed by cooperatives handling

farm supplies totaled $583 million in 1995, down from

1994 net sales volume of $594 million.

Pacific region cooperatives reported the highest

sales in seeds. In 1994 and 1995, seed sales represented

4 percent and 7 percent, respectively. The lowest level

of income was in the Mountain and Northern Plains

regions for both years. Only one large respondent

cooperative in the Pacific region had all its revenue

generated from seed sales.

Petroleum

Cooperatives are a vital resource for petroleum

products to farmers. Petroleum products come in several forms including gasoline, gasohol, premium

diesel, propane, lubricating oil, and grease. They are

used for home heating, drying crops, vehicle maintenance, and heating livestock facilities.

Cooperatives in the United States handling farm

supplies generated $5.21 billion in net petroleum sales

for 1995, up slightly from the 1994 sales of $5.17 billion.

Petroleum sales of respondent cooperatives averaged from a high of $1.96 million in the Mountain

region to a low of $179,000 in the Atlantic region in

1994. In 1995, this rank remained the same with sales

declining in the Atlantic region and increasing in the

Mountain region (table 3).

Of the 403 respondent cooperatives, 34 percent

also responded to a survey contained in Research

Report 149, “Local Petroleum Cooperatives” by David

Chesnick. It indicated “local cooperatives rely on

regionals for most of their agricultural supplies. In

turn, regionals rely on locals as their main distribution

channel for the supply products.”

4
Tables- Farm supply and Set-he average Sales by region, 1994 and 1995 1

Item

Atlantic

South

Central Mountain

Region

Pacific

Northern Lake

Plains States

Corn

Belt

All

(averages)

1994

Feed

Seed

Fertilizer

Crop protectants

Petroleum

Tires, batteries & accessories

Machinery

Building materials

Containers

Food

Other 2

3,939

184

819

300

179

6

-

47

-

1,252

177

1,279

752

704

63

500

38

1,117

425

1,955

77

-

32

-

117

96

233

235

808

7

1,419

138

1,197

961

1,910

5

1,174

114

1,192

896

1,473

20

-

38

-

3

790

-

-

30

1

645

441

38

946

617

1,480

32

2

4

-

859

-

5

-

5

767

1,484

159

1,482

1,342

1,163

1

1

12

-

513

-

8

503

-

2

273

-

12

-

4

572

Total farm supplies 5,987 5,059 5,003 2,172 4,071 6,407 5,918 5,459

Service 268 428 275 72 256 270 635 373

Total 6,255 5,487 5,277 2,245 4,326 6,677 6,553 5,830

1995

Feed

Seed

Fertilizer

Crop protectants

Petroleum

Tires, batteries 8 accessories

Machinery

Building materials

Containers

Food

Other 2

4,045

190

953

313

170

26

-

46

-

1,305

152

1,295

873

708

140

6

78

542

45

1,359

444

2,054

98

-

60

-

134

150

258

248

818

6

-

404 1,346 1,430 1,138

42 132 154 112

1,025 1,218 1,639 1,283

671 959 1,301 910

1,547 1,961 1,176 1,517

38 17 8 34

3 17 2 7

25 2 16 22

-

541

-

3

747

-

855

-

29

2

652

-

1 4

449

- -

17 1

767 224

-

9

543

Total farm supplies 6,282 5,182 5,457 2,300 4,218 6,437 5,950 5,568

Service 256 427 248 38 278 341 754 429

Total 6,538 5,608 5,705 2,337 4,497 6,779 6,704 6,004

Thousand dollars

- = Respondents had no sales.

1 Totals may not add due to rounding.

* “Other” includes packaging supplies, farm machinery and equipment, meat & groceries, hardware, chicks, and other supplies not separately

classified.

5
Figure 2- Percent of Selected Farm Supply Sales to Total Farm Supply Sales by Region, 1994

1oc

80

60

40

20

0

--I IAtlanta South

Central

Mountain Pacific

Region

Northern

Plains

Lake

States

Corn

Belt

Other

Petroleum

Crop Protec

Fertilizer

Seed

Feed

:talnts

Figure s-- Percent of Selected Farm Supply Sales to Total Farm Supply Sales by Region, 1995

100

8C

60

40

20

0

Other

Petroleum

Crop Protec

Fertilizer

Seed

Feed

:taants

Atlanta South

Central

Mountain Pacific

Region

Northern Lake

Plains States

Corn

Belt

6
Table 3- Farm supply and service average Sales by region, 1994 and 1995 l

Item

Atlantic

South

Central Mountain

Region

Pacific

Northern Lake

Plains States

Corn

Belt

All

(averages)

1994

Feed

Seed

Fertilizer

Crop protectants

Petroleum

Tires, batteries & accessories

Machinery

Building materials

Containers

Food

Other 2

Total farm supplies

Service

Total

1995

Feed

Seed

Fertilizer

Crop protectants

Petroleum

Tires, batteries & accessories

Machinery

Building materials

Containers

Food

Other *

Total farm supplies

Service

Total

3,939 1,252

184 177

819 1,279

300 752

179 704

6 63

- -

47 38

- -

- 3

513 790

5,987 5,059

268 428

6,255 5,487

4,045 1,305

190 152

953 1,295

313 873

170 708

26 140

- 6

46 78

- -

- 3

541 747

6,282 5,182

256 427

6,538 5,608

500

38

1,117

425

1,955

77

-

32

-

-

859

Thousand dollars

- = Respondents had no sales.

1 Totals may not add due to rounding.

2 “Other” includes packaging supplies, farm machinery and equipment, meat & groceries, hardware, chicks, and other supplies not separately

classified.

117

96

233

235

808

7

-

-

30

1

645

441

38

946

617

1,480

32

2

4

-

8

503

5,003 2,172 4,071 6,407 5,918

275 72 256 270 635

5,459

373

5,277 2,245 4,326 6,677 6,553 5,830

542

45

1,359

444

2,054

98

-

60

-

134

150

258

248

818

6

-

1,346 1,430 1,138

132 154 112

1,218 1,639 1,283

959 1,301 910

1,961 1,176 1,517

17 8 34

17 2 7

2 16 22

-

855

-

29

2

652

404

42

1,025

671

1,547

38

3

25

-

14

449

- -

17 1

767 224

-

9

543

1,419

138

1,197

961

1,910

5

-

5

-

5

767

1,484

159

1,482

1,342

1,163

1

1

12

-

2

273

1,174

114

1,192

896

1,473

20

-

12

-

4

572

5,457 2,300 4,218 6,437 5,950 5,568

248 38 278 341 754 429

5,705 2,337 4,497 6,779 6,704 6,004

5
In 1994, one medium and two small cooperatives

handling farm supplies in the Northern Plains region,

three small cooperatives in the Lake States, and one

small cooperative in the Corn Belt region derived all

their income from petroleum sales. Those number

changed slightly for 1995-two small cooperatives in

the Northern Plains, three small cooperatives in the

Lake States, and three small cooperatives in the Corn

Belt region.

Fertilizer

Historically, farmers have looked to cooperatives

as a primary supplier of quality fertilizer products.

Basic fertilizer material include nitrogen, phosphate,

potash, urea, ammonium nitrate liquid mixtures, dry

mixtures, etc.

For both years, the Corn Belt region had the

largest average fertilizer sales of $1.5 million in 1994

and $1.6 million in 1995. Of farm supply sales, fertilizer

sales represented 25 percent for both the Corn Belt and

South Central regions. The smallest average sales was

$233,000 in 1994 and $259,000 in 1995 in the Pacific

region representing 11 percent of all farm supply sales

sold in that region (table 3 and figures 2 and 3).

Crop Protectants

Crop protectants include insecticides, fungicides,

herbicides, pesticides, rodenticides, and repellants and

come in either dry or liquid forms.

Overall, U.S. farm supply cooperatives had $2.6

billion in net sales in 1995, up from $2.2 billion in 1994.

Corn Belt cooperatives had the highest sales of crop

protectants, 23 percent of total farm supply sales in

1994 and 22 percent in 1995. The Pacific region had the

lowest net sales for crop protectants (table 3).

Service

For most cooperatives selling farm supplies, the

application of crop protectants and fertilizer, custom

blending of feed, drying and storing grains and

oilseeds, trucking services (delivery of purchases and

products to market), and the use of the cooperative

employee’s expertise were important. In most

instances, local cooperatives were the primary

resources in providing these services to rural residents.

Service provided by all respondent cooperatives

generated $2.2 million in sales in 1994 and $2.3 million

in 1995. When looking at the individual regions, the

Corn Belt led in service sales for both years and had

the largest combined sales of fertilizer and crop protectants. By contrast, the Pacific region had the lowest

sales from service for both years.

Financial Statements

Financial statements are a snapshot of the financial position of a business. The two most widely used

financial statements are the balance sheet and the

income statement. The most basic elements of the balance sheet are assets, liabilities, and equity. For the

income statement, the most basic elements include

sales, cost of goods sold, expenses, and net income.

Balance Sheet

The balance sheet shows the financial position of

a business and summarizes the assets, liabilities, and

owner’s equity at a specific date. Total assets for Corn

Belt cooperatives from 1994 to 1995 were the highest

due to increased inventory and investments, up 23

percent (table 4). The Atlantic, Pacific, and South

Central regions had slight decreases from 1994 to 1995.

Current assets also slightly declined.

For the other regions, current assets increased by

35 percent in the Corn Belt; 30 percent in the

Mountain; 23 percent in the Northern PIains; and 17

percent in Lake States. Overall, farm supplies inventories increased in all regions except the Pacific.

Current liabilities in the Corn Belt and Mountain

regions grew at the greatest rate, 45 percent and 40

percent, respectively, between 1994 and 1995.

Conversely, the Atlantic, South Central, and Pacific

regions decreased. The Atlantic and Pacific regions

decreased in four of the elements in current liabilities-other liabilities, patron prepayment, accrued

expenses, and allocated equity (cash).

Long-term debt increased by 31 percent from

1994 to 1995. The Pacific, Northern Plains, Lake States,

Corn Belt, and Mountain regions had increases in

long-term debt, the largest in the Pacific. Long-term

debt for the Atlantic and South Central regions

decreased.

Overall, the respondent cooperatives’ member

equities increased 5.2 percent between 1994 and 1995.

Net worth increased in all seven regions. The largest

occurred in the Mountain region, 8.4 percent. The

smallest increase, 1 percent, occurred in the Pacific

region.

