Business analysis of foliage plant nurseries in Central Florida

J. Robert Strain

Alan W. Hodges

Economic Information
Report 228

Business Analysis of Foliage Plant
Nurseries in Central Florida, 1985

Centra! Science
Library
MAY 22 1987
University of Florida

Food Et Resource Economics Department
Cooperative Extension Service
Institute of Food and Agricultural Sciences
University of Florida, Gainesville 32611

December 1986

ABSTRACT

Average sales, costs and returns information are presented for 32 i .olesale
foliage plant nurseries in Central Florida for the tax year of 1985. Aiiage
value of plant sales was $577,971. Cash costs including a return to th4 opera-
tor averaged $515,140. Non-cash costs and allowances including a 12 percent
return on investment amounted to another $90,938. Deducting the return to
operator and return on investment left total costs of $512,766, After
adjustments for change in plant inventory value and additions for miscellalleous
income, net nursery income averaged $81,718, and return to capital averaged 9,7
percent. Comparable information is presented also for the average .It the ten
largest and eleven smallest nurseries in the study.

KEY WORDS: Foliage nursery business analysis, income, costs, investment,
efficiency measures, Central Florida.

ACKNOWLEDGEMENTS

This report was made possible by the cooperating 32 foliage plant nursery
operators who made available their production and accounting records on a con-
fidential basis for analysis and averaging. Assistance and encouragement were
supplied by Extension Ornamental Horticultural Agents Bruce Barmby, Terry
Delvalle, Cathy Neal, Roger Newton, LaRue Robinson, and Jerry Southwell.
Acknowledgement and appreciation of the help received, however, does not alter
the fact that errors in the data or in the interpretation of the information
presented herein are the sole responsibility of the authors.

ABSTRACT

Average sales, costs and returns information are presented for 32 i .olesale
foliage plant nurseries in Central Florida for the tax year of 1985. Aiiage
value of plant sales was $577,971. Cash costs including a return to th4 opera-
tor averaged $515,140. Non-cash costs and allowances including a 12 percent
return on investment amounted to another $90,938. Deducting the return to
operator and return on investment left total costs of $512,766, After
adjustments for change in plant inventory value and additions for miscellalleous
income, net nursery income averaged $81,718, and return to capital averaged 9,7
percent. Comparable information is presented also for the average .It the ten
largest and eleven smallest nurseries in the study.

KEY WORDS: Foliage nursery business analysis, income, costs, investment,
efficiency measures, Central Florida.

ACKNOWLEDGEMENTS

This report was made possible by the cooperating 32 foliage plant nursery
operators who made available their production and accounting records on a con-
fidential basis for analysis and averaging. Assistance and encouragement were
supplied by Extension Ornamental Horticultural Agents Bruce Barmby, Terry
Delvalle, Cathy Neal, Roger Newton, LaRue Robinson, and Jerry Southwell.
Acknowledgement and appreciation of the help received, however, does not alter
the fact that errors in the data or in the interpretation of the information
presented herein are the sole responsibility of the authors.

TABLE OF CONTENTS

ABSTRACT . . .
ACKNOWLEDGEMENTS . .
LIST OF TABLES . . .
LIST OF FIGURES . .

INTRODUCTION . . .
PROCEDURE . . .
DEFINITIONS . . .
DATA AND RESULTS . .
Size of Business . .
Rates of Production .
Labor Efficiency . .
The Use of Space . .
Efficiency in the Use of Capi
Dollar Costs by Expense Catec
Percent of Total Costs by Exp
Cost Per Square Foot of Total
Cost Per Square Foot of Propa
Cost Per Dollar of Sales Adju

Cost Per Dollar of Sales*. .
Income Summary . .
Total Gain . .
Net Nursery Income .
Return on Capital .
Balance Sheet . .
Current Assets . .
Long Term Assets .
Total Assets . .
Liabilities . .
Net Worth . .
Total Profitability Model. .
Margin Management. .
Asset Management .
Leverage Management. .
Factors Associated With Level
Size of Business .
Production Rate .
Labor Efficiency .
Space Use Efficiency .
Use of Capital .. ...
Level of Costs .. ...
Cost Efficiency .
Growth in the Business .
Range of Figures . .
CONCLUDING COMMENTS . .

*These sections also contain
Salaries and Wages
Production Supplies
Other Production Costs
Administrative and Overhe
Total Cash Costs

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ory* . . . .
ense Category* . .
Bed and Bench Space* .
gating and Finishing Space*.
sted for Inventory Change*..
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of Pro its. . . .
of .Pro. .s . . .
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the following subcategories:

.ad Non-cash costs
Total all costs

Page
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LIST OF TABLES
Table Page
1 Size of business, 32 wholesale foliage plant nurseries in
Central Florida, 1985. . . . ... .... ..

2 Rates of production, 32 wholesale foliage plant nurseries in
Central Florida, 1985. . . . . ... . 6

3 Labor efficiency, 32 wholesale foliage plant nurseries in
Central Florida, 1985. . . . . ... .. 7

4 The use of space, 32 wholesale foliage plant nurseries in
Central Florida, 1985. . . . . ... . 9

5 Efficiency in the use of capital,
32 wholesale foliage plant nurseries in Central Florida, 1985. 11

6 Dollar costs by expense category,
32 wholesale foliage plant nurseries in Central Florida, 1985.. 13

7 Percent of total costs by expense category,
32 wholesale foliage plant nurseries in Central Florida, 1985. 15

8 Costs per square foot of total bed and bench space,
32 wholesale foliage plant nurseries in Central Florida, 1985. .. 17

9 Costs per square foot of propagating and finishing space,
32 wholesale foliage plant nurseries in Central Florida, 1985. 19

10 Costs per dollar of sales adjusted for change in plant inventory,
32 wholesale foliage plant nurseries in Central Florida, 1985. 21

11 Cost per dollar of sales (no adjustment for change in plant inventory,
32 wholesale foliage plant nurseries in Central Florida, 1985 . 23

12 Income summary, 32 wholesale foliage plant nurseries in
Central Florida, 1985. . . . ... .... .25

13 Balance sheet, 32 wholesale foliage plant nurseries in
Central Florida, 1985. . . . ... .... .27

14 Factors associated with level of profit, 32 wholesale
foliage plant nurseries in Central Florida, 1985. . ... 31

15 Range of figures on factors associated with level of profit,
32 wholesale foliage plant nurseries in Central Florida, 1985. 35

LIST OF FIGURES

Figure Page
1 Total profitability model, 32 wholesale foliage plant nurseries in
Central Florida, 1985 . . . . ... . .29

BUSINESS ANALYSIS OF FOLIAGE PLANT NURSERIES IN CENTRAL FLORIDA, 1985

J. Robert Strain and Alan Hodges

INTRODUCTION

This publication contains information on sales, costs, returns and produc-
tion efficiency for foliage plant nurseries in Central Florida for 1985. Other
publications in this series includes reports on South Florida foliage plant
nurseries, container grown woody ornamental plant nurseries and ie;id grown
woody ornamental plant nurseries.
Purposes of the nursery business analysis series include:
1) Furnishing nursery operators with various physical and economic meas-
ures that may be used in evaluating the efficiency of individual nurseries;
2) Supplying cooperating nursery operators with data so that they may make
more informed management decisions;
3) Providing individuals considering entering the wholesale plant produc-
tion business with an estimate of the input requirement and revenue potential;
4) And providing Florida Extension personnel with data for conducting
educational programs with nursery operators.

