TABLE 12. Whole farm summary, Artesia-Lake Arthur area, 2001. ------------------------------------------------------------------------ GROSS RETURNS ALFALFA HAY 260 ACRES CROP $213,200 BARLEY 17 ACRES CROP $2,287 ASCS DEFICIENCY $202 ASCS DIVERSION $0 OAT HAY 20 ACRES CROP $5,600 PICKER COTTON 95 ACRES COTTON LINT $45,885 COTTON SEED $5,187 ASCS DEFICIENCY $2,666 ASCS DIVERSION $7,980 STRIPPER COTTON 68 ACRES COTTON LINT $30,940 COTTON SEED $3,713 ASCS DEFICIENCY $2,666 ASCS DIVERSION $5,712 RED CHILE 40 ACRES CROP $89,600 GROSS RETURN $415,637 CASH OPERATING EXPENSES SEED $12,207 FERTILIZER $16,391 CHEMICALS $42,470 CROP INSURANCE $950 OTHER PURCHASED INPUTS $19,878 CANAL WATER $0 FUEL, OIL & LUBRICANTS-EQUIPMENT $15,131 FUEL-IRRIGATION $17,346 REPAIRS $20,746 CUSTOM CHARGES $52,551 LAND TAXES $779 OTHER EXPENSES $23,445 _________ TOTAL CASH EXPENSES $221,893 RETURN OVER CASH EXPENSES $193,744 FIXED EXPENSES $41,151 TOTAL EXPENSES $263,044 NET FARM INCOME $152,593 LABOR AND MANAGEMENT COSTS $63,207 NET OPERATING PROFIT $89,386 CAPITAL COSTS INTEREST ON OPERATING CAPITAL $4,741 INTEREST ON EQUIPMENT INVESTMENT $19,309 _________ TOTAL CAPITAL COSTS $24,050 RETURN TO LAND AND RISK $65,336 ========= ======================================================================== ------------------------------------------------------- RETURN RETURN ON LAND VALUE TO RISK* INVESTMENT** ------------------------------------------------------- $1,000 /ACRE $45,336 11.42% $2,500 /ACRE $15,336 5.83% $4,000 /ACRE ($14,664) 3.92% $5,500 /ACRE ($44,664) 2.95% ------------------------------------------------------- * RETURN TO LAND AND RISK MINUS (INTEREST RATE TIMES LAND VALUE TIMES A ** NET OPERATING PROFIT DIVIDED BY (MACHINERY AND EQUIPMENT VALUE PLUS L