Balance Sheet by Region and Function

A breakdown of the balance sheet by function is

shown in Appendix tables 1 and 2. Farm supply and

mixed farm supply were the only functions represented by Atlantic region cooperatives. All cooperatives,

regardless of function, in the Lake States and Northern

7
Table 4- Condensed balance sheet by region (averages), 1994 and 1995 l

Item

Atlantic

South

Central Mountain

Region

Northern

Pacific Plains

Thousand dollars

Lake Corn

States Belt

All

(averages)

1994

Assets

Cash 251

Accounts receivable 471

Inventory

- farm supply 460

- marketing 10

Other current assets * 90

Total current assets 1,283

Property, plant & equipment 1,230

Less: Accumulated depreciation 803

Net property, plant & equipment 427

Other assets 3 430

860 803 277 984 1,332 1,890 1,276

637 715 292 733 1,241 1,220 44

Total assets 2,140 3,813 3,179 1,277 3,876 4,949 6,914 4,845

Liabilities and Net Worth

Accounts payable

Allocated equity (cash)

Current term debt 4

Other current liabilities 5

331 334 234 92 158 233 561 308

25 87 76 22 52 64 56 59

80 800 352 77 432 664 1,217 708

357 261 328 109 743 654 1,181 750

Total current liabilities 793 1,482 990 300 1,385 1,615 3,015 1,825

Long-term debt 190 297 168 13 160 405 512 333

Total liabilities 983 1,779 1,158 313 1,545 2,021 3,528 2,159

Net Worth

Common stock

Preferred stock

Allocated equity (noncash)

Retained earnings

30 120 27 - 122 339 185 191

13 138 287 - 32 188 859 319

886 1,241 1,189 619 1,600 1,941 1,170 1,498

229 534 518 345 577 456 1,173 676

Total net worth 1,158 2,033

Total liabilities and net worth 2,140 3,813

2,021 964 2,330 2,928

3,179 1,277 3,876 4,949

3,387 2,686

6,914 4,845

179 124 159 262 191 277 228

658 382 146 341 657 803 581

432 543 307 567 585 583 559

601 298 39 606 670 1,617 841

445 314 57 383 273 524 479

2,316 1,661 708 2,159 2,376 3,804 2,581

2,595 2,047 784 2,572 3,331 4,945 3,315

1,735 1,244 507 1,588 1,999 3,055 2,039

continued
Table 4 (continued) -Condensed balance sheet by region (averages), 1994 and 1995 l

Item

Atlantic

South

Central Mountain

Region

Pacific

Northern Lake Corn

Plains States BeA

All

(averages)

1995

Cash 113

Accounts receivable 393

Inventory

farm supply 482

- marketing 12

Other current assets 2 212

- Total current assets 1,213

Property, plant & equipment 1,312

Less: Accumulated depreciation 851

Net property, plant & equipment 481

Other assets 3 437

887 908 263 1,075 1,398 2,014 1,362

633 1,556 998 3,409 4,195 1,300 55

Total assets 2,111 3,781 3,800 1,261 4,484 5,593 8,495 5,649

Liabilities and Net Worth

Accounts payable

Allocated equity (cash)

Current term debt 4

Other current liabilities 5

367 350 230 86 194 275 388 285

21 96 91 33 60 73 72 70

122 641 664 47 732 897 2,137 1,110

232 262 402 96 829 805 1,761 971

Total current liabilites 742 1,349 1,387 262 1,815 2,050 4,358 2,436

Long-term debt 186 247 221 26 220 459 594 387

Total liabilities 928 1,596 1,609 288 2,035 2,509 4,952 2,823

NetWorth

Common stock 32 118 26 _- 103 81 175 107

Preferred stock 13 141 263 _ _ 10 200 798 300

Allocated equity (noncash) 915 1,353 1,305 642 1,702 2,240 1,325 1,670

Retained earnings 223 573 597 331 635 561 1,245 749

Total net worth 1,183 2,185 2,191 973 2,450 3,083 3,543 2,827

Total liabilities and net worth 2,111 3,781 3,800 1,261 4,484 5,593 8,495 5,649

242 98 140 201 166 177 176

703 428 154 388 713 845 624

507 573 299 666 701 711 663

466 592 53 846 845 2,721 1,270

343 314 55 504 333 727 479

2,261 2,100 701 2,605 2,808 5,181 3,212

2,713 2,244 802 2,832 3,566 5,471 3,615

1,826 1,336 539 1,757 2,168 3,457 2,253

Thousand dollars

- = Negligible number.

1 May not add due to rounding.

2 “Other” current assets include prepaid expenses and other receivables.

3 “Other” assets include investments, goodwill, etc.

4 “Other” current debt include short-term and seasonal debt.

5 “Other” current liabilities include accrued expenses, patron prepayment, etc.
Plains had increases in current and total assets. The

most significant increase in assets occurred in mixed

marketing cooperatives in the Mountain region while

the largest decrease was in South Central marketing

cooperatives.

Mixed farm supply cooperatives in the Mountain

region had the largest decrease in farm supply inventories. By contrast, mixed marketing cooperatives had

the largest increase between 1994 and 1995.

Among South Central marketing cooperatives,

current liabilities in all elements decreased the most at

74 percent. Mixed marketing cooperatives in the

Mountain region had the largest increase in current liabilities, 81 percent. Long-term debt for Corn Belt farm

supply cooperatives was up 71 percent from 1994 to

1995 and down 128 percent for South Central mixed

marketing cooperatives. Long-term debt for farm supply cooperatives, except those in the Atlantic region,

increased between 1994 and 1995.

Equity grew in farm supply cooperatives in every

region. The South Central’s marketing cooperatives

had the largest decrease in equity, 28 percent, and

mixed marketing cooperatives in the Mountain region

had the largest increase, 36 percent.

Balance Sheet by Region and Size

A further breakdown of the balance sheet is

shown in Appendix tables 3 and 4. From 1994 to 1995,

70 percent of cooperatives had increases in their total

assets 4. These increases occurred in all small cooperatives in all regions except Mountain and Lake States.

The most significant changes in current assets

from 1994 to 1995 were found in the Atlantic region

super-sized cooperatives with a 53-percent decrease

attributed to more than a 400-percent decrease in cash

and 990-percent decrease in accounts receivables. The

Mountain region increased 31 percent. Among large

cooperatives in the Northern Plains, current assets rose

42 percent. Although current assets were down in

medium cooperatives in the South Central region,

farm supply inventories increased 49 percent.

Current liabilities in medium cooperatives in the

Atlantic region dropped the most, 230 percent. All

sized cooperatives in this region had large decreases in

accounts payable, no deferred allocated equity, and

paid all current-term debt. However, data from this

region may be skewed due to the lack of cooperatives

responding to the survey.

4 To avoid some distortion in the analysis, cooperatives classified by

size in the Pacific region are not being included.)

Long-term debt increased in all size groups

except in the Atlantic region super category; the South

Central region had decreases in all size groups except

the small category; the Mountain region had increases

in all sizes except the large category; and all size cooperatives in the Northern Plains and Corn Belt regions

increased their term debt. Finally, Lake States’ cooperatives had decreases in long-term debt in the small and

large categories and increases in the medium and

super categories.

Equity grew in every region and size groupings

except in small cooperatives in the Lake States; medium cooperatives in the South Central region; large

cooperatives in the Corn Belt region; and super cooperatives in the Atlantic, Corn Belt, and Northern Plains

regions.

Income Statement

The income statement shows the results of operations for the past year and usually includes both the

current and prior year. It lists all sources of revenue

and expenses.

The respondent cooperatives had an B-percent

increase in sales, 8.2-percent increase in cost of goods

sold, 8.5-percent increase in total revenue, 8.8-percent

increase in total expenses, and 16.2-percent increase in

net income between 1994 and 1995 (table 5).

Except for expenses, the Pacific region had

decreases in all major components of the income statement from 1994 to 1995. Sales and total revenue had

the largest increase in the Lake States region. Sales

were down in the South Central region.

Income Statement by Region and Function

Functionally, farm supply cooperatives in all

regions had increased sales from 1994 to 1995. The

largest percentage increase, 25 percent, was among

Lake States’ marketing cooperatives (Appendix table

5). The largest decrease, 39 percent, occurred in mixed

farm supply cooperatives in the Mountain region.

Sales, cost of goods sold, and gross margins were all

down 39 percent in mixed farm supply cooperatives in

this region.

Mixed marketing cooperatives in the Mountain

region had the greatest percentage increase in net

income, 60 percent, while Pacific region marketing

cooperatives had the greatest percentage decrease, 495

percent, in net income.

Income Statement by Region and Size

Sales for all size groups of cooperatives in the

Lake States increased. The most significant increase, 39

10
Table 5- Condensed income StSteNIent by region (averages), 1994 and 1995 l

Item

Atlantic

South

Central Mountain

Region

Pacific

Northern Lake

Plains States

Corn

Belt

All

(averages)

Thousand dollars

1994

Sales

Cost of goods sold

Gross margin

6,042 9,539 7,206 4,083 9,153 9,482

5,603 8,265 6,233 3,592 8,281 8,191

439 1,274 972 490 872 1,290

18,163 11,334

16,788 10,192

1,375 1,141

Other income * 355 526 408 136 387 526 848 558

General expenses 658 1,366 1,052 495 960 1,442 1,824 1,333

Income tax 1 12 20 23 13 13 24 16

Interest expense 31 75 38 8 50 82 139 82

Total expenses 690 1,453 526 1,986 1,431

Net income 103 347

1,110

270 100

1,022 1,537

236 279 237 252

1995

Sales

Cost of goods sold

Gross margin

6,310 9,465 7,734 3,617 9,891 10,416 19,696 12,239

5,803 8,215 6,658 3,098 8,957 9,067 18,204 11,025

506 1,250 1,076

Other income 2 333 585 442

General expenses 727

Income tax -

Interest expense 36

Total expenses 763

1,347 1,121

21 25

85 54

1,452 1,200

Net income 77 383 318

519

100

533

7

11

551

68

934 1,350 1,492 1,215

457 621 1,032 658

1,035

18

87

1,138

1,535

17

106

1,960 1,416

35 22

203 118

1,658 2,199 1,557

253 313 325 293

- = Negligible number.

t May not add due to rounding.

2 Includes interest income, service, patronage refunds, and other.

percent, occurred in large cooperatives in the Northern

Plains. The large cooperatives in the Pacific region had

the largest decrease, 106 percent (Appendix table 6).

Again, caution must be taken because of the small

number of respondent cooperatives in this region.

Net income of Atlantic region super-sized cooperatives had the highest percentage increase, 79 percent, from 1994 to 1995. This is particularly interesting

because cooperatives in this category also had the second greatest percentage decrease, 143 percent, in gross

margins for this time period. This disparity may be

due to sales (i.e., a larger cooperative would have larger sales and higher patronage refunds), local income

savings (patronage refunds), or extraordinary gains

(i.e., sale of equipment).

Financial Trends

Liquidity, leverage, activity, and profitability

financial ratios help determine the financial health of a

business. No single ratio provides enough information

to determine a cooperative’s financial health.

Therefore, it is important to look at a group of financial

1 1
ratios for a period of time, compare with other cooperatives that have similar sales and functions, and/or

compare performance with other cooperatives in the

same geographical area.

Liquidity Ratios

Liquidity ratios include the current and quick

ratios and measure the cooperative’s ability to meet

short-term obligations. They focus on the cooperative’s

ability to remain solvent by being able to turn assets

into cash. The current ratio is current assets divided by

current liabilities. The quick ratio is current assets

minus inventories divided by current liabilities.

Inventories are excluded because they are the least liquid of all current assets.

Between 1994 and 1995, the current and quick

ratios for the Pacific region were larger than for the

other regions, indicating Pacific cooperatives had the

greatest ability to pay current liabilities through the

conversion of current assets into cash. These ratios

were slightly higher in 1995 than in 1994 (table 6).

The Corn Belt had the lowest current and quick

ratios for both years. In some instances when these

ratios are low, it may be beneficial for a cooperative to

sell additional capital stock, borrow additional longterm debt, and/or dispose of unproductive fixed assets

to improve their financial position.

Liquidity Ratios by Region and Function

From 1994 to 1995, the current and quick ratios

decreased for cooperatives of all functions in the

Northern Plains (Appendix table 7). Mixed farm supply cooperatives in the Atlantic region had the highest

current and quick ratios (2.74 and 2.14, respectively) in

1994 and farm supply cooperatives in the Pacific had

the highest current ratio, 2.90 in 1995. In 1995, the

Atlantic region’s mixed farm supply had the highest

quick ratio, 1.94. On the other side, in 1994, Lake

States’ marketing cooperatives had the lowest quick

ratio, 0.41. In 1994, Corn Belt marketing cooperatives

had the lowest current ratio and in 1995 had the lowest

ratio for both the current and quick ratios, 1.13 and

0.35, respectively.

Liquidity Ratios by Region and Size

Looking at the liquidity ratios for cooperatives by

size in the seven regions takes on a different picture.

Collectively, Mountain region cooperatives had the

highest current and quick ratios in 1994. Broken down

by size showed that small cooperatives in that region

had the highest current and quick ratios, 2.89 percent

and 1.66 percent, respectively (Appendix table 8). In

1995, medium cooperatives in the Atlantic region had

the highest liquidity ratios.

Atlantic region super-sized cooperatives had the

lowest current ratio in 1994 and 1995. Medium-sized

cooperatives in that region had the highest current

ratio, 8.90, and quick ratio, 3.32 in 1995. In 1994, medium-sized cooperatives in the Corn Belt had the lowest

quick ratio. In 1995, super-sized coperatives in the

Corn Belt held this place.

Leverage Ratios

Leverage ratios look at the long-term solvency of

the cooperative. They help to analyze the use of debt,

the ability to meet obligations in times of crisis, and/or

the ability of current earnings to pay current interest

expenses. These include the debt-to-asset, debt-to-equity,

and times-interest-earned ratios.