PROCEDURE

The information and averages presented in this report are based on data
supplied by 32 nursery operators in the form of confidential production and ac-
counting records. Their nurseries are located in the Coastal and Central Flor-
ida counties of Duval, Hillsborough, Pinellas, Lake, Orange, Hardee, and Semi-
nole. They participated in the program voluntarily and do not represent a sta

J. ROBERT STRAIN is an extension economist and professor, and ALAN HODGES
is a research assistant, both in IFAS Food and Resource Economics Department,
University of Florida, Gainesville.

tistically selected sample. The nursery operators participating in the Florida
Nursery Business Analysis Program are thought to represent some of the more
efficient foliage plant nurseries in Central Florida, rather than being typical
of the foliage plant nursery industry.
Data were collected for the 1985 tax year. In some cases, data were
received for a fiscal year that did not coincide with the 1985 calendar year.
Data for fiscal years ending after July 1, 1984 and up to June 30, 1986 were
included with the 1985 calendar year data.
Not all nursery operators drew a regular salary from their operation. in
these instances, an estimate of the value of the time of the operator was col-
lected and used in the analysis in order to provide a more equitable basis for
comparing data. For the same reason, interest expense paid by the individual
nursery operator was excluded from the costs listed in this report. Instead,
an interest charge for the total owned investment was calculated at the rate of
12 percent per year and included as a non-cash cost allowance.
The value of owned capital or investment in the nursery reflects the depre-
ciated book value of buildings, improvements, machinery and equipment. This is
a total value; related debt is not deducted in determining this value of capi-
tal owned. Growing plants also are included as a part of the owned capital
investment, but at a value lower than the regular wholesale price. This is
because, in a normal growing operation, most of the plants in inventory are not
of a salable size. Some will barely be started, some ready to sell, and others
scattered in-between. A common practice is to value all plants, whether just
started or almost finished at 50 percent of their wholesale price if finished.
However, some nursery operators use other methods. For this report, the values
received from the nursery operators were the values used. Land included in
owned capital investment was valued at the original purchase price. While this
may not represent the investment of a nursery operator if he or she were to buy
the land in 1985, it does represent the investment actually involved in the
operation.
The data from individual nurseries are averaged and presented in tablular
form. The tables present average values for all 32 nurseries, for the ten
"largest" nurseries, and for the eleven "smallest" nurseries. The largest nur-
series had plant sales valued at $700,000 or more. The smallest nurseries had
less than $200,000 in plant sales.

DEFINITIONS

In general, the terms used in this report are thought to be self explana-
tory. However, experience indicates that some of the terms used here are less

familiar than others.

They are defined as follows, and again later where they

are used:

Value of own plants sold: the value of total plant sales minus the cost of
plants purchased for immediate resale. The cost of plants purchased for grow-
ing-on are not deducted.

Fulltime equivalent employee: the equivalent of one person paid for 2080
hours a year (40 hours a week for 52 weeks a year including vacation time, if
any). The most common method for obtaining the number of fulltime employees
for this report was to divide the total annual payroll hours for the nursery by
2080, and then add on the number of family and management people not paid on an
hourly basis.

Capital owned: the current value (cost after adjusting for depreciation
taken in prior years) of capital assets, or current investment in the nursery
operation. Related debt is not deducted in this determination of current value
of capital owned.

Capital managed: the sum of capital owned plus the value of additional
capital items used and under the control of the manager. Rented land and
leased buildings, equipment, etc., would be added to capital owned to obtain
the value of capital managed in the nursery operation.

Annual turnover of capital: the percentage that results from dividing the
value of own plant sold by the value of capital (either owned or managed). It
is annual plant sales stated in terms of percent of the capital involved.

Total gain: the sum of plant sales,
ries, and miscellaneous cash income.
year's operation, be it in the form of
in values of inventories.

changes in plant and supply invento-
It represents the total effect of the
cash received or in the form of change

Net nursery income: the net effect of the year's operation. To obtain
nursery income, subtract all cash costs (except operator's salary), and
non-cash costs (except interest on capital) from total gain. The result is
return for the time and managerial skills of the operator, and for the use
the capital invested in the operation.

Return to capital: the portion of net nursery income that is left
subtracting the salary or time value of the operator. It is what the
capital earned.

net
all
the
of

after
owned

Rate of return on capital: return to capital divided by the value of owned
capital. It is the rate earned on the capital invested.

DATA AND RESULTS

The data in the first 11 tables present various size and efficiency mea-
sures. Data in Tables 12 through 15 relate to the profitability of nurseries.
In the first five tables, more than one measure of efficiency could be used.
The first item in each table has traditionally been presented as "The one best
measure." It is followed by other measures that also are useful for certain
purposes or are meaningful to many growers. Where information in the tables is
presented to the nearest whole number, arithmetic inconsistencies from rounding
may be noted.

Size of business (Table 1)

Size of business data in Table 1 is basic. When combined wi .h :;os data in
Table 6, it provides the nursery operator most of the data required for devel-
oping the remaining tables in this report.
For size of business, the one best measure selected was "Value of own
plants sold" (Table 1 item A). In other words, this is income from the sale of
the plants grown in the nursery. This averaged $577,971 for the 32 nurseries.
For the ten largest nurseries, it was $1,251,475 or more than double the
average. The smallest ones had $134,148, or about one quarter of the average.
Adjusting sales for change in value of plant inventory (Table 1 item B) did not
alter materially these relationships.
Total bed and bench space (Table 1C) averaged 116,541 square feet for the
32 nurseries. For the ten largest nurseries, it was 199,343 square feet, or
1.7 times the average. The eleven smallest nurseries had 36,915 square feet,
or about a third of the average.
Capital owned (Table 1P) averaged $495,944 for the 32 nurseries. For the
ten largest nurseries, it was $879,445, or 1.8 times the average. The eleven
smallest nurseries had $220,030 or 44 percent of the average.
Capital managed (Table IX) averaged $606,066 or 22 percent more than the
capital owned by the nursery operators. This difference was primarily in the
value buildings and land. For the ten largest nurseries, it was $1,132,745, or
29 percent more than they owned. The eleven smallest nurseries managed four
percent more than the capital owned, or $228,393. For these groups, the
difference was also in the value of buildings and land rented.

5

Table 1.--Size of business, 32 wholesale foliage plant r: -series in Central
Florida, 1985.

Item Unit Average Average Average Your
all 32 10 largest 11 smallest nursery
The one best measure
A Value of own plants sold(a) $ 577,971 1,251,475 134,148
Other useful indicators of size

Value of own plants sold
B adjusted for change in
plant inventory value

C Total bed & bench space.

D Propagating & finishing
bed & bench space .

E Stock plant bed &
bench space . .

F Total nursery area .
G Total nursery area .

H Average fulltime
equivalent employees(b).

Capital owned(c) in:
I Growing plants . .
J Buildings, fences, wells
K Machinery & equipment. .
L Land . . .
M Supplies . . .
N Accounts receivable .
0 Cash/checkbook balance
P Total owned capital .

Capital managed(d) in:
Q Growing plants . .
R Buildings, fences, wells
S Machinery & equipment. .
T Land . . .
U Supplies . .
V Accounts receivable .
W Cash/checkbook balance
X Total managed capital .

$ 588,586 1,282,189

sq ft

116,541

sq ft 98,440

sq ft 18,101

sq ft 198,506
acres 4.6

number

15.5

185,887
122,681
40,583
32,061
24,381
66,713
23,638
495,944

185,887
203,806
42,161
59,480
24,380
66,713
23,638
606,066

199,343

168,715

30,628

301,624
6.9

30.2

332,246
155,830
83,599
40,157
55,351
165,319
46,944
879,445

332,246
347,330
87,149
98,407
55,351
165,319
46,944
1,132,745

150,092

36,915

31,867

5,047

68,490
1.6

4.8

71,273
82,948
11,984
26,082
9,051
9,112
9,579
220,030

71,273
82,948
13,075
33,350
9,051
9,112
9,579
228,393

(a) Value of own plants sold--is the value of total plant sales minus the
cost of plants purchased for immediate resale. The cost of plant purchased for
growing-on is not deducted.
(b) Fulltime equivalent employee--is the equivalent of one person paid 2o80
hours (40 hours a week for 52 weeks a year includingpaid vacation time, if any).
(c) Capital owned--is the current value (original cost less depreciation
taken) of capital assets, or current investment in the nursery operation. Re-
lated debt is not deducted in this determination of the value of capital owned.
(d) Capital managed--is the sum of capital owned plus the value of addition-
al capital items used and under the control of the manager (e.g., rented land).

Rates of Production (Table 2)

"Value of own plants sold per square foot of total bed and bench space"
(Table 1 item A divided by item C) is the traditional rate of production
measure used among nurseries. The average value for the 32 nurseries was
$4.96. For the ten largest nurseries, it was $6.28, or about 27 percent more
than the average. The five smallest nurseries had 3.63, or about three
quarters of the average sales per square foot of bed and bench space. When
sales were adjusted for change in inventory value (Table 1 item B divided by
item C), the relationship remained practically the same.
Sales per square foot of propagating and finishing space (Table 1A divided
by 1D) is a more accurate indicator of growing efficiency. Output from stock:
plant areas may reduce costs, but pay no bills unless cuttings are sold. It is
the plants grown on the propagating and finishing space that pay the bills for
the entire nursery operation. This amounted to $5.87 per square foot for the
32 nurseries. For the ten largest nurseries, it was $7.42, or 26 percent
greater than the average. The eleven smallest nurseries had $4.21 which V- 72
percent of the average.

Table 2.--Rates of production, 32 wholesale foliage plant nurseries in Central
Florida, 1985.

