Appendix Six -- Comparing Financial Performance of 19 Graziers when Separated Into Top, Middle and Bottom Third Ranked by Four year Average NFIFO/Cow.  DRAFT
NFIFO = Net Farm Income from Operations. *FFAMIS values for NFIFO and NFIFO/Cow adjusted to comply with grazing study procedures.
1999 Number of Grazers	7	7	7	21
$NFIFO	Top (6)	Middle (6)	Bottom (7)	Average of 19 Graziers	FFAMIS
1995	47,179	43,464	33,874	41,104	38500*
1996	69,158	46,949	16,612	42,786	43899*
1997	57,708	47,334	23,367	41,780	46122*
1998	92,980	67,583	44,353	67,045	86572*
1999	101,474	47,559	37,296	62,110	69859*
$NFIFO/Forage Acre Harvested
1995	280	248	302	262
1999	516	253	210	331
4 Yr. Ave. (98 A.)	392	313	229	278
$NFIFO/ Cow
1995	963	790	719	819	505?*
1996	1,334	761	308	768	527*
1997	1,128	740	424	737	483*
1998	1,777	956	668	1,059	834*
4 yr. Ave.	1,300	812	529	846	587*
1999	1,528	765	441	874	782*
Cash Income/Cow
1995	2,867	2,566	2,148	2,514
1996	3,411	2,739	2,064	2,695
1997	2,904	2,497	2,130	2,482
1998	3,502	2,765	2,471	2,844
1999	3,274	2,432	2,504	2,723
Cash Expense/Cow
1995	1,832	1,898	1,607	1,954
1996	2,023	1,898	1,528	1,956	2869
1997	1,717	1,842	1,712	1,932	2813
1998	1,777	1,821	1,738		2946
1999	1,612	1,565	1,761		2977
Allocated Cost/Cwt. Eq. Milk Sold
1995	8.86	9.18	9.41	9.15	10.96
1996	8.90	10.51	12.80	10.51	12.76
1997	8.82	9.78	10.65	9.75	11.8
1998					12.42
1999					11.79
Basic Cost/Cwt Eq. Milk Sold
1995	6.69	7.00	7.00	6.90	7.85
1996	6.93	7.73	9.10	7.79	8.55
1997	6.44	7.42	8.13	7.34	7.41
1998					8.23
1999
Invest/ Cow
1995	7,182	5,728	5,554	6,116	7223
1996	6,892	5,535	5,389	5,881	7630
1997	7,195	5,818	6,012	6,280	6752
1998	7,097	5,486	5,305	5,837	7291
1999	6,501	4,576	5,086	5,378
Debt/Cow
1995	782	2,955	2,208	2,027	2507
1996	638	2,745	2,364	1,990	2604
1997	507	2,804	3,087	2,251	2748
1998	445	2,517	2,673	2,037	2849
1999	900	1,987	2,631	1,964
Numbers of Cows
1995	49.0	55.0	47.1	50.2	76
1996	51.8	61.7	54.0	55.7	84
1997	51.2	64.0	55.1	56.7	92.5
1998	52.3	70.7	66.4	63.3	99.5
1999	66.4	62.1	84.6	71.1	96.3
Lbs. Milk Sold/Cow
1995	18,513	17,965	14,813	17,043	18436
1996	18,942	16,498	12,445	15,769	18493
1997	18,840	16,226	14,076	16,200	19057
1998	19,399	16,321	14,010	16,231	20198
1999	186,000	13,125	14,763	15,481	20210
Annual Ave.Milk Price
1995	13.63	13.22	13.36	13.4
1996	15.44	14.88	14.94	15.08
1997	13.42	13.17	13.19	13.26
1998	15.96	15.52	15.7	15.72
4 Year Ave.	14.61	14.20	14.30	14.36
1999	14.99	16.4	14.35	15.25