The debt-to-asset ratio is calculated by dividing

the total debt by total assets. Elements of this ratio

include long-term debt, short-term debt, and total

assets. The debt-to-equity is calculated by dividing

long-term debt by member equity and shows the

financial flexibility and the long-term capital structure

of the cooperative. The times-interest-earned ratio is

the number of times interest expense is covered by

earnings. It is calculated by dividing earnings before

interest and taxes by interest expense.

In 1994, Mountain region cooperatives had the

lowest debt-to-asset ratio suggesting they were better

able to repay outstanding loans. Most Mountain region

cooperatives were small farm supply operations. The

range of debt-to-asset ratio was from a low of 0.04 to

0.25 and the debt-to-equity ratio from 0.01 to 0.15. The

highest debt-to-asset ratio occurred in the South

Central region where most of the small cooperatives

provided farm supplies.

For 1995, the Pacific region had both the lowest

debt-to-asset and debt-to-equity ratios. The range of

debt-to-asset ratio was from 0.05 to 0.30 and the debtto-equity ratio from 0.03 to 0.17.

For both years, the Pacific region had the largest

times-interest-earned ratios. This may indicate that

most cooperatives in the region had the potential to

meet both interest and debt retirement out of earnings

without resorting to outside sources of funds. All but

one was a small farm supply cooperative.

The region with the smallest times-interestearned ratio was the Corn Belt. More than 70 percent

were marketing and mixed marketing cooperatives in

1994 and 1995. The majority were in the large or super

category. The times-interest-earned ratio ranged from a

12
Table 6- Financial ratios by region, 1994 and 1995

Ratio

Atlantic

South

Central Mountain

Region

Pacific

Northern

Plains

Lake

States

Corn

Belt

All

(averages)

1994

Current

Quick

Debt-to-assets

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margin (percent)

Return-on-total-assets

Return-on- allocated-equity

Total revenue ($1,000)

Total assets ($1,000)

1995

Current

Quick

Debt-to-assets

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margin (percent)

Return-on-total-assets

Return-on-allocated-equity

Total revenue ($1,000)

Total assets ($1,000)

1.62 1.56 1.68 2.36 1.56 1.47 I .26 1.49

1.02 0.86 0.83 1.21 0.71 0.69 0.53 0.73

0.11 0.25 0.04 0.06 0.12 0.17 0.21 0.17

0.09 0.08 0.05 0.01 0.07 0.14 0.15 0.12

4.36 5.78 8.70 16.04 5.95 4.56 2.88 4.88

2.82 2.50 2.27 3.20 2.36 1.92 2.63 2.64

14.14 11.09 8.97 14.74 9.30 7.12 9.61 10.50

7.27 13.35 13.50 12.01 10.53 15.75 8.19 10.82

6.31 11.39 10.31 10.30 7.69 7.56 5.77 9.33

11.09 23.14 17.96 16.21 13.43 11.31 10.70 16.71

6,397 10,065 7,614 4,219 9,551 10,008 19,010 72,694

2,140 3,813 3,179 1,277 3,876 4,949 6,914 26,148

1.64 1.70 1.51 2.68 1.44 1.37 1.19 1.41

0.97 0.97 0.67 1.33 0.60 0.59 0.40 0.62

0.12 0.20 0.18 0.05 0.16 0.21 0.30 0.21

0.09 0.07 0.06 0.03 0.09 0.15 0.17 0.13

3.12 5.55 7.33 8.14 4.13 4.12 2.77 4.09

2.99 2.50 2.04 2.87 2.21 1.86 2.32 2.15

13.68 10.67 8.52 13.77 9.20 7.45 9.78 9.06

8.03 13.20 13.91 14.35 9.44 12.96 7.57 10.40

5.34 12.43 10.46 6.78 7.99 7.80 6.63 7.92

7.99 22.56 19.93 10.56 13.94 12.43 14.13 14.41

6,643 10,048 8,177 3,717 10,361 11,037 20,727 66,994

2,i 11 3,781 3,800 1,261 4,484 5,593 8,495 29,526

Thousand dollars

13
category. The times-interest-earned ratio ranged from a

high of 2.88 to 16.04 in 1994. In 1995, this ratio ranged

from 2.77 to 8.14.

Leverage Ratios by Region and Function

Pacific region marketing cooperatives had the

lowest debt-to-asset and debt-to-equity ratios in 1994,

0.04 and 0.01. Those in the Lake States had the lowest

times-interest-earned, 2.26.

Leverage Ratios by Region and Size

Appendix table 8 takes a closer look at leverage

ratios by region and size. Although large Atlantic

region cooperatives had the lowest debt-to-asset and

debt-to-equity ratios and the highest times-interestearned ratio in 1995, this data is skewed and is not

used in this comparison. For both years, small Corn

Belt region cooperatives had the lowest debt-to-asset

(0.05 and 0.08, respectively), and debt-to-equity

(O.Oland 0.02, respectively) ratios. Atlantic region

super cooperatives had the lowest times-interestearned ratio in both years.

South Central region cooperatives classified as

super had the highest debt-to-asset ratio in 1994 (0.46)

and 1995 (0.40) and the highest debt-to-equity ratio in

1994 (0.29). Super cooperatives in the Atlantic region

had debt-to-equity ratio 0.75 in 1995. The times-interest-earned ratio was highest for super cooperatives in

the South Central in 1994 and 1995 (18.45 and 24.19,

respectively). This may indicate that region cooperatives can meet any debt responsibilities.

Activity Ratios

Activity ratios measure how well cooperatives

use assets. The total-asset-turnover ratio was derived by

dividing net sales by total cooperative assets and the

fixed-asset-turnover ratio which divides net sales by net

property, plant, and equipment (W&E).

For all respondent cooperatives, the total-assetturnover ratio had gone down slightly from 2.18 in

1994 to 2.02 in 1995. Both elements of this ratio

increased-total sales by 8 percent and total assets by

17 percent.

Total-asset-turnover ratios for five of the seven

regions declined slightly from 1994 to 1995. This may

indicate the reduction of financial leverage and/or an

increase in the return on equity for cooperatives. In

1994, this ratio for the seven regions ranged from 1.92

to 3.20. The Pacific region’s ratio was highest and the

Lake States’ region had the lowest. In 1995, this ratio

for the seven regions ranged from 1.86 to 2.99. Atlantic

region cooperatives had the highest.

The Lake States’ region had the only increase in

the fixed-asset-turnover ratio from 1994 to 1995, while

the other six regions had slightly decreased in this

ratio. The ratio’s range in 1994 was from 7.12 to 14.14

and in 1995 from 7.45 to 13.77.

Activity Ratios by Region and Function

Farm supplies in the Atlantic, South Central,

Lake States, and Corn Belt regions declined slightly in

the total- and fixed-asset-turnover ratios between 1994

and 1995. For this same period, the lowest total-assetturnover ratios (1.75 and 1.62, respectively) were in

farm supply cooperatives in the Lake States’ region.

The highest total-asset-turnover was seen in the

Mountain region’s mixed marketing cooperatives in

1994 and farm supply cooperatives in the Atlantic

region in 1995. For the fixed-asset-turnover, the highest

ratio (30.47 and 23.91, respectively) occurred in the

Atlantic region by mixed farm supply for both years.

Activity Ratios by Region and Size

Over the 2-year period, Atlantic region super

cooperatives had the highest total-assetturnover and fixed-asset-turnover ratios. The totalasset-turnover ratio was 4.87 and the fixed-assetturnover ratio was 15.50 in 1994 and 6.76 and 17.28 in

1995 (Appendix tables 8).

The lowest total-asset-turnover ratio for 1994

occurred in small cooperatives (1.69) and for 1995 in

medium cooperatives (1.60) in the Lake States’ region.

The lowest fixed-asset-turnover was realized by small

cooperatives (6.67) in the Lakes States in 1994 and by

large cooperatives (6.26) in the Mountain regions in

1995.

Profitability Ratios

Profitability ratios-gross profit margin, return-ontotal-assets, return-on-allocated-equity-indicate the efficiency of the cooperative’s operations, measures the

rate of return on total investment, and represents

member investment. Generally, these ratios have little

meaning for cooperatives (more relevant to investorowned firms), although any small change in the gross

profit margin may represent an impact on local savings.

Gross profit margin is found by subtracting the

cost of goods sold from net sales and then dividing

this amount (gross margin) by net sales. Return-ontotal-assets is calculated by dividing net income by total

assets and is usually calculated before interest and

14
taxes. Return-on-allocated-equity is net income divided

by allocated equity. It indicates the cooperative’s pricing policy and cost of goods offered for sale.

For all respondent cooperatives, the gross profit

margin averaged 9.33 percent in 1994 and 9.92 in 1995.

The margin was the highest for respondent cooperatives in the Lake States in 1994. More than half of the

Lake States’ cooperatives handled farm supplies and

36 percent in 1994 and 34 percent in 1995 were small.

The Pacific region held this position in 1995. Pacific

and Mountain regions increased their gross profit margin during the 2-year period.

The South Central region had the highest returnon-total-asset ratio for both years which indicates the

cooperatives’ performance. A high ratio indicates

assets employed have a high rate of return and interest

costs are reduced. This ratio may help management in

its decision in obtaining a higher margin per dollar of

sales or of higher turnover of assets in sales. Most in

this region were small farm supply cooperatives.

Return-on-allocated-equity ratio increased by

almost 1 l/2 percentage points in 1995. For all respondent cooperatives, the return-on-allocated-equity for

1994 was 12 percent and in 1995,13 percent. Net savings increased 9.3 percent while allocated equity

increased 3 percent from 1994 to 1995. A high ratio is

favorable if it reduces interest cost, but not if it indicates low investment.

This ratio ranged from 10.7 percent to 23.1 percent in 1994, and in 1995, the ratio ranged from 7.9 percent to 22.5 percent. Four regions had increases from

1994 to 1995. South Central had the highest return-onallocated-equity ratio for both years. The lowest ratio

for 1994 was in the Corn Belt and for 1995 in the

Atlantic region.

Profitability Ratios by Region and Function

Farm and/or mixed farm supply cooperatives in

all regions had higher gross profit margins than marketing and mixed marketing cooperatives in 1994 and

1995. The range of the gross profit margin ranged from

a low of 3.82 in Lake States’ marketing cooperatives to

a high of 19.59 in Corn Belt farm supply cooperatives

in 1994. For the next year, the low of 4.76 occurred in

Mountain region marketing cooperatives and the high

of 19.41 occurred in Corn Belt farm supply cooperatives.

Farm supply cooperatives had the highest returnon-total-asset (13.08) and marketing cooperatives had

the highest return-on-allocated-equity (25.86) in South

Central in 1994. In 1995, mixed farm supply cooperatives in South Central had the highest return-on-assets

(16.32) and return-on-allocated-equity (29.18). The

lowest return-on-total-asset, 3.52, was seen in the Lake

States’ marketing cooperatives in 1994 and 4.93 in the

Atlantic region’s farm supply cooperatives in 1995. For

1994, the return-on-allocated-equity was also lowest in

Lake States’ marketing cooperatives. The return-onallocated-equity was lowest in mixed farm supply

cooperatives in the Northern Plains in 1995.

Profitability Ratios by Region and Size

Super-sized cooperatives in the Atlantic region

lost money and therefore made no payments on allocated equity for both years. Cooperatives in this region

had the lowest ratios for gross margins and return-onallocated-equity ratios, -1.92 and -4.75 in 1994, and0.78 and -24.44 in 1995, respectively. Cooperatives in

this size category and region also had the lowest

return-on-total-asset ratio, 3.92 and 0.25, for the period.

On the other side, the highest gross margin (17.09

in 1994) occurred in small and medium cooperatives

(24.47 in 1995) in the Atlantic region. In 1994, large

cooperatives in the Mountain (36.88) and South

Central regions (19.37) in 1995 had the highest returnon-total-asset ratio. Large South Central cooperatives

maintained the highest return-on-allocated-equity both

years, 29.53 in 1994 and 32.73 in 1995.

Summary

Historically, farmers across the United States

organized cooperatives for different reasons. These

cooperatives have become increasingly important to

both farmer-member and rural communities. Some

cooperatives were organized to provide farm supplies

and services for their farmer-members. Others helped

enhance farmer-members’ income by jointly marketing

their farm products. Cooperatives also provide

employment to rural residents and paid town, county,

and State taxes where they are located.