Item Unit Average Average Average Your
all 32 10. largest 11 smallest -nursery
The one best measure
Value of own plants sold per
sq ft of total bed & bench
space - (Table 1A/1C) $ 4.96 6.28 3.63-
Other useful indicators
Value of own plants sold per
sq ft adjusted for inventory
change - (Table 1B/1C) $ 5.05 6.43 4.06

Value of own plants sold per
sq ft of propagating & fin-
ishing space (Table 1A/1D) $ 5.87 7.42 4.21
--- adjusted for inventory
change - (Table 1B/1D) $ 5.98 7.60 4.71

Value of own plants sold per
acre - (Table 1A/1G) $ 126,830 180,736 85,319
--- adjusted for inventory
change - (Table 1B/1G) $ 129,159 185,171 95,459
-------- ----------=== =---= --I-=-

Labor Efficiency (Table 3)

"Value of own plants sold per employee" (Table 1A divided by 1H) was
selected as the one best measure of labor efficiency. This averaged $37,256
per employee for the 32 nurseries. For the ten largest nurseries, sales
averaged $41,483, or 11 percent more than the average. The eleven smallest
nurseries had $27,753 in sales per employee, or three-fourths the average.
Adjusting for change in plant inventory value (Table B1 divided by 1H) slightly
increased the average for all 32 nurseries to $37,940. For the ten largest
nurseries, this increased their sales per person to $42,501. The smallest
nurseries were up to $31,052 per person.
Total bed and bench space per employee (Table IC divided by 1H) averaged
7,512 square feet. For the ten largest nurseries, it was 6,608 square feet, or
12 percent less than the average. The eleven smallest nurseries had 7,637
square feet per person, or 1.7 percent above the average.
Propagating and finishing space per person (Table ID divided uy 1H)
averaged 6,345 square feet per employee. For the ten largest nurseries it oas
12 percent lower at 5,592 square feet. The smallest nurseries had 4 percent
more, at 6,593 square feet.

Table 3.--Labor efficiency, 32 wholesale foliage plant nurseries in Central
Florida, 1985.

Item Unit Average Average Average Your
all 32 10 largest 11 smallest nursery
The one best measure
Value of own plants sold per
employee (Table 1A/1H) $ 37,256 41,483 27,753
Other useful indicators
Value of own plants sold per
employee adjusted for change
in inventory (Table 1B/1H) $ 37,940 42,501 31,052

Total bed & bench space per
employee (Table 1C/1H) sq ft 7,512 6,608 7,637

Propagating & finishing space
per employee (Table 1D/1H) sq ft 6,345 5,592 6,593

Total nursery area per
employee (Table 1F/1H) sq ft 12,796 9,998 14,170
----------------l==---------------------

The Use of Space (Table 4)

The one measure selected as best for measuring the intensity of space use
was "Annual turnover of plant inventory value" (Table 1A divided by 11). This
indicates the number of times that funds tied up in plant inventory were repre-
sented by sales during the year. The reliability of this number depends upon
the care and accuracy with which plant inventory records are kept. Some
nursery operators in the program keep careful inventories of plant numbers,
while others tend to approximate their figures. But the idea is deemed valid,
and should be'especially useful to those who compare their figures with their
own data of the previous year. In this case, the nursery operator has first
hand knowledge of the nature and the dependability of the comparison.
Annual turnover of plant inventory value in the 32 nurseries averaged 311
percent. This means that annual plant sales amounted to over three times the
value of plants in inventory. For the ten largest nurseries, turnover was 377
percent. Thus, their annual plant sales were 3.77 times the value of plants in
inventory. The eleven smallest nurseries had a much lower turnover rate of 188
percent.
Vacant bed and bench space is a measure of efficiency of space use. Gener-
ally, reducing the percent of space vacant on the average is desirable. How-
ever, some vacancy is inevitable between the time a plant is removed for sale
and the time another is put in its place to start growing. The average amount
of vacant space during the year divided by total bed and bench space (Table 1C)
shows the average percent of vacant space. This was 7.17 percent for the 32
nurseries. For the largest ones, it was 7.20 percent. The smallest nurseries
had 8.03 percent.
Other useful indicators to study are percent of total nursery area
including buildings and roadways that is bed and bench space, and the division
of bed and bench space between propagating and finishing space and stock plant
area. Other things being equal, the higher the percentage of toial nursery
area devoted to bed and bench space, and the higher the percentage of bed and
bench space used for propagating and finishing rather than stock plants, the
better. However, other things are seldom equal, such as the cost of raising
rather than buying cuttings, and availability of quality material when needed.

was 58.7 percent of their total nursery area. The ten largest nurseries aver-
aged 66.1 percent of their total area in bed and bench space, while the eleven
smallest nurseries utilized 53.9 percent of their total nursery area as bed and
bench space.
Propagating and finishing area averaged 98,440 square feet for the 32 nur-
series. This was 84.5 percent of the total bed and bench space (Table ID di-
vided by IC). For the ten largest nurseries, it was 168,715 square feet, or
1.7 times the average. This represented 84.7 percent of the total bed and
bench space. The eleven smallest nurseries had 31,867 square feet for propaga-
ting and finishing, which was only 32 percent of the average. However, this
space represented 86.3 percent of their total bed and bench space. Thus, the
smallest nurseries devoted a slightly greater proportion of their growing area
to plants for sale. This is probably natural, since smallest nurseries,
especially those just getting started, may not be able to afford the luxury of
maintaining as many stock plants as they would like.

Table 4.--The use of space, 32 wholesale foliage plant nurseries in Central
Florida, 1985.

Item Unit Average Average Average Your
all 32 10 largest 11 smallest nursery
Intensity of space use
Annual turnover of plant in-
ventory value (Table 1A/11) % 311 377 188
Efficiency of space use
Vacant bed & bench space sq ft 8,356 14,349 2,965
- (divided by Table 1C) % 7.17 7.20 8.03
Other useful indicators
Total nursery area (Table 1F) sq ft 198,506 301,624 68,490
Total bed & bench space sq ft 116,541 199,343 36,915
- - (Table IC/1F) % 58.71 66.09 53.90

Propagating & finishing bed sq ft 98,440 168,715 31,867
& bench space (Table 1D/IC) % 84.47 84.64 86.33

Stock plant bed & bench space sq ft 18,101 30,628 5,047
- - (Table 1E/1C) % 15.53 15.36 13.67

Efficiency in use of capital (Table 5)

A number of possibilities exist for measuring efficiency in the use of
capital. The one selected as the best single indicator was "Annual turnover of
owned capital value." This is the percentage that results from dividing the
value of own plants sold by the value of capital owned (Table 1A divided by
1P). Annual turnover averaged 116.5 percent for the 32 nurseries. This means
that sales for the year equaled one and a sixth times the capital invested.
For the ten largest nurseries, it was 142.3, which was a 22 percent faster
turnover rate than the average. The eleven smallest nurseries had 61.0, which
was about half of the average turnover rate.
Managed capital turnover averaged 95.4 percent for the 32 nurseries. Thus,
there was enough additional capital being managed to reduce the turnover rate
by 21 percent. For the ten largest nurseries, it was 110.5 meaning there was
enough additional capital involved in the operation to reduce the turnover rate
by 32 percent. The eleven smallest nurseries managed a small amount of
additional capital, reducing turnover by only 2.3 percent.
Capital invested per employee (Table 1P divided by IH) averaged $31,969 for
the 32 nurseries. For the ten largest nurseries, it was $29,151, or about 9
percent less than the average. The eleven smallest nurseries had $45,521 which
was 42 percent above the average.
Average capital investment per acre of nursery area (Table 1P divided by
1G) was $108,830 for the 32 nurseries. For the ten largest nurseries, it was
$127,008, or 17 percent higher than the average. The eleven smallest nurseries
had also had a higher figure, 139,940, or 29 percent above the average. Calcu-
lations for managed capital showed the largest nurseries managing about 23
percent more than the average per acre, and the smallest nurseries having
about 9 percent more than the average.
,Growing plants represented 30.7 percent of the capital managed by the 32
nurseries. For the largest nurseries, it was 29.3 percent. The smallest nur-
series had 31.2 percent of their capital tied up in plants.
Buildings and installations averaged 33.6 percent of the total. Largest
nurseries had about the same, 30.7 percent. Smallest ones had 36.3 percent.
Machinery and equipment took between 5.7 and 7.7 percent of the capital.
Land required 9.8 percent of the capital on average. Largest nurseries used
8.7 percent of their capital for land. Smallest nurseries used more than the

average for land, 14.6 percent. Accounts receivable accounted for 11.0 percent
of all capital managed. Largest nurseries required 14.6 percent of the total.
Smallest ones only had 4.0 percent of their capital utilized in this manner.

