From continua to R-trees

We show how to associate an R-tree to the set of cut points of a continuum. If X is a continuum without cut points we show how to associate an R-tree to the set of cut pairs of X.Comment: This is the version published by Algebraic & Geometric Topology on 1 November 200

FINANCIAL CHARACTERISTICS OF NORTH DAKOTA FARMS, 1999-2001

The performance of over 530 North Dakota farms, 1999-2001, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. Farm financial trends for the 1992-2001 period are also presented. Financial performance in 2001 declined for all 16 measures, except interest expense ratio, because of lower government subsidies, higher costs and continued low commodity prices. Financial performance in 2000 and 1999 was the highest since 1993 because low crop prices were offset by extraordinary government and crop insurance payments, good yields and improved beef cattle prices. Median net farm income was 27,729 in 2001, $45,085 in 2000 and$42,009 in 1999.Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota., Agricultural Finance,

FINANCIAL CHARACTERISTICS OF NORTH DAKOTA FARMS 2005-2006

The performance of over 500 North Dakota farms, 2005-2006, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. Five-year averages, 2001-2005, and farm financial trends for the 1997-2006 period are also presented. In 2006, median and average acreage per farm was 1,966 and 2,386, respectively. Median and average cash farm revenue was $281,751 and$361,418, respectively. Financial performance is volatile. Year-to-year changes in median net farm income within regions and farm types averaged 50 percent from 1997 to 2006. Median net farm income in 2006 was the lowest in five years, $35,980, and ranged from$83,970 in the Red River Valley to only $689 in the west region which was the lowest for any region over the 1997-2006 period. In 1999, 2000, 2003 and 2004 the rate of return on equity exceeded the rate of return on assets, which indicates that debt capital was employed profitably. Interest expense as a percent of gross revenue improved from 1997-2004, but increased in 2005 and 2006 because of higher debt and interest rates. The Red River Valley and crop farms had stronger profitability, solvency and repayment capacity from 1997 to 2006 than other regions and farm types, respectively, except in 2005 when the south central region and livestock farms had better performance. Farms with sales less than$100,000 were over twice as likely to have debt-to-asset higher than 70 percent than were farms with sales greater than $500,000. Farms that own some crop land, but less than 40 percent are more likely to be crop farms, farm more acreage, have larger sales, and be more profitable. As expected, solvency and percent of crop land owned increased with farmer age.Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota., Agricultural Finance,

FINANCIAL CHARACTERISTICS OF NORTH DAKOTA FARMS 1997-1999

The performance of over 530 North Dakota farms, 1997-1999, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. Farm financial trends for the 1991-1999 period are also presented. Financial performance in 1999 was the best since 1993, and had great improvement from 1997 and 1998 when one-fourth of farms had negative net farm income and over one-half of farms were not able to make scheduled term debt payments with the year's income. Although crop prices were low in 1999, there was extraordinary government and crop insurance payments, and improved beef cattle prices. Median net farm income was 42,009 in 1999, $19,491 in 1998 and$14,290 in 1997.Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota, Agricultural Finance,

FINANCIAL CHARACTERISTICS OF NORTH DAKOTA FARMS 2001-2003

The performance of over 500 North Dakota farms, 2001-2003, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. Farm financial trends for the 1994-2003 period are also presented. Financial performance in 2003 was the highest of the 1994-2003 period because of a good wheat and barley crop, strong crop prices, and improved livestock profit. Median net farm income was $49,181 in 2003,$38,079 in 2002, and $27,729 in 2001. Financial performance for the 1994-2003 period was poorest in 1997 and 1998 when over one-half of farms could not make scheduled term debt payments with the year's income. A strong improvement occurred in 2000 and 1999 because of extraordinary government and crop insurance payments, record yields for some crops, and improved beef cattle prices. All 16 financial performance measures declined in 2001, except interest expense ratio, because of lower government subsidies, higher costs, and continued low commodity prices. Performance improved in 2002, except for the west region and livestock farms, because of strong crop prices and lower costs.Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota, Agricultural Finance,

FINANCIAL CHARACTERISTICS OF NORTH DAKOTA FARMS, 1994-1996

The performance of over 500 North Dakota farms, 1994-1996, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics.Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota, Agricultural Finance,

FINANCIAL CHARACTERISTICS OF NORTH DAKOTA FARMS 2004-2005

The performance of over 500 North Dakota farms, 2004-2005, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. Five-year averages, 2000-2004, and farm financial trends for the 1996-2005 period are also presented. Year-to-year changes in median net farm income within regions and farm types averaged 50 percent from 1996 to 2005. Median net farm income fell slightly in 2005 to $42,286, but 19 percent of farms had net farm income greater than$100,000. Financial performance was lowest in 1997 and 1998 when over one-half of farms could not make scheduled term debt payments. In 1999, 2000, 2003 and 2004 the rate of return on equity exceeded the rate of return on assets, which indicates that debt capital was employed profitably. The first rise in eight years of interest expense as a percent of gross revenue occurred in 2005, to 6.0. The Red River Valley and crop farms had stronger profitability, solvency and repayment capacity from 1995 to 2004 than other regions and farm types, respectively, but were out performed by the south central region and livestock farms in 2005. Farms with sales less than $100,000 were three times as likely to have debt-to-asset higher than 70 percent than were farms with sales greater than$500,000. Farms that own some crop land, but less than 40 percent and are more likely to be crop farms, farm more acreage, have larger sales, and be more profitable. As expected, solvency and percent of crop land owned increases with farmer age.Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota., Agricultural Finance,

Financial Characteristics of North Dakota Farms 2007-2008

The performance of over 500 North Dakota farms, 2007-2008, is summarized using 16 financial measures. Farms are categorized by geographic region, farm type, farm size, gross cash sales, farm tenure, net farm income, debt-to-asset, and age of farmer to analyze relationships between financial performance and farm characteristics. Five-year averages, 2003-2007, and farm financial trends for the 1999-2008 period are also presented. In 2008, median and average acreage per farm was 2,000 and 2,578, respectively. Median and average cash farm revenue was $464,464 and$607,623, respectively. Over 70% of farms were crop farms and 47 percent of farms had gross sales exceeding $500,000. Median age of farm operators was 47. Financial measures for 2008 and 2007 were much superior to those in other years for the 1999-2008 period. The highest median net farm income was$127,791 in 2007, followed by $114,520 in 2008. The lowest was$27,729 in 2001. The Red River Valley and crop farms typically had stronger profitability, solvency, and repayment capacity from 1999 to 2008 than other regions and farm types, respectively. Exceptions were 2007 when the central regions had the best regional performance and 2005 when the south central region and livestock farms had better performance. The 2008 and 2007 median net farm income for crop farms was $170,181 and$171,838, respectively, compared to only $14,343and$25,531for livestock farms. Farms with sales less than $250,000 were over twice as likely to have debt-to-asset higher than 70 percent than were farms with sales greater than$250,000. Farms that own some crop land, but less than 40 percent were more likely to be crop farms, farm more acreage, have larger sales, and be more profitable. As expected, solvency and percent of crop land owned increased with farmer age. In 1999, 2000, 2003, 2004, 2007 and 2008 the rate of return on equity exceeded the rate of return on assets, which indicates that debt capital was employed profitably. Interest expense as a percent of gross revenue declined in 2007 and 2008 because of sharp increases in gross revenue, after increasing in 2005 and 2006 because of higher debt and interest rates.Farm financial management, farm management, farm income, liquidity, solvency, profitability, repayment capacity, financial efficiency, financial benchmarks, tenure, North Dakota., Farm Management, Financial Economics,