Total farm supply and service sales for all respondent cooperatives increased slightly from 1994 to 1995.

Petroleum and fertilizer products represented the two

largest farm supplies sold. The Corn Belt had the highest sale of fertilizers, crop protectants, and services.

From 1994 to 1995, five of seven regions had 7 percent

cooperatives move from a smaller to a larger sales category. Thirty-four percent of those cooperatives were

in the Corn Belt. This may be an indication of increas15
ing grain prices and revenue generated through the

sales of farm supplies and services provided by cooperatives in this region.

The balance sheets for 1994 and 1995 showed that

total inventory represented more than half of total current assets. Net property, plant, and equipment

increased 6.6 percent. Debt (current, seasonal, and

long-term) was the largest liability item, increasing

about 44 percent during the 2-year period. Net worth

increased about 5 percent.

Looking at financial ratios, Pacific region cooperatives appeared to be more financially healthy,

although the data may have been skewed because of

the low number of reporting cooperatives. These cooperatives had high current and quick, times-interestearned, and the total-asset-turnover ratios.

Bibliography

Chesnick, David S., Local Petroleum Operations,

U.S. Department of Agriculture, Rural

Business-Cooperative Service, Research Report

149, September 1996.

Eversull, E. Eldon, and Beverly L. Rotan, Analysis of

Financial Statements: Local Farm Supply, Marketing

Cooperatives, U.S. Department of Agriculture,

Rural Business-Cooperative Service, Research

Report 154, unpublished.

Richardson, Ralph, et al. Farmer Cooperative Statistics,

1994. U.S. Department of Agriculture, Rural

Business-Cooperative Service, Service Report 49.

Richardson, Ralph, et al. Farmer Cooperative Statistics,

1995. U.S. Department of Agriculture, Rural

Business-Cooperative Service, Service Report 52.

, Statistical Highlights of U.S. Agriculture,

299,5/2996. U.S. Department of Agriculture,

National Agricultural Statistics Service.

16
Appendix Table I- Abbreviated balance sheet, by region and function, 1994 and 1995 I

Atlantic South Central

Item Mixed Mixed Mixed

Farm farm Market- market- Farm farm MarketSUPPlY SUPPlY ing ing SUPPlY SUPPlY ing

Thousand dollars

Mixed

marketing

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets *

292 30

474 457

521 192

521 127

0 65

69 204

Total current assets 1,356 882

Property, plant, and

equipment

Less: Depreciation

1,383 384

893 306

Net PP&E

Other assets 3

491

455

77

293

Total Assets 2,302 1,252

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

361 163

2 1 45

81 80

416 34

Total current liabil. 879 322

Long-term debt 220 2 1

Total liabilities 1,099 343

Common stock 35 -

Preferred stock 1 76

Allot. equity (noncash) 896 829

Retained earnings 271 2

Total net worth 1.203 909

Total liabilities &

net worth 2,302 1,252

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

148 194 403 114

462 1,102 1,548 237

581 1,292 3,410 535

570 624 178 123

11 669 3,231 411

238 410 1,623 281

1,429

994

529

2,999 7,023 1,166

4,778 6,301 2,127

3,386 4,022 1,627

465 1,392 2,279 500

411 1,057 1,292 411

2,304 5,448 10,594 2,077

223 679 778 50

35 127 229 88

188 1,059 3,856 281

220 371 456 149

667 2,235 5,319 568

119 322 1,506 29

785 2,557 6,825 598

8 34 18 467

86 121 277 187

1,035 2,020 2,617 317

390 716 857 509

1,519 2,892 3,769 1,479

2,304 5,448 10,594 2,077

continued

17
Appendix Table t (continued)- Abbreviated balance sheet, by region and function, 1994 and 1995 l

Item

Farm

SUPPlY

Mountain

Mixed

farm MarketSUPPlY ing

Mixed

marketing

Farm

suPPtY

Pacific

Mixed Mixed

farm Market- marketSUPPlY ing ing

Thousand dollars

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

172 131 10 135 142

434 536 231 172 158

678 2,363 522 293 369

678 984 7 1 34 369

0 1,378 451 260 0

126 773 726 192 16

Total current assets 1,410 3,803 1,490 692 684

Property, plant, and

equipment

Less: Depreciation

1,369 4,741 2,884 1,228 474

729 3.135 1,747 908 281

Net PP&E 640 1,606 1,137 320 193

Other assets 3 807 1,091 451 237 268

Total Assets 2,857 6,499 3,078 1,250 1,144

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

234 510 116 77 102

64 228 33 13 27

290 637 642 29 81

191 1,175 205 153 52

Total current liabil. 778 2,549 995 273 261

Long-term debt 132 189 388 72 13

Total liabilities 910 2,738 1,383 345 274

Common stock 22 39 38 21 -

Preferred stock 460 6 49 114 -

Allot. equity (noncash) 974 2,525 1,380 523 464

Retained earnings 490 1189 229 247 405

Total net worth 1,947 3,761 1,696 905 870

Total liabilities &

net worth 2,857 6,499 3,078 1,250 1,144

0

0

0

0

0

0

-

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

243

91

232

0

232

262

828 0

2,336

1,637

0

0

-

698

416

0

0

-

1,942

45

0

58

392

0

0

0

0

0

-

494

12

0

0

-

506 0

0

0

0

0

-

0

-

1,436

1,942 0

continued

1 8
AppendixTable I (continued)-Abbreviated balance sheet, by region and function, 1994 and 1995 I

Northern Plains Lake States

Item Mixed Mixed Mixed

Farm farm Market- market- Farm farm MarketSUPPlY SUPPlY ing ing SUPPlY SUPPlY ing

Thousand dollars

Mixed

marketing

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

159 111 813 197 143 229 287 225

255 669 337 418 446 973 222 988

552 1,253 2,864 1,435 615 1,237 1,691 3,098

469 597 767 650 614 559 167 690

83 657 2,097 785 1 678 1,524 2,409

75 235 1.329 508 144 171 360 790

Total current assets

Property, plant, and

equipment

Less: Depreciation

1,042

1,155

680

2,268 5,343 2,558 1,348 2,610 2,560 5,101

Net PP&E 476

Other assets 3 630

3,431

1,941

1,490

1,019

5,280 3,662 2,029 4,447 2,618 5,940

3,030 2.536 1,163 2,721 1,677 3,619

2,249 1,126 866 1,726 941 2,321

883 781 977 1,489 981 1,770

Total Assets 2,147 4,778 8,476 4,466 3,191 5,824 4,462 9,192

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

130 297 171 169 177 344 243 232

40 43 130 35 49 81 16 100

126 799 908 668 284 660 412 1,950

139 445 3,003 730 255 483 1,448 1,859

Total current liabil. 436 1,582 4,214 1,602 764 1,568 2,121 4,140

Long-term debt 92 264 248 217 298 482 300 662

Total liabilities 528 1,847 4,462 1,819 1,062 2,049 2,420 4,802

Common stock 146 14 83 131 216 808 26 28

Preferred stock 42 4 0 39 215 66 13 344

Allot. equity (noncash) 1,070 2,076 3,119 1,656 1,376 2,333 1,720 3,262

Retained earnings 361 837 812 820 322 553 283 757

Total net worth 1,619 2,931 4,014 2,647 2,129 3,775 2,042 4,390

Total liabilities 6.

net worth 2,147 4,778 8,476 4,466 3,191 5,824 4,462 9,192

continued

19
Appendix Table I (continued)- Abbreviated balance sheet, by region and function, 1994 and 1995 1

Corn Belt Average

Item Mixed Mixed Mixed Mixed

Farm farm Market- market- Farm farm Market- marketSUPPlY SUPPlY ing ing SUPPlY SUPPlY ing ing

Thousand dollars

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

257 216 481 231 168 254 509 208

322 731 987 930 371 901 671 752

198 1,078 3,740 2,534 559 1,604 2,938 2,184

198 559 579 780 531 744 514 667

0 519 3,162 1,754 27 860 2,424 1,517

133 149 1,077 562 118 386 1,052 562

Total current assets 909 2,174 6,286 4,257 1,215 3,146 5,170 3,706

Property, plant, and

equipment

Less: Depreciation

1,227 3,237 7,388 5,885 1,481 4,812 5,748 4,983

815 2,040 4,422 3,688 861 3,121 3,437 3,182

Net PPBE 411 1,198 2,965 2,197 621 1,691 2,312 1,801

Other assets 3 284 961 1,831 1,405 714 1,347 1,308 1,227

Total Assets 1,604 4,333 11,083 7,859 2,550 6,183 8,790 6,734

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

79 262 1,379 470 174 369 757 315

24 45 63 69 42 84 82 66

130 800 2,061 1,327 199 869 1,495 1,181

87 356 1,785 1,512 203 676 1,880 1,265

Total current liabil. 321 1,463 5,290 3,379 619 1,998 4,215 2,827

Long-term debt 4 1 383 827 589 175 428 590 464

Total liabilities 362

Common stock 37

Preferred stock 49

Allot. equity (noncash) 604

Retained earnings 552

1,846’

82

694

834

878

6,118 3,967 794 2,426 4,805 3,291

288 221 132 425 162 170

977 1,190 143 241 465 661

2,112 1,125 1,112 2,178 2,309 1,585

1,587 1,356 368 906 1,048 1,027

Total net worth 1,242 2,487 4,965 3,892 1,756 3,757 3,985 3,443

Total liabilities &

net worth 1,604 4,333 11,083 7,859 2,550 6,183 8,790 6,734

- Less than $1,000.

1 May not add due to rounding.

* “Other” current assets include prepaid expenses and other receivables.

3 “Other” assets include investments, goodwill, etc.

4 “Other” current debt include short-term and seasonal debt.

5 ‘Other” current liabilities include accrued expenses, patron prepayment, etc.

20
Appendix Table2-Abbreviated balance sheet, by region and function, 1994 and 1995 l

Atlantic South Central

Item Mixed Mixed Mixed Mixed

Farm farm Market- market- Farm farm Market- marketSUPPlY SUPPlY ing ing SUPPlY SUPPlY ing ing

Thousand dollars

1995

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

131 12

348 640

544 224

544 143

0 81

227 132

Total current assets 1,251 1,008

Property, plant, and

equipment

Less: Depreciation

1,478 401

951 301

Net PP&E 527 100

Other assets 3 461 300

Total Assets 2,239 1,408

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

393 278

20 30

121 117

268 29

Total current liabil. 804 404

Long-term debt 217 13

Total liabilities 1,021 417

Common stock 38 -

Preferred stock 1 78

Allot. equity (noncash) 927 850

Retained earnings 253 63

Total net worth 1.218 991

Total liabilities &

net worth 2,239 1,408

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

172 456 194 177

600 1,029 967 257

665 1,064 2,062 671

664 644 140 196

1 420 1,922 475

173 313 1,143 101

1,611 2,862 4,366 1,206

1,381 4,151 4,835 2,431

809 2,920 3,143 1,917

571 1,231 1,692 515

540 802 750 540

2,722 4,895 6,809 2,260

328 541 452 26

64 192 88 53

226 768 2,205 133

169 405 306 283

790 1,905 3,051 494

164 221 769 13

953 2,126 3,820 507

6 29 14 690

9 1 151 219 196

1,194 2,136 1,911 100

477 453 845 767

1,769 2,769 2,989 1,753

2,722 4,895 6,809 2,260

21
Appendix Table 2 (continued)- Abbreviated balance sheet, by region and function, 1994 and 1995 l

Mountain Pacific

Item Mixed Mixed Mixed Mixed

Farm farm Market- market- Farm farm Market- marketSUPPlY SUPPlY ing ing SUPPlY SUPPlY ing ing