Table 5.--Efficiency in use of capital, 32 wholesale foliage plant nurseries
in Central Florida, 1985.
I=03PI=---PPI 'X === ==---== ----- -----
Item Unit Average Average Average Your
all 32 10 largest 11 smallest nursery
The one best measure
Annual turnover(e) of owned
Capital value (Table 1A/1P) % 116.5 142.3 61.0
Other useful indicators

Annual turnover(e) of managed
capital value (Table 1A/1X)

Per employee:
Capital owned (Table 1P/1H)
Capital managed (Table 1X/1H)

Per acre:
Capital owned (Table IP/1G)
Capital managed (Table IX/1G)

Managed capital per person in:

Plants- -
Buildings -
Mach & equip-
Land- -
A/R - -

(Table
(Table
(Table
(Table
(Table

1 Q/1H)
1R/1H)
1S/1H)
1T/1H)
1V/1H)

Managed capital per acre in:

Plants- -
Buildings -
Mach & equip-
Land- -
A/R - -

(Table
(Table
(Table
(Table
(Table

1Q/1G)
1R/1G)
1S/1G)
1T/IG)
1V/1G)

Percent of capital managed in:

Plants- -
Buildings -
Mach & equip- -
Land- - -
Supplies- -
A/R - -
Cash- - -
Total nursery-

(Table
(Table
(Table
(Table
(Table
(Table
(Table
(Table

1Q/1T)
1R/1T)
IS/1T)
IT/1T)
1U/1T)
1V/1T)
1W/1T)
1X/1T)

95.4

31,969
39,067

108,830
132,995

11,982
13,137
2,718
3,834
4,300

40,791
44,723
9,252
13,052
14,639

30.67
33.63
6.96
9.81
4.02
11.01
3.90
100.00

110.5

29,151
37,547

58.7

45,521
47,252

127,008 139,940
163,589 145,259

11,013
11 ,513
2,889
3,262
5,480

47,982
50,161
12,586
14,212
23,875

29.33
30.66
7.69
8.69
4.89
14.59
4.14
100.00

14,746
17,161
2,705
6,901
1,885

45,330
52,755
8,316
21,214
5,795

31.21
36.32
5.72
14.60
3.96
3.99
4.19
100.00

(e) Annual turnover of capital value--the percent resulting from dividing
the value of own plants sold by the value of capital (Table 1A/1P or 1X).

Dollar Costs by Expense Category (Table 6)

Dollar costs by expense category were obtained from the annual profit and
loss statement or tax records of the participating nurseries. The cash cost
categories were grouped into wages and salaries, production supplies, other
production costs, and administrative and overhead expense. Dollar costs should
be useful for comparing the relative magnitude of the various cost items, and
as a guide to persons interested in Central Florida foliage nurseries as an
investment, either as buyers, sellers or lenders.
Salaries and Wages
The salary and wage group includes operator salary or time value. Average
was $207,056. Largest nurseries had $434,495, more than twice the average.
The smallest nurseries had $55,325, or 27 percent of the average.
Production Supplies
Production supplies include the group starting with "plants and seeds"
through "other production supplies." They averaged $219,733 for the 32 nurser-
ies. For the largest nurseries, they were $487,819, or 2.2 times the average.
The smallest nurseries had $47,260, or 22 percent of the average.
Other Production Costs
Other production costs include "repairs" and "equipment operating costs."
They averaged $21,512 for the 32 nurseries. Largest nurseries had $38,912, or
1.8 times the average. The smallest ones had $7,910, a third of the average.
Administrative and Overhead
Administrative and overhead expenses usually cannot be assigned to any par-
ticular crop or growing activity, yet must be covered in order to remain in
business. They include the group starting with "travel and entertainment"
through "other cash expenses." They averaged $66,839 for the 32 nurseries.
For the largest nurseries, they were $146,158, 2.2 times the average. The
smallest nurseries had $18,098, or one quarter of the average.
Total Cash Costs
Total cash costs averaged $515,140. Larger nurseries had $1,107,385, over
twice the average. Smaller ones had $128,593, or a quarter of the average.
Non-Cash Costs
Non-cash costs include depreciation allowances, decreases in the supply in
ventory (using supplies purchased during a previous time period), and an inter-
est charge for the use of the capital invested in the nursery. These costs av-

eraged $90,938. For the largest nurseries, they were $156,217, 1.7 times the
average. The smallest ones had $42,842, or 47 percent of the average.
Total All Costs
Total costs averaged $606,079. Larger nurseries averaged $1,263,601, or
twice the average. Smaller ones had $171,435 (28 percent of average).

Table 6.--Dollar costs by expense category, 32 wholesale foliage plant nurseries
in Central Florida, 1985.

I tem

Average
all 32

Cash Costs
Operator's salary . .
Other wages & salaries . .
Salaries & wages . .

Plants & seeds to grow on . .
Pots & growing containers . .
Fuel for production heat . .
Peat, soil, shavings, etc . .
Fertilizer & lime . . .
Pesticides & other chemicals. .
Packing boxes & supplies . .
Other production supplies . .
Production supplies . .

Repairs & maintenance . .
Equipment operating costs . .
Other production costs . .

Travel & entertainment . .
Insurance . . . .
Telephone . . . .
Electricity . . .
Taxes, licenses, bonds . .
Advertising . . .
Rent: land and/or buildings .
Other cash expenses . .
Administrative & overhead .
TOTAL CASH COSTS . .

Non-Cash Costs
Depreciation: mach & equip .
Depreciation: bldgs, fences, wells.
Inventory decrease in supplies. .
Interest on capital, 12% . .
TOTAL NON-CASH COSTS . .

TOTAL ALL COSTS . . .

33,780
173,256
207,056

115,691
25,320
17,992
13,177
6,636
6,989
26,709
7,219
219,733

13,847
7,665
21,512

2,702
10,621
5,680
6,775
3,525
2,401
16,017
19,118
66,839
515,140

10,312
21,113
0
59,513
90,938

606,079

Average Average Your
10 largest 11 smallest nursery
- Dollars - -----

51,499
382,997
434,495

264,008
52,771
31,545
29,488
14,785
15,485
65,011
14,727
487,819

28,657
10,256
38,912

6,658
20,007
11,489
11,944
4,666
4,852
44,573
41,969
146,158
1,107,385

19,921
30,762
0
105,533
156,217

1,263,601

17,722
37,603
55,325

22,669
7,729
4,547
3,007
1,839
1,418
4,523
1,527
47,260

5,495
2,415
7,910

344
3,489
2,078
2,995
1,273
672
2,043
5,204
18,098
128,593

3,440
12,998
0
26,404
42,842

171,435

====================================e===

======e=E

Percent of Total Costs by Expense Category Bible 7)

While expenditures in the form of dollars show the magnitude of expenses
for various cost categories, they are not very helpful for comparing cost
relationships between different sizes of nurseries. But item costs as a percent
of total costs are useful for this purpose. These are obtained by dividing each
of the dollar expense items in Table 6 by the corresponding "Total all costs"
figure at the bottom of the table.
Salaries and Wages
Salaries and wages (includes operator) averaged 34.16 percent of all costs.
For the ten largest nurseries, they were about the same, 34.39 percent. For the
eleven smallest nurseries they were slightly lower, 32.27 percent.
Production Supplies
Production supplies ("plants" through "other production supplies") averaged
36.25 percent for the 32 nurseries. For the largest nurseries, they were 38.61
percent, or 2.36 percent more than the average. The smallest nurseries averaged
27.57 percent of total costs, or 8.68 percent below the average.
Other Production Costs
Other production costs ("facility repairs" and "equipment operating costs")
averaged 3.55 percent for the 32 nurseries. For the ten largest nurseries,
they were 3.08 percent. The smallest nurseries averaged 4.61 percent.
Administrative and Overhead
These costs ("travel" through "other cash expense") averaged 11.03 percent
for the 32 nurseries. For the ten largest ones, they were 11.57 percent. The
smallest nurseries had 10.56 percent.
Total Cash Costs
Total cash costs represented 85.00 percent of all costs and allowances for
the 32 nurseries. For the largest ones, it was 87.64 percent, or 2.64 percent
above average. The smallest ones had 75.01 percent, ten percent less than the
average in cash costs.
Non-Cash Costs
Non-cash costs ("depreciation" through "interest on capital") are the addi-
tional costs that need to be covered eventually, though not necessarily with
cash during this accounting period. They averaged 15.00 percent of total costs
for the 32 nurseries. For the ten largest ones, they averaged 12.36 percent, or

2.64 percent less than the average. Hence, the largest nurseries had a higher
percent of their total operating expense in the form of cash costs. The eleven
smallest nurseries had 24.99 percent of their total as non-cash costs. This was
more than one and one half times the average. The largest differences were in
the percentages of total costs represented by interest on capital.
Table 7.--Percent of total costs by expense category, 32 wholesale foliage plant
nurseries in Central Florida, 1985.