Thousand dollars

1995

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

124 87 43 67 147

500 453 227 189 164

764 1,887 1,291 1,504 359

764 584 72 150 359

0 1,304 1,219 1,355 0

185 532 898 439 17

Total current assets 1,573 2,958 2,458 2,200 687

Property, plant, and

equipment

Less: Depreciation

1,641 3,232 2,717 1,983 495

803 2,194 1,694 1,524 310

Net PP&E 838 1,038 1,023 429 185

Other assets 3 912 839 436 440 292

Total Assets 3,324 4,835 3,918 3,099 1,164

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

244 260 181 49 98

71 186 33 24 39

417 583 1,652 0 54

177 932 138 1,400 46

Total current liabil. 908 1,961 2,004 1,473 237

Long-term debt 218 134 355 204 31

Total liabilities 1,127 2,095 2,360 1,677 268

Common stock 18 33 35 48 -

Preferred stock 407 9 1 125 0 -

Allot. equity (noncash) 1,228 1,691 1,076 903 507

Retained earnings 545 924 322 472 389

Total net worth 2,197 2,740 1,558 1.423 896

Total liabilities &

net worth 3,324 4,835 3,918 3,099 1,164

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

107 0

106 0

316 0

0 0

316 0

241 0

-

770 0

2,337 0

1,683 0

-

654 0

322 0

-

1,746 0

22 0

0 0

12 0

352 0

-

386 0

0 0

-

386 0

0 0

0 0

1,317 0

43 0

-

1,360 0

-

1,746 0

continued

22
Appendix Table2 (continued)-Abbreviated balance sheet, by region and function, 1994 and 1995 l

Northern Plains Lake States

Item Mixed Mixed Mixed

Farm farm Market- market- Farm farm MarketSUPPlY SUPPlY ing ing SUPPlY suPPlY ing

Thousand dollars

Mixed

marketing

1995

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

171 119 370 186 115 175 235 300

257 767 415 518 450 1,180 344 1,057

625 1,995 3,542 1,987 727 1,848 2,016 3,807

625 718 687 718 704 817 298 790

0 1,277 2,855 1,269 23 1,031 1,718 3,018

108 314 1,425 856 136 229 881 872

Total current assets 1,161 3,195 5,752 3,546 1,428 3,432 3,477 6,038

Property, plant, and

equipment

Less: Depreciation

1,272 3,638 5,339 4,355 2,219 5,272 3,217 5,630

754 2,084 3,032 3,018 1,263 3,262 2,055 3,551

Net PPBE 518 1,554 2,307 1,337 957 2,010 1,162 2,079

Other assets 3 681 1,145 945 858 1,062 1,819 1,205 1,818

Total Assets 2,359 5,893 9,005 5,742 3,447 7,261 5,845 9,935

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

183 334 204 160 211 387 224 342

42 32 99 87 46 95 40 140

177 1,420 1,600 1,150 323 1,304 1,202 2,013

152 657 3,028 972 312 592 1,483 2,391

Total current liabil. 554 2,443 4,930 2,368 893 2,378 2,950 4,886

Long-term debt 105 387 589 176 352 664 339 573

Total liabilities 659 2,830 5,519 2,544 1,245 3,042 3,289 5,459

Common stock 115 15 66 133 44 225 14 35

Preferred stock 1 4 5 38 262 3 40 344

Allot. equity (noncash) 1,163 2,157 2,589 2,143 1,545 3,372 1,891 2,958

Retained earnings 422 887 825 884 351 619 610 1,140

Total net worth 1,700 3,063 3,486 3,198 4,219 2,556 4,476

Total liabilities &

net worth 2,359 5,893 9,005 5,742

2,202

3,447 7,261 5,845 9,935

continued

23
Appendix Table 2 (continue+ Abbreviated balance sheet, by region and function, 1994 and 1995 I

Item

Farm

supply

Corn Belt

Mixed

farm Marketsupply ing

Mixed

marketingFarm

supply

Average

Mixed Mixed

farm Market- marketsupply ing ing

1995

Assets

Cash

Accounts receivable

inventory (total)

- farm supply

- marketing

Other current assets 2

264 122 231 163 150 227 246 196

398 650 1,016 980 385 1,009 720 840

357 985 5,879 3,400 646 2,104 4,223 2,992

357 476 851 880 637 863 634 785

0 509 5,028 2,520 9 1,242 3,589 2,207

95 209 1,377 677 133 577 1,240 737

Total current assets 1,114 1,966 8,463 5,220 1,314 3,917 6,430 4,765

Property, plant, and

equipment

Less: Depreciation

1,446 2,448 7,870 6,317 1,659 5,266 6,073 5,474

922 1,395 4,741 4,201 959 3,425 3,652 3,646

Net PP&E 523 1,053 3,129 2,116 700 1,841 2,420 1,828

Other assets 3 363 833 1,917 1,420 783 1,468 1,408 1,312

Total Assets 2,000 3,852 13,509 8,757 2,797 7,226 10,258 7,905

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

155 374 571 436 218 388 400 326

20 42 88 88 45 124 79 96

279 679 3,464 2,174 254 1,296 2,496 1,775

88 288 3,358 1,530 213 846 2,595 1,511

Total current liabil. 543 1,384 7,483 4,229 730 2,655 5,570 3,708

Long-term debt 142 464 974 570 216 479 735 444

Total liabilities 685 1,848 8,457 4,800 947 3,134 6,305 4,152

Common stock 33 27 300 178 59 163 170 157

Preferred stock 47 392 1,259 939 141 113 657 548

Allot. equity (noncash) 670 926 1,725 1,471 1,241 2,922 1,902 1,884

Retained earnings 565 660 1,768 1,369 409 893 1,223 1,165

Total net worth 1,314

2,000

2,005 5,052 3,957 1,850 4,092 3,953

Total liabilities &

net worth 3,852 13,509 8,757 2,797 7,226 10,258

3,754

7,905

Thousand dollars

- Less than $ 1,000.

* May not add due to rounding.

2 “Other” current assets include prepaid expenses and other receivables.

3 “Other” assets include investments, goodwill, etc.

4 “Other” current debt include short-term and seasonal debt.

5 “Other” current liabilities include accrued expenses, patron prepayment, etc.

24
Appendix Ttable 3- Abbreviated balance sheet, region and size, 1994 and 1995 ’

Item

Small

Altantic

Medium Large Super Small

South Central

Medium Large Super

Thousand dollars

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets *

117 -29

236 715

270 1,188

258 1,188

13 0

83 145

Total current assets 706 2,019

Property, plant, and

equipment

Less: Depreciation

448 2,076

285 1,392

Net PP&E

Other assets 3

163 683

273 1,425

Total Assets 1,142 4,127

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

187 726

20 62

70 18

18 76

Total current liabil.

Long-term debt

295

59

881

335

Total liabilities 354 1217

Common stock 38 0

Preferred stock 16 0

Allot. equity (noncash) 573 2475

Retained earnings 161 436

Total net worth 789 2,910

Total liabilities &

net worth 1,142 4,127

2,158 40 230 111 640

2,333 220 416 1,010 2,442

1,036 339 608 1,392 4,234

1,036 284 220 1,027 746

0 55 388 364 3,488

50 216 243 674 1,521

5,577

7,359

4,797

816 1,497 3,186 8,837

1,033 2,120 3,027 9,017

741 1,585 1,729 5,788

2,561 292 535 1,298 3,229

9 231 497 1,216 1,726

8,148 1,338 2,529 5,699 13,792

976 154 203 367 1,303

3 13 66 227 231

313 215 288 391 4,862

4,309 32 249 685 560

5,600 413 806 1,672 6,956

1,205 94 121 294 1,519

6,805 506 926 1,966 8,474

5 11 353 11 42

0 241 100 34 0

834 314 643 2,955 3,952

503 266 506 734 1,323

1,342 832 1,603 3,733 5,318

8,148 1,338 2.529 5,699 13,792

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

continued

2 5
Appendix Table 3 (continued)-Abbreviated balance sheet, region and size, 1994 and 1995 1

Item

Small

Mountain

Medium Large Super Small

Thousand dollars

Pacific

Medium Large Super

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

131 48 45 267 142

154 489 646 959 158

301 604 1,239 3,242 369

256 487 1,239 1,555 369

45 117 0 1,687 0

125 178 62 1,356 16

Total current assets 711 1,320 1,992 5,825 684

Property, plant, and

equipment

Less: Depreciation

651 1,673 2,373 7,947 474

431 966 a89 4,933 281

Net PP&E 220 705 1,484 3,014 193

Other assets 3 331 679 1,534 2,022 268

Total Assets 1,262 2,704 5,010 10,860 1,144

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

a9 249 243 744 102

16 60 131 316 27

39 208 577 1,760 ai

102 177 331 1,479 52

Total current liabil. 246 694 1,282 4,299 261

Long-term debt 40 224 171 536 13

Total liabilities 286 918 1,453 4,835 274

Common stock 23 44 31 2

Preferred stock 130 753 45 a

Allot. equity (noncash) 571 534 2,669 4,448

Retained earnings 253 455 ail 1,565

464

405

Total net worth 977 1786 3,557 6,025 a70

Total liabilities &

net worth 1,262 2,704 5,010 10,860 1,144

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

243

91

232

0

232

262

a28

2,336

1,637

698

416

1,942

45

0

58

392

494

12

506

0

0

1,392

43

1,436

1,942

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

continued

26
Appendix Table 3 (continued)- Abbreviated balance sheet, region and size, 1994 and 1995 l

Item

Small

Northern Plains

Medium Large Super Small

Lake States

Medium Large

-

Super

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets *

126 181 127 1,110 82 209 266 360

143 402 421 704 216 583 861 2,064

361 903 1,108 4,599 300 902 1,321 5,929

289 494 509 1,645 279 546 806 1,301

72 409 599 2,954 2 1 356 515 4,628

77 208 331 1,910 62 203 294 1,263

Total current assets 707 1,694 1,987 8,323 659 1,898 2,741 9,615

Property, plant, and

equipment

Less: Depreciation

800 2,121 2,612 9,406 1,035 2,546 4,463 11,720

507 1,347 1,669 5,560 640 1,534 2,578 7,211

Net PP&E 293 774 943 3,846 396 1,012 1,884 4,509

Other assets 3 381 703 713 1,851 504 1,217 1,537 3,378

Total Assets 1,382 3,171 3,643 14,021 1,559 4,127 6,162 17,502

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

52 148 201 449 78 196 372 579

23 31 34 224 20 65 76 193

75 299 655 1,489 121 393 707 3,535

145 537 380 4,049 114 437 715 3,287

Total current liabil. 295 1,015 1,271 6,210 333 1,093 1,871 7,593

Long-term debt 48 160 186 497 80 216 752 1,337

Total liabilities 343 1,175 1,457 6,707 413 1,309 2,622 8,931

Common stock 122 93 54 213 138 464 206 1,094

Preferred stock 4 111 30 0 65 360 17 589

Allot. equity (noncash) 665 1,279 1,490 5,435 733 1,551 2,828 5,486

Retained earnings 247 514 612 1,665 200 443 490 1,402

Total net worth 1,039 1,996 2,186 7,314 1,146 2,818 3,540 8,571

Total liabilities &

net worth 1,382 3,171 3,643 14,021 1,559 4,127 6,162 17,502

Thousand dollars

continued

27
Appendix Table 3 (continued)- Abbreviated balance sheet, region and Size, 1994 and 1995 l

Item

Small

Corn Belt

Medium Large Super Small

Thousand dollars

Average

Medium Large Super

1994

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

237 102 244 471 121 162 237 601

233 420 711 1,557 186 488 762 1,497

210 673 2,065 4,720 315 808 1,710 4,733

138 268 527 1,161 266 454 698 1,287

72 405 1,537 3,559 48 354 1,013 3,446

107 209 393 1,179 89 205 393 1,351

Total current assets 787 1,403 3,413

4,543

2.917

7,927

9,940

5,910

710 1,664 3,102 8,182

Property, plant, and

equipment

Less: Depreciation

1,068 2,097

727 1,355

864 2,234 4,347 9,938

556 1,407 2,678 5,989

Net PP&E 342 742 1,626 4,030 308 827 1,669 3,949

Other assets 3 280 613 1,079 2,429 378 868 1,250 2,385

Total Assets 1,408 2,758 6,118 14,386 1,396 3,359 6,020 14,515

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

65 138 413 1,369 81 189 376 989

2 1 28 37 124 20 49 62 173

55 420 1,243 2,484 91 346 974 2,512

89 351 1,089 2,574 107 395 846 2,855

Total current liabil. 231 938 2,782 6,554 300 979 2,259 6,529

Long-term debt 17 166 422 1,188 55 188 498 1,051

Total liabilities 248 1,105 3,204 7,742 355 1,167 2,757 7,580

Common stock 32 57 236 306 90 237 185 383

Preferred stock 23 364 803 1,811 52 310 355 984

Allot. equity (noncash) 562 649 878 2,307 626 1,149 1,920 3,716

Retained earnings 543 584 997 2,220 269 496 803 1,842

Total net worth 1,160 1,653 2,914 6,644 1,041 2,192

3,359

3,263 6,935

Total liabilities &

net worth 1,408 2,758 6,118 14,386 1,396 6,020 14,515

- Less than $ 1,000.

* May not add due to rounding.

2 “Other” current assets include prepaid expenses and other receivables.

3 “Other” assets include investments, goodwill, etc.

4 “Other” current debt include short-term and seasonal debt.

5 “Other” current liabilities include accrued expenses, patron prepayment, etc.

28
Appendix Table 4- Abbreviated balance sheet, region and size, 1994 and 1995 I

Item

Small

Atlantic South Central

Medium Large Super Small Medium Large Super

1995

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

111 -41 17

349 790 612

292 1,487 765

276 1487 765

16 0 0

46 137 376

80

273

446

324

123

98

191 564 578

383 1,244 2,447

580 1,263 3,612

432 1,043 700

148 220 2,912

147 498 1,579

Total current assets 799 2,373 1,770 897 1,300 3,570 8,216

Property, plant, and

equipment

Less: Depreciation

534

310

3,319

2.210

845

538

1,281

921

2,052 3,230 9,293

1,553 1,871 6,022

Net PP&E

Other assets 3

224 1,109 307

284 605 2,226

360

306

499 1,360 3,271

463 1,297 1,452

Total Assets 1,307 4,087 4,303

Thousand dollars

383

212

1,259

1,259

0

1,789

3,644

7,561

5,217

2,343

0

5,987

1,089

0

313

2,570

3,972

862

1,563 2,262 6,227 12,939

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

228 163 1,245

15 0 125

122 0 38

21 104 118

195

13

103

81

97 420 1,310

52 368 157

249 335 4,119

265 738 506

Total current liabil. 388

Long-term debt 94

267 1,525

563 50

393

155

663 1,865 6,091

52 246 1,072

Total liabilities 482 830 1,575 4,833 547 715 2,110 7,163

Common stock 42 0 0 5 6 406 6 43

Preferred stock 16 0 0 0 223 12 30 0

Allot. equity (noncash) 591 2,561 2,663 766 495 413 3,393 4,263

Retained earnings 176 696 65 382 291 605 688 1,471

Total net worth 825 3,257 2,727 1,154 1,015 1,546 4,117

Total liabilities &

net worth 1,307 4,087 4,303 5,987 1,563 2,262 6,227

5,777

12,939

continued

29
Appendix Table 4 (continued)- Abbreviated balance sheet, region and size, 1994 and 1995 I

Item

Small

Mountain Pacific

Medium Large Super Small Medium Large Super

Thousand dollars

1995

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

88 65 150 189 147

179 529 643 1,110 164

356 979 1,369 4,524 359

289 543 1,369 1,504 359

67 436 0 3,020 0

167 338 93 1,531 17

Total current assets 789 1,911 2,255 7,353 687

Property, plant, and

equipment

Less: Depreciation

726 1,942 2,669 8,430 495

465 1,038 989 5,284 310

Net PP&E 261 904 1,680 3,147 185

Other assets 3 360 742 1,709 2,282 292

Total Assets 1,410 3,558 5,644 12,782 1,164

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

90 239 360 699 98

15 65 110 426 39

75 693 887 2,757 54

146 191 296 1,815 46

Total current liabil. 327 1,187 1,653 5,698 237

Long-term debt 46 398 97 555 31

Total liabilities 373 1,586 1,750 6,253 268

Common stock 21 45 35 2

Preferred stock 133 661 45 7

Allot. equity (noncash) 601 733 2,928 4,683

Retained earnings 282 533 887 1,834

507

389

Total net worth 1,037 1,972 3,895 6,530 896

Total liabilities &

net worth 1,410 3,558 5,644 12,782 1,164

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

107

106

316

0

316

241

770

2,337

1,683

654

322

1,746

22

0

12

352

386

0

386

0

0

1,317

43

1,360

1,746

0

0

0

0

0

0

-

0

0

0

-

0

0

-

0

0

0

0

0

-

0

0

-

0

0

0

0

0

-

0

-

0

continued

30
Appendix Table 4 (continued)- Abbreviated balance sheet, region and size, 1994 and 1995 I

Item

Small

Northern Plains

Medium Large Super Small

Lake States

Medium Large Super

1995

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

119 206 184 515 76 145 239 354

149 436 654 875 209 603 955 2,129

379 857 2,014 6,144 301 1,097 1,529 7,649

330 567 862 1,830 278 642 956 1,764

49 290 1,152 4,314 23 454 574 5,885

94 124 560 2,561 87 267 275 1,514

Total current assets 741 1,623 3,412 10,095 673 2,112 2,998 11,646

Property, plant, and

equipment

Less: Depreciation

853 2,327 4,133 9,396 1,017 2,798 4,544 11,999

536 1,538 2,708 5,482 649 1,645 2,711 7,483

Net PP&E 317 790 1,425 3,913 368 1,152 1,833 4,516

Other assets 3 412 753 1,066 2,022 490 1,365 1,718 3,650

Total Assets 1,470 3,165 5,903 16,031 1,531 4,629 6,548 19,811

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

76 162 233 633 73 229 409 753

19 4 1 78 220 20 66 85 238

110 384 1,043 3,212 160 489 798 4,857

140 377 956 3,943 118 564 824 3,813

Total current liabil. 345 965 2,311 8,007 371 1,349 2,117 9,662

Long-term debt 5 1 178 335 771 63 343 746 1,407

Total liabilities 396 1,143 2,646 8,778 435 1,692 2,864 11,069

Common stock 46 196 69 211 53 19 118 265

Preferred stock 4 2 44 6 86 377 2 1 539

Allot. equity (noncash) 779 1,233 2,159 5,310 740 1,940 2,897 6,545

Retained earnings 245 591 985 1,726 218 601 649 1,393

Total net worth 1,074

1,470

2,022 3,257 7,253 1,097 2,938 3,685 8,742

Total liabilities &

net worth 3,165 5,903 16,031 1,531 4,629 6,548 19,811

Thousand dollars

continued

31
Appendix Table 4 (continue+ Abbreviated balance Sheet, region and Size, 1994 and 1995 I

Item

Small

Corn Belt

Medium Large Super Small

Average

Medium Large Super

1995

Assets

Cash

Accounts receivable

Inventory (total)

- farm supply

- marketing

Other current assets 2

215 178 110 225 113 161 188 322

229 438 663 1,554 201 509 781 1,510

264 915 2,497 7,291 341 957 1,962 6,713

175 305 631 1,278 291 542 807 1,462

89 610 1,867 6,013 51 415 1,154 5,251

102 196 632 1,415 95 214 476 16,842

Total current assets 810 1,727 3,901 10,485 750 1,840 3,406 10,228

Property, plant, and

equipment

Less: Depreciation

1,113 2,038 5,062 9,887 916 2,407 4,523 10,011

747 1,314 3,506 5,903 592 1,499 2,927 6,052

Net PP&E 366 725 1,556 3,984 324 907 1,595 3,959

Other assets 3 308 620 1,035 2,425 395 937 1,301 2,470

Total Assets 1,485 3,071 6,493 16,893 1,469 3,685 6,302 16,657

Liabilities and Equity

Accounts Payable

Allocated equity (cash)

Current term debt 4

Other current liabil. 5

82 215 455 566 97 200 399 660

19 43 45 142 19 54 81 189

98 582 1,578 4,545 117 476 1,111 4,145

97 350 1,171 3,928 114 416 961 3,620

Total current liabil. 297 1,191 3,249 9,183 348 1,146 2,552 8,615

Long-term debt 25 194 420 1,268 61 259 497 1,135

Total liabilities 322 1,385 3,670 10,450 409 1,405 3,048 9,751

Common stock 30 51 206 263 39 100 134 235

Preferred stock 23 324 705 1,535 59 269 291 874

Allot. equity (noncash) 589 704 923 2,424 685 1,308 1,992 3,913

Retained earnings 521 607 989 2,201 278 595 836 1,885

Total net worth 1,163 1,687 2,823 6,443 1,060 2,280 3,254 6,907

Total liabilities &

net worth 1,485 3,071 6,493 16,893 1,469 3,685 6,302 16,657

-- Less than $1,000.

1 May not add due to rounding.

2 “Other” current assets include prepaid expenses and other receivables.

3 “Other” assets include investments, goodwill, etc.

4 ‘Other” current debt include short-term and seasonal debt.

5 “Other” current liabilities include accrued expenses, patron prepayment, etc.

32
Appendix Table5- Abbreviated income Statement, by region and function, 1994 and 19% I

Item

Farm

SUPPlY

Atlantic South Central

Mixed Mixed Mixed Mixed

farm Market- market- Farm farm Market- marketSUPPlY ing ing SUPPlY SUPPlY ing ing