Item

Average
all 32

Average Average
10 largest 11 smallest

Your
nursery

- - - Percent - - -

Cash Costs
Operator's salary . . .
Other wages & salaries . .
Salaries & wages . .
Plants & seeds to grow on .. ...
Pots & growing containers . .
Fue! for production heat . .
Peat, soil, shavings, etc . .
Fertilizer & lime . . .
Pesticides & other chemicals .
Packing boxes & supplies .
Other production supplies . .
Production supplies . .
Repairs & maintenance . .
Equipment operating costs .. ...
Other production costs . .
Travel & entertainment . .
Insurance . . . .
Telephone . . . .
Electricity . . .
Taxes, licenses, bonds . .
Advertising . . .
Rent: land and/or buildings ..
Other cash expenses . .
Administrative & overhead .
Total cash costs . .
Non-Cash Costs
Depreciation: mach & equip .
Depreciation: bldgs, fences, wells.
Inventory decrease in supplies. .
Interest on capital, 12% . .
Total non-cash costs . .
Total all costs . . .

5.58
28.59
34.16
19.09
4.18
2.97
2.17
1 .09
1.15
4.41
1.19
36.25
2.28
1.26
3.55
0.45
1.75
0.94
1.12
0.58
0.40
2.64
3.15
11.03
85.00

1 .70
3.48
0.00
9.82
15.00
100.00

4.08
30.31
34.39
20.89
4.18
2.50
2.33
1.17
1.23
5.14
1.17
38.61
2.27
0.81
3.08
0.53
1.58
0.91
0.95
0.37
0.38
3.53
3.32
11.57
87.64

1.58
2.43
0.00
8.35
12.36
100.00

10.34
21.93
32.27
13.22
4.
2.65
1.75
1.07
0.83
2.64
0.89
27.57
3.21
1.41
4.61
0.20
2.03
1.21
1.75
0.74
0.39
1.19
3.04
10.56
75.01

2.01
7.58
0.00
15.40
24.99
100.00

~----s~-----1------~-

=======~======='========================

I

Costs Per Square Foot of Total Bed and Bench Space (Table 8)

While expenses as a percent of total costs facilitate comparing operating
statements, they do not allow easy comparison of relative growing costs between
nurseries. But costs per square foot do. The traditional basis for comparison
is costs per square foot of total bed and bench space. These were obtained by
dividing each of the dollar cost figures in Table 6 by the appropriate area in
production figure from Table IC, "Total bed and bench space."
Salary and Wages
Salaries and wages (includes operator) per square foot amounted to 177.7
cents ($1.78) in the 32 nurseries. For the ten largest ones, they averaged
217.9 cents, or about 40 cents above the average. The smallest nurseries had
149.9 cents, or 28 cents less than the average.
Production Supplies
Production supplies ("plants and seeds" through "other production sup-
plies") averaged 188.5 cents ($1.88) per square foot. For the largest nur-
series, they were 244.7 cents, or 56 cents above the average. The smallest
ones had 128.0 cents, or 60 cents below the average.
Other Production Costs
Other production costs ("facility repairs" and "equipment operation") aver-
aged 18.5 cents. For the largest nurseries, they were 19.5 cents. The eleven
smallest nurseries had 21.4 cents, or 2.9 cents above the average.
Administrative and Overhead
These costs ("travel" through "other cash expenses") averaged 57.3 cents.
For the largest nurseries, they were 73.3 cents, or 16 cents higher. The
eleven smallest nurseries had lower overhead costs, 49.0 cents, or 8 cents
below the average.
Total Cash Costs
Total cash costs in the 32 nurseries averaged 442.0 cents ($4.42) per
square foot of total bed and bench space. For the ten largest nurseries, they
were 555.5 cents ($5.55), up by over a dollar and thirteen cents. The eleven
smallest nurseries had 348.4 cents ($3.48), or 79 percent of the average.
Non-Cash Costs
Non-cash costs ("depreciation" through "interest on capital") averaged 78.0
cents for the 32 nurseries. The largest nurseries had 78.4 cents. The smallest
nurseries had 116.1 cents, or 38 cents above the average.

Total All Costs
Total costs per square foot of total bed and bench space averaged $5.20.
For the largest nurseries, they were $6.34, or $1.14 above the average. The
smallest ones had $4.64, or $.56 below the average.

Table 8.--Costs per square foot of total bed & bench space, 32 wholesale
foliage plant nurseries in Central Florida, 1985.
--------------------------------------------------==== ='-
Item Average Average Average Your
all 32 10 largest 11 smallest nursMry
- - Cents - - -

Cash Costs
Operator's salary . . .
Other wages & salaries . .
Salaries & wages . .

Plants & seeds to grow on . .
Pots & growing containers . .
Fuel for production heat . .
Peat, soil, shavings, etc . .
Fertilizer & lime . . .
Pesticides & other chemicals .
Packing boxes & supplies . .
Other production supplies . .
Production supplies . .

Repairs & maintenance . .
Equipment operating costs . .
Other production costs . .

Travel & entertainment . .
Insurance . . . .
Telephone . . . .
Electricity . . .
Taxes, licenses, bonds . .
Advertising . . .
Rent: land and/or buildings .
Other cash expenses . ..
Administrative & overhead .
TOTAL CASH COSTS . .

Non-Cash Costs
Depreciation: mach & equip .
Depreciation: bldgs, fences, wells.
Inventory decrease in supplies. .
Interest on capital, 12% ..
TOTAL NON-CASH COSTS . .

TOTAL ALL COSTS . . .

29.0
148.7
177.7

99.3
21.7
15.4
11.3
5.7
6.0
22.9
6.2
188. 5

11.9
6.6
T18.5

2.3
9.1
4.9
5.8
3.0
2.1
13.7
16.4
57.3
422.0

8.8
18.1
0.0
51.1
78.0

520.0

25.8
192.1
217.9

132.4
26.5
15.8
14.8
7.4
7.8
32.6
7.4
244.7

14.4
5.1
19.5

3.3
10.0
5.8
6.0
2.3
2.4
22.4
21.1
73.3
555.5

10.0
15.4
0.0
53.0
78.4

633.9

48.0
101.9
149.9

61.4
20.9
12.3
8.2
5.0
3.8
12.3
4.1
128.0

14.9
6.5
21.4

0.9
9.5
5.6
8.1
3.5
1.8
5.5
14.1
49.0
348.3

9.3
35.2
0.0
71.6
11 1

464.4

-------------------------------=======--
==f==========---l-----------------------

-"--~--

'-p~--

"""-'-

Costs Per Square Foot of Propagating and Finishing space (Table 9)

Costs per square foot of total bed and bench space is the traditional basis
for comparisons between nurseries. However, costs per square foot of propaga-
ting and finishing space are more appropriate for estimating individual plant
growing costs, or for comparing growing cost efficiency between nurseries.
These costs were obtained by dividing the dollar cost figures in Table 6 by the
plant production area from Table 1D, "Propagating and finishing bed and bench
space."
Salary and Wages
Salaries and wages (includes operator) per square foot amounted to 210.3
cents ($2.10) in the 32 nurseries. For the ten largest ones, they averaged
257.5 cents, or about 47 cents above the average. The smallest nurseries had
173.6 cents, or 37 cents less than the average.
Production Supplies
Production supplies ("plants and seeds" through "other production sup-
plies") averaged 223.2 cents ($2.23) per square foot. For the largest nur-
series, they were 289.1 cents, or 66 cents above the average. The smallest
ones had 148.3 cents, or 75 cents below the average.
Other Production Costs
Other production costs ("facility repairs" and "equipment operation") aver-
aged 21.9 cents. For the largest nurseries, they were 23.1 cents. The eleven
smallest nurseries had 24.8 cents, or 3 cents above the average.
Administrative and Overhead
These costs ("travel" through "other cash expenses") averaged 67.9 cents.
For the largest nurseries, they were 86.6 cents, or 18.7 cents higher. The
eleven smallest nurseries had much lower overhead costs, 56.8 cents, or 11
cents below the average.
Total Cash Costs
Total cash costs in the 32 nurseries averaged 523.3 cents ($5.23) per
square foot of propagating and finishing space. For the ten largest nurseries,
they were 656.4 cents ($6.56), up by one and a third dollars. The eleven smal-
lest nurseries had 403.5 cents ($4.04), or 77 percent of the average.
Non-Cash Costs
Non-cash costs ("depreciation" through "interest on capital") averaged 92.4
cents for the 32 nurseries. The largest nurseries had 92.6 cents. Smallest
nurseries had 134.5 cents, or 42 cents above average.

19

Total All Costs
Total costs per square foot of propagating and finishing space averaged
$6.16. For the largest nurseries, they were $7.49, or $1.33 above the average.
The smallest ones had $5.38, or $.78 below the average.

Table 9.--Costs per square foot of propagating and finishing space,
32 Wholesale nurseries in Central Florida, 1985.
-==I=I-------------------------------------------------===-- -- =
Item Average Average Average Your
all 32 10 largest 11 smallest nursery
- - --

Cash Costs
Operator's salary . .
Other wages & salaries .
Salaries & wages . .

Plants & seeds to grow on .
Pots & growing containers .
Fuel for production heat..
Peat, soil, shavings, etc .
Fertilizer & lime . .
Pesticides & other chemicals.
Packing boxes & supplies. .
Other production supplies .
Production supplies .

Repairs & maintenance .
Equipment operating costs .
Other production costs .

Travel & entertainment .
Insurance . . .
Telephone . . .
Electricity . . .
Taxes, licenses, bonds .
Advertising . . .
Rent: land and/or buildings
Other cash expenses .. ..
Administrative & overhead
TOTAL CASH COSTS . .

Non-Cash Costs
Depreciation: mach & equip.

Depreciation: bldgs, fences, wells.
Inventory decrease in supplies. .
Interest on capital, 12% ..
TOTAL NON-CASH COSTS . .

TOTAL ALL COSTS . . .

34.3
176.0
210.3

117.5
25.7
18.3
13.4
6.7
7.1
27.1
7.3
223.2

14.1
7.8
21.9

2.7
10.8
5.8
6.9
3.6
2.4
16.3
19.4
67.9
523.3

. 10.5

21.4
0.0
60.5
92.4

615.7

30.5
227.0
257.5

156.5
31.3
18.7
17.5
8.8
9.2
38.5
8.7
289.2

17.0
6.1
23.1

4.0
11.9
6.8
7.1
2.8
2.9
26.4
24.9
86.6
656.4

11.8
18.2
0.0
62.6
92.6

749.0

" L:

55.6
118.0
173.6

711
24.3
14. .,
9. -
5.8
4.4
14.2
4.8
14 ..3

17.2
7.6
24.8

1.1
11.0
6.5
9.4
4.0
2.1
6.4
16.3
56.8
403.5

10.8
40.8
0.0
82.9
134.5

538.0

-------------------~~~~-
=-=================e====================

20

Costs Per Dollar of Sales Adjusted for Inventory Ciange (Table 10)

Costs per square foot of growing area are important for comparing relative
costs between nurseries, and for estimating individual plant growing costs.
However, they do not indicate the profit potential of a nursery operation as
well as do costs per dollar of sales. Adjusting sales for changes in inventory
value shows how the business is doing in total, not just cash-wise. These fig-
ures were developed by dividing the dollar costs shown in Table 6 by the appro-
priate figure from Table 18, "Value of own plants sold adjusted for change in
plant inventory value."
Salaries and Wages
Salaries and Wages (includes operator) averaged 35.1 cents per dollar of
sales after adjusting for changes in inventory. For the ten largest nurseries,
they were 33.9 cents, 1.3 cents below the average. The smallest nurseries hed
36.9 cents, 1.8 cents above the average.
Production Supp ies
ProducLion supplies ("plants and seeds" through "other production sp-
plies") averaged 37.3 cents. For the ten largest nurseries, they were 38.0
cents, or almost a cent above the average. The smallest nurseries had five
and a half cents below the average, or 31.5 cents.
Other Production Supplies
Other production costs ("repairs & maintenance" and "equipment operating
costs") averaged 3.7 cents per dollar of adjusted sales. For the largest nur-
series, they were 0.7 cent less, or 3.0 cents. The smallest had 5.3 cents.
Administrative and Overhead
These costs ("travel" through "other cash expense") amounted to 11.4 cents
per dollar of adjusted sales. For the ten largest nurseries, they were 11.4
cents. The smallest nurseries had 12.0 cents.
Total Cash Costs
Total cash costs per dollar of adjusted sales averaged 87.5 cents. For the
largest nurseries, they were 1.2 cents less, or 86.3 cents. The smallest nur-
series had 85.7 cents, 1.8 cents below the average.
Non-Cash Costs
Non-cash costs ("depreciation" through "interest on capital") averaged 15.5
cents. Largest nurseries had 12.2 cents, or 3.3 cents below average. The

smallest nurseries had much higher costs, 28.5 cents, or 13 cents over average.
Total All Costs
Total costs per dollar of adjusted sales averaged 103.0 cents. For the
Largest nurseries had 98.5 cents. Smallest ones had 114.2 cents, or a deficit
of over 14 cents per dollar of sales adjusted for plant inventory change.

Table 10.--Costs per dollar of sales adjusted for change in plant inventory,
32 foliage plant nurseries in Central Florida, 1985.

Item Average Average Average Your
all 32 10 largest 11 smallest nursery
- - r

SI^ L

Cash Costs
Operator's salary . . .
Other wages & salaries . .
Salaries & wages . .

Plants & seeds to grow on . .
Pots & growing containers . .
Fuel for production heat . .
Peat, soil, shavings, etc . .
Fertilizer & lime . ...
Pesticides & other chemicals .
Packing boxes & supplies . .
Other production supplies . .
Production supplies . .

Repairs & maintenance . .
Equipment operating costs . .
Other production costs .

Travel & entertainment . .
Insurance . . . .
Telephone . . .
Electricity . . .
Taxes, licenses, bonds . .
Advertising . . .
Rent: land and/or buildings .
Other cash expenses . ...
Administrative & overhead .
TOTAL CASH COSTS . .

Non-Cash Costs
Depreciation: mach & equip .
Depreciation: bldgs, fences, wells.
Inventory decrease in supplies. .
Interest on capital, 12% . .
TOTAL NON-CASH COSTS . .

TOTAL ALL COSTS . . .

5.7
29.4
35.1

19.7
4.3
3.1
2.2
1.1
1.2
4.5
1.2
37.3

2.4
1.3
3.7

0.5
1.8
1.0
1.2
0.6
0.4
2.7
3.2
11 .
87.5

1.8
3.6
0.0
10.1
15.5

103.0

4.0
29.9
33.9

20.6
4.1
2.5
2.3
1.1
1.2
5.1
1.1
38.0

2.2
0.8
3.0

0.5
1.5
0.9
0.9
0.4
0.4
3.5
3.3
11.4
86.3

1.6
2.4
0.0
8.2
12.2

98.5

11.8
25.1
36 .9

15.1
5.2
3.0
2.0
1.2
1.0
3.0
1.0
31.5

3.7
1.6
5.3

0.2
2.3
1.4
2.0
0.8
0.4
3.4
3.5
12.0
85.7

2.3
8.6
0.0
17.6
28.5

114.2

=============r===--===-=========E----===

Costs Per Dollar of Sales (Table 11"

While total business position is indicated by costs per dollar of sales ad-
justed for changes in inventory value, bill paying ability depends upon costs
relative to cash received. These figures were developed by dividing the dollar
costs shown in Table 6 by the appropriate figure from Table 1A, "Value of own
plants sold."
Salaries and Wages
Salaries and wages (includes operator) amounted to 35.8 cents per dollar of
cash received. For the ten largest nurseries, they were 34.7 cents, or one
cent less than the average. The smallest nurseries had 41.2 cents, or 5.4
cents over average.
Production Supplies
Production supplies ("plants and seeds" through "other production sup-
plies") averaged 38.0 cents per dollar of cash sales. For the ten largest nur-
series, they were 39.0 cents, or one cent greater than average. The smallest
nurseries had 35.3 cents, or almost three cents below average.
Other Production Costs
Other production costs ("repairs" and "equipment operating costs") averaged
3.7 cents per dollar of cash received. For the ten largest nurseries, they
were 3.1 cents. The smallest ones had 5.9 cents, or 2.2 cents above average.
Administrative and Overhead
These costs ("travel" through "other cash expense") averaged 11.6 cents per
dollar of sales. For the ten largest nurseries, they were 11.7 cents. The
smallest nurseries had 13.5 cents, or almost 2 cents above average.
Total Cash Costs
Total cash costs averaged 89.1 cents per dollar of cash received for all 32
nurseries. This means that they were able to meet current bills with slightly
more than 11 cents to spare per dollar of sales. For the largest nurseries,
they were 88.5 cents, or 0.6 cents lower than average. The smallest ones had
95.9 cents, about 7 cents over the average.
Non-Cash Costs
These costs ("depreciation" through "interest on capital") averaged 15.7
cents per dollar of sales. For the ten largest nurseries, they were 12.5
cents. The eleven smallest nurseries had much higher non-cash costs, 31.9
cents per dollar of sales.