1994

Sales

Cost of good sold

6,725 2,359

6,252 2,035

Gross margin 473 324

Other Income 2 391 136

General expenses 720 317

Income taxes 1 3

Interest expense 35 7

Total Expenses 756 327

Net income 101 112

Total revenue 7,034 2,366

1995

Sales

Cost of good sold

7,046 2,384

6,490 2,030

Gross margin 556 354

Other Income 2 381 149

General expenses 794 358

Income taxes -2 8

Interest expense 41 11

Total Expenses 833 377

Net income 71 106

Total revenue 7,334 2,401

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

Thousand dollars

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

5,587 15,002 23,869 5,833

4,762 12,596 21,171 5,211

825 2,406 2,698 622

283 836 1,556 310

770 2,552 3,088 657

14 5 33 3

26 105 328 23

809 2,662 3,450 684

262 501 753 186

5,761 15,645 25,281 6,044

6,153 13,493 17,481 6,522

5,247 11,271 15,711 5,980

906 2,222 1,770 542

416 965 1,254 368

927 2,172 2,144 717

13 28 52 4

39 95 259 3 1

979 2,295 2,455 752

282 676 436 95

6,867 13,981 18,523 6,744

continued

33
Appendix Table 5 (continued)- Abbreviated income statement, by region and function, 1994 and 1995 I

Item

Farm

SUPPlY

Mountain

Mixed

farm MarketSUPPlY ing

Mixed

marketingFarm

SUPPlY

Pacific

Mixed Mixed

farm Market- marketSUPPlY ing ing

1994

Sales

Cost of good sold

5,813 13,875 9,353 4,175 2,531

4,835 11,610 8,947 3,736 1,973

Gross margin 978 2,265 406 439 558

Other income 2 438 882 536 130 116

General expenses 986 2,086 691 503 448

Income taxes 18 65 4 1 28

Interest expense 32 66 56 14 8

Total Expenses 1,036 2,218 751 518 483

Net income 278 594 111 71 113

Total revenue 6,000 14,447 9,719 4,303 2,542

1995

Sales

Cost of good sold

6,546 10,000 8,773 5,489 2,612

5,403 8,374 8,355 4,992 2,041

Gross margin 1,143 1,626 418 497 571

Other Income 2 494 804 535 265 133

General expenses 1,081 1,527 647 545 528

Income taxes 16 61 8 5 9

Interest expense 51 47 73 56 12

Total Expenses 1,148 1,635 728 605 548

Net income 326 456 127 178 80

Total revenue 6,684 10,404 9,051 5,656 2,616

Thousand dollars

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

11,904

11,689

215

482

591

0

12

603

36

12,252

8,704

8,383

321

230

519

0

5

525

6

8,884

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

continued

34
AppendixTable (continued)- Abbreviated income Statement, by region and function, 1994 and 1995 l

Item

Farm

SUPPlY

Northern Plains

Mixed

farm MarketSUPPlY ing

Mixed

marketingFarm

SUPPlY

Lake States

Mixed

farm MarketSUPPlY ing

Mixed

marketing

1994

Sales

Cost of good sold

3,846 10,706 22,509 11,909 5,572 11,096 11,960 18,383

3,203 9,499 21,137 10,946 4,538 9,196 11,503 16,766

Gross margin 643 1,207 1,372 1,063 1,034 1,900 457 1,617

Other Income 2 290 730 836 587 458 816 483 1,128

General expenses 603 1,451 1,491 1,241 1,087 2,028 655 1,827

Income taxes 12 10 18 14 11 10 4 24

Interest expense 18 86 101 74 43 97 69 185

Total Expenses 633 1,547 1,609 1,329 1,142 2,135 728 2,036

Net income 202 201 454 194 223 370 84 378

Total revenue 3,939 11,073 23,066 12,287 5,717 11,426 12,169 18,884

1995

Sales

Cost of good sold

3,941 11,522 23,202 13,944 5,595 12,660 16,212 20,474

3,278 10,255 21,762 12,742 4,540 10,601 15,393 18,632

Gross margin 663 1,287 1,440 1,202 1,055 2,059 819 1,842

Other Income * 368 869 925 795 501 1,206 669 1,225

General expenses 646 1,551 1,511 1,357 1,124 2,414 940 1,770

Income taxes 12 12 30 27 11 14 29 42

Interest expense 30 151 203 115 61 148 93 195

Total Expenses 688 1,714 1,744 1,499 1,195 2,575 1,062 2,008

Net income 201 149 410 305 206 432 231 529

Total revenue 4,038 11,911 23,751 14,401 5,751 13,229 16,790 20,968

Thousand dollars

continued

35
Appendix Table 5 (continued)- Abbreviated income StStt?mSnt, by region and function, 1994 and 1995 I

Item

Farm

supply

Corn Belt

Mixed

farm Marketsupply ing

Mixed -

market- Farm

ing supply

Average

Mixed Mixed

farm Market- marketSUPPlY ing ing

1994

Sales

Cost of good sold

3,210 10,049 29,468 21,308 4,882 10,959 23,350 17,017

2,581 8,783 27,727 19,675 4,067 9,310 21,940 15,624

Gross margin 629 1,266 1,741 1,633 815 1,649 1,410

Other Income* 155 674 1,464 1,112 357 751 1,091

General expenses 582 1,494 2,436 2,102 828 1,798 1,831

Incometaxes 18 17 28 30 13 15 20

Interest expense 12 90 222 159 30 90 160

1,393

909

1,705

22

131

Total Expenses 612 1,601 2,686 2,291 870 1,903 2,011 1,858

Net income 116 192 290 288 207 315 318 269

Total revenue 3,272 10,382 30,487 22,036 5,018 11,323 24,103 17,568

1995

Sales

Cost of good sold

3,789 8,561 32,173 20,697 5,071 11,216 25,224 18,195

3,054 7,467 39,234 18,935 4,211 9,532 23,685 16,622

Gross margin 735 1,094 1,939 1,762 860 1,684 1,539 1,573

Other Income* 281 682 1,878 1,269 419 962 1,350 1,092

General expenses 756 1,274 2,576 2,202 891 1,896 1,930 1,821

Incometaxes 16 16 67 28 11 20 48 29

Interest expense 39 99 321 210 44 119 239 174

Total Expenses 812 1,388 2,964 2,440 947 2,035 2,217 2,024

Net income 116 197 465 348 202 365 390 362

Total revenue 3,932 8,911 33,349 21,466 5,249 11,676 26,094 18,800

Thousand dollars

-- Less than $ 1,000.

1 May not add due to rounding.

2 Includes interest income, service, patronage refunds, and other.

36
Appendix Table 6 Abbreviated income statement, region and Size, 1994 and 1995 I

Item

Small

Atlantic

Medium Large Super Small

South Central

Medium Large Super

1994

Sales

Cost of good sold

2,121 8,814

1,759 7,390

0

0

-

39,711 3,110 6,481 12,533 37,273

40,474 2,673 5,838 10,424 32,367

Gross margin 363 1,424 0 -767 587 644 2,109 4,906

Other Income 2 78 162 0 3,504 189 347 950 1,677

General expenses 354 1,240

Income taxes 2 0

Interest expense 6 37

0

0

0

-

0

0

0

2,533 492 759 2,051 5,170

-10 9 3 35 19

268 22 32 53 417

Total Expenses 363 1,277

Net income 76 310

Total revenue 2,200 8,976

2,791 523 793 2,139 5,606

-40 95 194 886 958

43,215 3,299 6,829 13,483 38,950

1995

Sales

Cost of good sold

2,293 8,354 10,257 40,490 3,283 6,071 12,467 38,108

1,891 6,309 9,425 40,804 2,831 5,518 10,295 33,278

Gross margin 402 2,044 831 -315 452 652 2,172 4,830

Other Income 2 75 168 138 3,277 239 323 1,209 1,746

General expenses 388 1,882 696 2,989 552 664 2,141 5,061

Income taxes 4 0 0 -41 9 13 34 69

Interest expense 16 58 11 244 30 36 50 465

Total Expenses 408 1,940 706 3,192 591 713 2,224 5,594

Net income 65 272 263 -189 92 163 1,122 913

Total revenue 2,368 8,522 10,395 43,767 3,522 6,390 13,676 39,855

Thousand dollars

continued

37
Appendix Table 6 (continued)- Abbreviated income statement, region and size, 1994 and 1995 I

Item

Small

Mountain

Medium Large Super Small

Pacific

Medium Large Super

1994

Sales

Cost of good sold

2,401 6,750 11,112 25,160 2,518

2,057 5,752 9,305 22,088 1,973

Gross margin 343 998 1,807 3,072 545

Other Income 2 142 388 689 1,375 78

General expenses 396 1,041 1,738 3,226 448

Income taxes 4 2 1 23 80 28

Interest expense 5 4 1 42 151 8

Total Expenses 405 1,102 1,803 3,458 483

Net income 77 263 669 909 113

Total revenue 2,543 7,138 11,800 26,535 2,597

1995

Sales

Cost of good sold

2,534 7,223 10,515 27,564 2,518

2,138 6,157 8,732 24,094 1,973

Gross margin 396 1,066 1,783 3,470 545

Other Income 2 162 412 590 1,519 78

General expenses 440 1,085 1,698 3,425 448

Income taxes 5 20 2 1 115 28

Interest expense 13 61 67 192 8

Total Expenses 458 1,166 1,785 3,732 483

Net income 95 292 567 1,142 113

Total revenue 2,695 7,634 11,106 29,083 2,597

Thousand dollars

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

24,496

21,554

2,942

815

2,831

138

49

3,018

602

25,311

11,904

11,689

215

423

591

0

12

603

36

12,327

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

0

0

-

0

0

0

continued

38
Appendix Table 6 (continued)- Abbreviated income statement, region and size, 1994 and 1995 l

Item

Small

Northern Plains

Medium Large Super Small

Lake States

Medium Large Super

Thousand dollars

1994

Sales

Cost of good sold

2,556 7,153 8,641 36,917

2,198 6,343 7,817 34,160

13,039 33,336

11,056 29,924

2,637 7,346

2,205 6,261

431 1,085

178 387

489 1,126

4 6

16 47

510 1,180

96 286

2,814 7,733

1,983 3,412

663 1,950

2,151 4,101

2 1 46

113 364

Gross margin 358 810 824 2,756

Other Income * 134 349 416 1,347

General expenses 362 907 979 2,997

Income taxes 3 10 14 46

Interest expense 11 43 57 186

2,285 4,511

341 805

13,702 35,286

Total Expenses 377 960 1,050 3,229

Net income 112 189 175 828

Total revenue 2,691 7,502 9,056 38,264

1995

Sales

Cost of good sold

2,478

2,115

6,753 14,093

-

5,941

-

12,843

37,256 2,651 7,391 13,638 37,449

34,392 2,213 6,314 11,666 33,795

Gross margin 363 812 1,250 2,864 438 1,077 1,972 3,654

Other income * 159 386 681 1,500 165 494 818 2,035

General expenses 384

Income taxes 4

Interest expense 17

909 1,455

12 19

-

60

-

126

477

4

21

3,082

81

342

1,206 2,230 4,139

9 19 76

70 140 413

Total Expenses 405 981 1,600 3,505 502 1,285 2,389 4,628

Net income 112 206 313 778 96 277 382 985

Total revenue 2.637 7,139 14,774 38.756 2,816 7,885 14,456 39,484

continued

39
Appendix Table 6 (continued)- Abbreviated hlCOITW statement, region and size, 1994 and 1995 ’

Item

Small

Corn Belt

Medium Large Super Small

Thousand dollars

Average

Medium Large Super

1994

Sales

Cost of good sold

2,809 8,529 14,945 39,477 2,655 7,204 14,105 36,778

2,413 7,854 13,797 36,660 2,255 6,329 12,575 33,803

Gross margin 395 675 1,148 2,817 400 875 1,530 2,976

Other Income 2 123 418 725 1,800 146 364 706 1731

General expenses 408 910 1,564 3,669 424 966 1,802 3,640

Income taxes 10 11 11 58 6 9 19 52

Interest expense 7 64 126 297 12 46 111 283

Total Expenses 425 985 1,701 4,024 442 1,020 1,932 3,975

Net income 83 97 161 535 99 211 286 680

Total revenue 2,932 8,947 15,669 41,278 2,802 7,568 14,811 38,509

1995

Sales

Cost of good sold

3,291 7,183 14,615 39,648 2,665 7,048 13,967 37,886

2,882 6,557 13,419 36,858 2,263 6,161 12,458 34,870

Gross margin 409 626 1,196 2,790 402 895 1,508 3,015

Other Income * 183 367 778 2,064 160 417 781 1,908

General expenses 467 767 1,571 3,624 436 999 1,783 3,634

Income taxes 11 11 20 76 6 11 20 75

Interest expense 11 59 157 423 17 60 136 388

Total Expenses 488 837 1,748 4,123 458 1,070 1,938 4,097

Net income 93 145 206 655 98 223 331 751

Total revenue 3,474 7,550 15,393 41,712 2,825 7,465 14,747 39,794

-- Less than $1,000.

* May not add due to rounding.

2 Includes interest income, service, patronage refunds, and other.

40
Appendix Table 7- Selected financial ratio, by region and function, 1994 and 1995

Item

Farm

SUPPlY

Atlantic South Central

Mixed Mixed Mixed Mixed

farm Market- market- Farm farm Market- marketSUPPlY ing ing SUPPlY SUPPlY ing ing

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1.54 2.74 0 0 2.14 1.34 1.32 2.05