Total All Costs
Total all costs averaged 104.8 cents per dollar of cash sales. Largest
nurseries averaged 101.0 cents and smallest nurseries 127.8 cents. Hence, none
of the groups took in enough cash to cover all the non-cash costs for the year.

Table 11.--Costs per dollar of sales (no adjustment for change in plant inven-
tory), 32 foliage plant nurseries in Central Florida, 1985.

Item Average Average Average Your
all 32 10 largest 11 smallest n',rser
- - Cents - -

Cash Costs
Operator's salary . . .
Other wages & salaries . .
Salaries & wages . .

Plants & seeds to grow on . .
Pots & growing containers . .
Fuel for production heat . .
Peat, soil, shavings, etc . .
Fertilizer & lime . . .
Pesticides & other chemicals .
Packing boxes & supplies . .
Other production supplies . .
Production supplies . .

Repairs & maintenance . .
Equipment operating costs . .
Other production costs . .

Travel & entertainment . .
Insurance . . . .
Telephone . . . .
Electricity . . .
Taxes, licenses, bonds . .
Advertising . . .
Rent: land and/or buildings .
Other cash expenses . .
Administrative & overhead .
TOTAL CASH COSTS . .

Non-Cash Costs
Depreciation: mach & equip .
Depreciation: bldgs, fences, wells.
Inventory decrease in supplies. .
Interest on capital, 12% . .
Total non-cash costs . .

TOTAL ALL COSTS . . .

5.8
30.0
35.8

20.0
4.4
3.1
2.3
1.2
1.2
4.6
1.2
38.0

2.4
1.3
3.7

0.5
1.8
1.0
1.2
0.6
0.4
2.8
3.3
11.6
89.1

1.8
3.6
0.0
10.3
15.7

104.8

4.1
30.6
34.77

21 .1
4.2
2.5
2.4
1.2
1.2
5.2
1.2
39.0

2.3
0.8
3.1

0.5
1.6
0.9
1.0
0.4
0.4
3.6
3.3
11.7
88.5

1.6
2.5
0.0
8.4
12.5

101.0

13.2
28.0
_41.2

16.9
5.8
34
2.2
1.4
1.1
3.4
1.1
35.3

4.1
1.8
5.9

0.3
2.6
1.6
2.2
1.0
0.5
1.5
3.9
13.5
95.9

2.5
9.7
0.0
19.7
31.9

127.8

-----------------------------------------

=~==-=-3==

Income Summary (Table 12)

This section concentrates on developing net nursery income and allocating
it between the time and effort of the owner-operator and a return on the money
invested in the operation. After all is said and done, it is for a payment on
his time that a nursery operator works, and it is for a return to capital that
nursery operators and lending institutions invest funds in nursery operations.
Total Gain
Total gain refers to the total effect of the year's operation. It is the
sum of plant sales, changes in plant and supply inventory values, and miscella-
neous income. Miscellaneous income refers to income received from sources
other than plant sales. included could be rent income, interest income, deliv-
ery income, boxing charges, and income from the sale of fertilizer and sup-
plies.
Total gain for the 32 nurseries averaged $594,484. Largest nurseries aver-
aged more than double that amount, or $1,293,678. Smallest nurseries had 26
percent of the average, or $153,447.
Net Nursery Income
Net nursery income is the total return for the year for the time and man-
agerial skills of the operator plus the capital invested in the operation. To
obtain it, all cash costs from Table 6 except the operator's salary, and all
non-cash allowances shown there except interest on capital, are subtracted from
total gain. The result is net nursery income, or income for all the time and
capital investment (including borrowed funds) supplied by the owneo-uperator.
For the 32 nurseries, it averaged $81,718. For the ten largest nurseries,
it was $187,109, or over twice the average. Smallest nurseries had $26,138, or
32 percent of the average.
Return to Capital
From net nursery income is subtracted the salary or time value of the
owner-operator to obtain that part of net nursery income attributable to capi-
tal. This is the earnings of the money invested in the nursery. Dividing it
by the value of capital invested gives the rate of return earned by the invest-
ment. When the owner and operator are the same person, dividing net nursery
income between the operator and return to capital may not seem important. But
when the owners are outside investors, then accurate division is important. In
either case, rate of return is a common indicator for evaluating an investment
or for selecting between alternative investment alternatives.

Return to capital for the 32 nurseries amounted to 'T7,918, or a return of
9.66 percent. For the ten largest nurseries, it was $135,610 for 15.42 percent
or a 5.76 percent greater than the average return on the capital i vestment.

The smallest

nurseries averaged $8,415 for a 3.82 percent return on the

capital invested. This was 5.84 percent less than the average.

Table 12.--Income summary, 32 wholesale foliage plant nurseries in Central
Florida, 1985.
-------------------------------------------------------

Item

Unit Average
all 32

Average Average
10 largest 11 smallest

Your
;iursery

Urser

Value of own plants sold - $
Plant inventory change - $
Supply inventory change- - $
Miscellaneous cash income- $
Total gain(f) - - $

577,971
10,615
2,072
3,826
594,484

- Dollars - -
1,251,475 134,148
30,714 15,y,44
7,183 2,069
4,306 1,286
1,293,678 T153,447

Deduct cash costs less op salary
Deduct non-cash costs less int -
Total deductions- - -

Net nursery income(g)- - -
Deduct op salary or time value -

Return to capital(h) - -
Rate of return to capital(i) -

$( 481,341)
$( 31,425)
$( 512,766)

$ 81,718
$( 33,800)

47,918
9.66

(1,055,886)
( 50,683)
(1,106,569)

( 110,871) )
( 16,438) )
(- 127,309) ()

187,109 26,138
( 51,499) ( 17,723) ( ')

135,610
15.42

8,415
3.82

(f) Total gain--the sum of plant sales, change in plant and supply inventor-
ies, and miscellaneous income. It represents the total effect of the year's
operation, be it in the form of cash or change in inventory value.

(g) Net nursery income--the net effect of the year's operation. To obtain
it, subtract all cash costs (except operator's salary), and all non-cash allow-
ances (except interest on capital) from total gain. The result is the return
for the time and managerial skills of the operator, and for the use of the capi-
tal invested in the operation.

(h) Return to capital--the portion of net income that is left after sub-
tracting the salary or time value of the operator. It is what the owned capital
earned.

(i) Rate of return to capital--return to capital divided by the value of
owned capital. It is the rate of return earned on the capital invested.

-----^---

Balance Sheet (Table 13)

This section is a new addition to the Florida Nursery Business Analysis se-
ries. It was made possible by the collection of additional fiscal information
last year. These balance sheet figures represent the mid-year financial situa-
tion of the firms. They were derived as an average of year-beginning and year-
end figures.
Current Assets
Current assets consist of cash, accounts receivable, and invent'r.y ,ue
They are cash, or items deemed convertible to cash within a year's time. Cash
on hand includes funds in checking accounts, savings accounts, and ;;cney market
funds. Average cash on hand was $23,638. Largest nurseries had twice th!:,
amount ($46,944). Smallest ones had 40% of the average ($9,579). Acc~,'nlts
receivable are the uncollected funds due. Most of this is payments due for
plants sold. Generally, this figure should be minimized. Uncollected funds
pay no bills and earn no interest. They averaged $66,713. Largest nurseries
had over twice this amount, or $165,319. The smallest nurseries had $9,112, or
about 14 percent of the average. Inventory values are the investments in
growing plants and supplies presented previously in Table 1. They averaged
$210,268. Largest nurseries averaged 84 percent more ($387,596). Smallest had
38 percent of the average ($80,325). Total current assets averaged $300,619.
For largest nurseries, they were $599,859, or almost twice the average.
Smallest averaged $99,016, or one third the average.
Long Term Assets
Long term assets are investments in buildings, machinery and land that
normally would not be converted to cash within a year. Current values of
investments are the original cost less accumulated depreciation. Comparing
original cost with the value remaining after subtracting accumulated deprecia-
tion provides an idea of the degree to which capital assets have been depleted.
Original investments averaged $339,211. Subtracting accumulated depreciation
of $143,886 leaves a current value of $195,325 (57.6 percent of original cost).
Largest nursery original cost was $505,086. Subtracting accumulated deprecia-
tion of $225,500 gives a remaining value of $279,586 (55.4 percent of original
cost). Smallest nursery original investment was about half the average, or
$174,826. Subtracting accumulated depreciation of $53,812 makes the current
value $121,014 (69.2 percent of the original cost).