0.95 2.14 0 0 1.27 0.76 0.68 1.11

0.13 0.08 0 0 0.13 0.25 0.51 0.15

0.18 0.02 0 0 0.08 0.11 0.40 0.02

3.89 17.30 0 0 11.81 5.81 3.40 9.26

2.92 1.88 0 0 2.43 2.75 2.25 2.81

13.70 30.47 0 0 12.03 10.78 10.48 11.67

7.03 13.71 0 0 14.77 16.04 11.30 10.66

5.96 9.79 0 0 13.08 11.22 10.52 11.22

10.87 12.34 0 0 23.18 23.03 25.86 19.15

1.56 2.50

0.88 1.94

0.15 0.09

0.18 0.01

2.71 11.12

3.15 1.69

13.37 23.91

7.90 14.87

4.93 8.90

2.04 1.50 1.43 2.44

1.20 0.94 0.76 1.08

0.14 0.20 0.44 0.06

0.09 0.08 0.26 0.01

8.61 8.39 2.89 4.18

2.26 2.76 2.57 2.89

10.77 10.96 10.33 12.67

14.72 16.47 10.12 8.32

12.23 16.32 10.98 5.74

7.38 11.47 0 0 21.80 29.18 20.35 9.62

Percent

continued

41
Appendix Table 7 (continued)- Selected financial ratio, by region and function, 1994 and 19%

Item

Farm

SUPPlY

Mountain

Mixed

farm MarketSUPPlY ing

Mixed

marketing

Farm

SUPPlY

Pacific

Mixed Mixed

farm Market- marketSUPPlY ing ing

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1.81 1.49 1.50 2.54 2.62

0.94 0.56 0.97 1.46 1.21

0.15 0.13 0.33 0.08 0.08

0.07 0.05 0.23 0.08 0.02

10.24 11.03 3.06 6.21 19.73

2.03 2.13 3.04 3.34 2.21

9.09 8.64 8.23 13.05 13.14

16.83 16.32 4.34 10.50 22.04

11.49 11.16 5.55 6.88 12.97

19.10 23.12 7.59 10.82 24.41

1.73 1.51 1.23 1.49 2.90

0.89 0.55 0.58 0.47 1.39

0.19 0.15 0.51 0.07 0.07

0.10 0.05 0.23 0.14 0.03

7.66 12.08 2.86 4.28 8.71

1.97 2.07 2.24 1.77 2.24

7.81 9.64 8.57 11.95 14.16

17.46 16.27 4.76 9.05 21.87

il.82 11.67 5.33 7.70 8.62

19.71 25.15 10.31 18.75 15.80

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1.67

1.20

0.04

0.01

4.07

6.13

17.05

1.81

2.43

2.55

2.00

1.18

0.01

0

2.10

4.99

13.31

3.69

0.65

0.45

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

continued

42
Appendix Table 7 (continued)- Selected financial ratio, by region and function, 1994 and 1995

Item

Farm

SUPPlY

Northern Plains

Mixed

farm MarketSUPPlY ing

Mixed

marketingFarm

SUPPlY

Lake States

Mixed

farm Market-

=JPPfY ing

Mixed

marketing

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

2.39 1.43 1.27 1.60 1.77 1.66 1.21 1.23

1.12 0.64 0.59 0.70 0.96 0.88 0.41 0.48

0.10 0.22 0.14 0.20 0.18 0.20 0.16 0.28

0.06 0.09 0.06 0.08 0.14 0.13 0.15 0.15

12.67 3.44 5.67 3.80 6.43 4.94 2.26 3.17

1.79 2.24 2.66 2.67 1.75 1.91 2.68 2.00

8.08 7.18 10.01 10.57 6.44 6.43 12.71 7.92

16.72 11.27 6.09 8.93 18.56 17.12 3.82 8.80

10.80 6.21 6.75 6.33 8.72 8.19 3.52 6.39

16.05 9.59 14.17 10.65 12.37 11.55 4.76 10.40

2.10 1.31 1.17 1.50 1.60 1.44 1.18 1.24

0.97 0.49 0.45 0.66 0.78 0.67 0.50 0.46

0.12 0.31 0.24 0.23 0.20 0.27 0.26 0.26

0.06 0.13 0.17 0.05 0.16 0.16 0.13 0.13

8.22 2.06 3.17 3.88 4.56 4.02 3.80 3.93

1.67 1.96 2.58 2.43 1.62 1.74 2.77 2.06

7.61 7.41 10.06 10.43 5.85 6.30 13.95 9.85

16.84 10.99 6.21 8.62 18.85 16.27 5.05 9.00

10.29 5.29 7.14 7.77 8.06 8.17 6.03 7.72

15.71 6.85 15.40 13.17 11.13 11.99 11.87 15.86

continued

43
Appendix Table 7 (continued)- Selected financial ratio, by region and function, 1994 and 19%

item

Farm

SUPPlY

Corn Belt

Mixed

farm MarketSUPPlY ing

Mixed

marketing

Farm

SUPPlY

Average

Mixed Mixed

farm Market- marketSUPPlY ing ing

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

2.83 1.49 1.19 1.26 1.96 1.57 1.23 1.31

2.22 0.75 0.48 0.51 1.06 0.77 0.53 0.54

0.11 0.27 0.26 0.24 0.15 0.21 0.24 0.24

0.03 0.15 0.17 0.15 0.10 0.11 0.15 0.13 \

11.90 3.34 2.43 2.99 8.41 4.68 3.12 3.22

2.00 2.32 2.66 2.71 1.91 1.77 2.66 2.53

7.81 8.39 9.94 9.70 7.86 6.48 10.10 9.45

19.59 12.60 5.91 7.67 16.69 15.05 6.04 8.19

9.09 6.91 4.87 6.06 9.75 6.78 5.66 6.27

16.73 11.95 8.58 11.34 14.89 11.08 10.83 11.21

2.05 1.42 1.13 1.23 1.80 1.48 1.15 1.29

1.39 0.71 0.35 0.43 0.91 0.68 0.40 0.48

0.21 0.30 0.33 0.31 0.17 0.25 0.31 0.28

0.11 0.23 0.19 0.14 0.12 0.12 0.19 0.12

4.36 3.15 2.66 2.79 5.80 4.25 2.84 3.25

1.89 2.22 2.38 2.36 1.81 1.55 2.46 2.30

7.24 8.13 10.28 9.78 7.24 6.09 10.42 9.95

19.41 12.78 6.03 8.51 16.96 15.02 6.10 8.64

8.59 8.09 6.32 2.29 9.20 6.97 6.60 7.15

15.51 14.65 14.17 13.44 13.98 11.41 14.29 13.98

Percent

continued

44
Appendix Table s-Selected finanCiai ratiOS, region and Six!, 19% and 19%

Item

Small

Atlantic

Medium Large Super Small

South Central

Medium Large Super

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

2.40 2.29 0 1 .oo i .9a 1.86 1.91 1.27

1.48 0.94 0 0.81 1.15 1.10 1.07 0.66

0.11 0.09 0 0.19 0.23 0.16 0.12 0.46

0.07 0.12 0 0.90 0.11 0.08 0.08 0.29

13.85 9.37 0 0.82 5.77 7.25 1 a.45 3.34

1.86 2.14 0 4.87 2.32 2.56 2.20 2.70

13.05 12.90 0 15.50 10.65 12.11 9.66 11.54

17.09 16.16 0 -1.92 14.07 9.93 16.83 13.16

11.94 17.17 0 3.92 15.41 15.29 30.55 15.77

12.09 12.51 0 -4.75 16.83 17.71 29.53 23.99

2.06 a.90 1.16 0.92 2.28 1.96 1.91 1.35

1.30 3.32 0.66 0.60 1.15 1.09 1.24 0.76

0.17 0.14 0.02 0.20 0.16 0.13 0.09 0.40

0.11 0.17 0.02 0.75 0.15 0.03 0.06 0.19

5.35 5.73 25.91 0.06 4.38 5.92 24.19 3.11

1.75 2.04 2.38 6.76 2.10 2.68 2.00 2.95

10.24 7.53 33.44 i 7.28 9.12 12.17 9.17 11.65

17.54 24.47 a.1 i -0.78 13.77 9.12 17.42 12.67

6.48 a.07 6.37 0.25 8.36 9.39 19.37 Ii.18

10.02 10.64 9.89 -24.44 12.69 19.62 32.73 21.20

continued

45
Appendix Table 8 (continued)- Selected financial ratios, region and size, 1994 and 1995

item

Small

Mountain

Medium Large Super Small

Pacific

Medium Large Super

Percent

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

2.89 1.90 1.55 1.35 2.62

1.66 1.03 0.59 0.60 1.21

0.06 0.16 0.15 0.21 0.08

0.04 0.13 0.05 0.09 0.02

15.77 7.97 17.37 7.54 19.73

1.90 2.50 2.22 2.32 2.20

10.89 9.57 7.49 8.35 13.07

14.31 14.78 16.26 12.21 21.66

12.07 24.58 36.88 19.59 21.70

10.60 19.73 24.37 20.39 24.41

2.42 1.61 1.36 1.29 2.90

1.33 0.78 0.54 0.50 1.39

0.09 0.31 0.17 0.26 0.07

0.04 0.20 0.02 0.08 0.03

8.58 6.11 9.84 7.56 19.73

1.80 2.03 1.86 2.16 2.16

9.71 7.99 6.26 8.76 13.65

15.64 14.76 16.96 12.59 21.66

8.00 10.47 11.60 11.34 12.74

12.57 20.27 18.85 24.35 22.33

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1.67 0

1.20 0

0.04 0

0.01 0

16.04 0

12.62 0

35.08 0

12.01 0

95.34 0

43.24 0

2.00

1.18

0.01

0.00

4.07

6.82

18.21

1.81

2.70

2.70 0

continued
Appendix Table 8 (continued)- Selected financial ratios, region and SiZS, 1994 and 1995

Northern Plains Lake States

Item

Small Medium Large Super Small Medium Large Super

Percent

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

2.40 1.67 1.56 1.34 1.98 1.74 1.47 1.27

1.17 0.78 0.69 0.60 1.08 0.91 0.76 0.49

0.09 0.14 0.23 0.14 0.13 0.15 0.24 0.28

0.05 0.08 0.09 0.07 0.07 0.08 0.21 0.16

11.16 5.62 4.31 5.70 7.07 7.17 4.19 3.34

1.85 2.26 2.37 2.63 1.69 1.78 2.12 1.90

8.72 9.24 9.16 9.60 6.67 7.26 6.92 7.39

14.01 11.33 9.53 7.47 16.36 14.77 15.21 10.23

17.92 14.29 12.41 12.74 17.60 17.90 17.34 12.64

14.13 12.77 11.13 14.66 10.21 12.05 11.19 11.24

2.14 1.68 1.48 1.26 1.82 1.57 1.42 1.21

1.05 0.79 0.61 0.49 1 .oo 0.75 0.69 0.41

0.11 0.18 0.23 0.25 0.15 0.18 0.24 0.32

0.05 0.09 0.10 0.11 0.06 0.12 0.20 0.16

8.02 4.64 3.63 3.51 5.80 5.07 3.87 3.57

1.69 2.13 2.39 2.32 1.73 1.60 2.08 1.89

7.81 8.55 9.89 9.52 7.21 6.41 7.44 8.29

14.64 12.02 8.87 7.69 16.51 14.57 14.46 9.76

9.06 8.75 7.74 7.50 7.93 7.69 8.26 7.44

13.53 14.36 13.76 14.08 10.97 11.84 12.58 13.41

continued

47
Appendix Table 8 (continued)- Selected financial ratios, region and size, 1994 and 1995

Item

Small

Corn Belt

Medium Large Super Small

Average

Medium Large Super

1994

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

1995

Current

Quick

Debt-to-asset

Debt-to-equity

Times-interest-earned

Total-asset-turnover

Fixed-asset-turnover

Gross profit margain

Return-on-total-assets

Return-on-totalallocated-equity

3.41 1.50 1.23 1.21 2.36 1.70 1.37 1.25

2.50 0.78 0.48 0.49 1.32 0.87 0.62 0.53

0.05 0.21 0.27 0.26 0.10 0.16 0.24 0.25

0.01 0.10 0.14 0.18 0.05 0.09 0.15 0.15

14.30 2.70 2.37 3.00 9.67 5.78 3.75 3.59

2.33 2.65 2.44 2.74 1.90 2.14 2.34 2.53

9.59 9.85 9.19 9.80 8.62 8.71 8.45 9.31

14.07 7.91 7.68 7.14 15.07 12.15 10.85 8.09

14.89 10.48 8.71 11.23 16.44 15.94 13.39 12.40

15.77 7.75 8.37 12.09 12.89 12.42 11.61 13.35

2.73 1.45 1.20 1.14 2.16 1.61 1.33 1.19

1.84 0.68 0.43 0.35 1.18 0.78 0.57 0.41

0.08 0.25 0.31 0.34 0.12 0.20 0.26 0.32

0.02 0.12 0.15 0.20 0.06 0.12 0.15 0.16

10.85 3.63 2.44 2.73 7.23 4.91 3.58 3.13

2.22 2.34 2.25 2.35 1.81 1.91 2.22 2.27

8.99 9.91 9.39 9.95 8.22 7.77 8.75 9.57

12.44 8.71 8.18 7.04 15.08 12.59 10.80 7.96

7.71 7.00 5.90 6.83 8.19 8.00 7.73 7.29

14.51 13.46 11.22 15.45 12.47 13.25 13.70 14.96

Percent
U.S. Department of Agriculture

Rural BusinessCooperative Service

stop 3250

Washington, I).(:. 20250-3250

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rural residents dc~riop cooperatives to ohtain supplies and

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