Total Assets
Total assets averaged $495,944. Largest nurseries had 1.8 times .his amount
($879,445). Smallest nurseries had 44 percent of the average ($220,030).
Liabilities
Liabilities may be "current" (payable during the current year) or "long
term" (payable at some time after the current year). Current liabilities
averaged $36,287. Largest nurseries had 1.9 times this amount ($67,748).
Smallest ones had 31 percent of average ($11,109). Long term liability ma
be notes or mortgages. They averaged $130,084. Largest nurseries had 1.5 ,Ice
this amount ($193,497). Smallest ones had 66 percent of the industry
average ($85,803). Total Liabilities represent that part of the nursery that
belongs to someone else. They averaged $166,372, or 34 percent of the ass cs.

Table 13---Balance Sheet, 32 wholesale foliage
Central Florida, 1985

plant nurseries ii.

Item Average Average Average Your
all 32 10 largest 11 smallest nur'ety
- - Dollars - -
Assets

Current Assets
Cash on hand . . 23,638 46,944 9,579
Accounts receivable. . .. 66,713 165,319 9,112
Inventories: Plants ....... 185,887 332,246 71,274
Supplies . .. 24,381 55,350 9,051
Total Current Assets. . .. 300,619 599,859 99,016

Long Term Assets
Machinery & equipment ....... 91,462 177,974 24,309
Buildings & fixtures ....... 215,688 286,955 124,434
Land .............. 32,061 40,157 26,083
Sub-total (original cost). 339,211 505,086 174,826
Less accumulated depreciation. .. (143,886) ( 225,500) ( 53,812)(
Total Long Term Assets. ...... 195,325 279,586 121,014

Total Assets ........... 495,944 879,445 220,030

Liabilities and Net worth

Liabilities
Current liabilities. .. .. 36,287 67,748 11,409
Long-term liabilities. . ... 130,084 193,497 85,803
Total liabilities . ... 166,372 261,245 96,912

Net Worth . . .... 329,572 618,199 123,118

Total Liabilities & Net Worth .. 495,944 879,445 220,030

Largest nurseries had 1.6 times this amount, or $261,L45 (30 percent of the
assets). Smallest ones had 58 percent of the industry average, or $96,912 (44
percent of the assets).
Net worth
Net worth is the difference between "total assets" and "total liabili-
ties". This is what the owner owns. The average net worth of all 32 nurseries
was $329,572 (66 percent of the assets). Largest nurseries had $618,199 (70
percent). Smallest nurseries averaged $123,118 (56 percent of the assets).

Total Profitability Model (Figure 1)

The Total Profitability Model combines operating statement and balance
sheet figures in three sections: margin management, asset management and
leverage management. Together, they indicate the firm's return on net worLh.
Data for the average are used to illustrate the descriptions that foiio-.
Margin Management
Figures for this section come from Table 12. From nursery total gain
($594,484) are subtracted total deductions ($512,766) plus operator's salary
($33,780) to give return to capital ($47,918). This divided by total gain
($594,484) yields an average net profit margin of 8.06 percent. Largest nur-
series had a net profit margin of 10.48 percent. Smallest had 5.48 percent.
Asset Management
Figures for this section come from the asset portion of Table 13. Current
assets ($300,619) plus long term assets ($195,325) make total assets of
$495,944. Total gain ($594,484) divided into total assets ($495,944) gives an
asset turnover figure of 1.20. Asset turnover times net profit margin (8.06
percent) results in an average return to capital of 9.66 percent. Largest nur-
series averaged 15.42 percent return to capital. Smallest ones averaged 3.82.
Leverage Management
Figures for this section come from the liabilities and net worth portion of
Table 13. Current liabilities ($36,287) plus long term liabilities ($130,084)
gives average total liabilities of $166,372. This subtracted from total assets
($495,944) yields average net worth of $329,572. Total liabilities and net
worth divided by net worth gives a leverage factor of 1.50. Leverage times re-
turn to capital (9.66 percent) gives a return on net worth of 14.54 percent.
Largest nurseries had 21.94 percent. Smallest nurseries averaged 6.83 percent.

MARGIN MANAGEMENT

NET PROFIT
MARGIN

LONG TERM ASSETS

LEVERAGE

1.50
LONG TERM DEBT NET WORTH NET WORTH .

193,497 618,199 618.199
130,o84 329572 329 572
85,803 123,118 123,11

Figure 1.--Total profitability model, 32 wholesale foliage plant nurseries in
Central Florida, 1985.

RATE OF
RETURN TO
CAPITAL

RITUIN ON

Factors Associated With Level of Profit (Tble 14)

In this section,information presented earlier is re-grouped to concentrate
attention on factors that are generally deemed related to level of profit in a
foliage nursery. The factors are presented in the same sequence that they ap-
peared before. But here, the average for all 32 nurseries is compared with the
average for the ten most profitable and the eleven least profitable of the nur-
series participating in the program. As will be seen, profit or lack of pofit
does not depend upon performance in any single area, but, rather, or the
balance of performance in all areas. Nevertheless, nursery operators analyzing
their own operations may find this section especially valuable for indicating
the general area of their business needing additional study and analysis.
"Net nursery income" from Table 12 was selected as the indicator for level
of profit. Average for all 32 nurseries was $81,718. The most profitable
third of the nurseries averaged 2.5 times this amount, or $205,206. The least
profitable third averaged $148. The following compares the average for these
three groupings of foliage nurseries using one indicator from most of the pre-
ceeding tables. A more complete analysis would use all indicators listed for
each table. For in most cases, each indicator measures things from a little
different angle.
Size of Business
The indicator of size of business selected from Table 1 was "Value of own
plants sold." The 32 nurseries averaged $577,971. The most profitable third
had $871,128 in sales, or 51 percent more. The least profitable group averaged
$371,752, or about 64 percent of the average. This does not mean that small
businesses cannot be profitable, but it does indicate that larger profits tend
to be associated with higher dollar volumes of business.
Production Rate
The indicator of rate of production selected from Table 2 was "Value of own
plants sold per square foot of total bed and bench space." In general, other
things being equal, increasing sales per square foot of total bed and bench
space should increase the profitability of a nursery operation, hence is desir-
able. The average for all 32 nurseries was $4.96 per square foot. The most
profitable third had 19 percent more, or $5.89, and the least profitable third
had $3.20, or 65 percent of the average.

These figures show that higher sales per square foot of bed and bench space
in a nursery usually accompany higher profits. Lower sales per square foot may
indicate a number of things, such as devoting excessive space to stock plants,
letting plants continue to grow after reaching salable size, letting space sit
vacant too long between the time a plant is sold and another is put in place to
start growing again, selecting varieties that grow slower or are priced low
relative to their growing time and space requirements, and having disease and
quality problems that reduce yields of salable plants. In addition, nrsry
layout and fertilizing and growing techniques can alter the time and space used
for the same crop in two different nurseries. Also, different marketing pro-
grams can alter the returns received for the same crop.

Table 14.--Factors associated with level of profit, 32 wholesale foliage >lant
nurseries in Central Florida, 1985.
= - -----=------------= =--=I==
Item Unit Average Average 10 Average 11 Your
all 32 most profit least profit nursery
Level of profit
Net nursery income (Table 12) $ 81,718 205,206 148
Factors associated with level of profit
Size of business (Table 1)
Value of own plants sold $ 577,971 871,128 371,752

Production rate (Table 2)
Sales/sq ft of total
bed and bench space - $ 4.96 5.89 3.20

Labor efficiency (Table 3)
Own plant sales/employee $ 37,256 40,370 31,826

Space use intensity (Table 4)
Annual turnover of plant
inventory value - % 311 360 197

Use of capital (Table 5)
Annual turnover of owned
capital value - - % 117 140 79

Level of costs (Table 8)
Cost/sq ft of total bed space- $ 5.20 5.63 3.97

Cost efficiency (Table 10)
Cost/$ sales adjusted for
change in inventory value $ 1.03 .91 1.29

Labor Efficiency
The indicator of efficiency in the management and use of labor selected
from Table 3 was "value of own plants sold per employee." Average for all 32
nurseries was $37,256 per person. Sales were 8.4 percent higher than average
at $40,370 for the most profitable third, and around 85 percent of the average
at $31,826 for the least profitable third of the nurseries. Higher sales per
employee viewed alone at this point in time might seem to indicate true effi-
ciency. On the other hand, if viewed together with other indicators, it mriht
instead show less than optimum number of employees for volume of plants being
handled. This could result in tardy or untimely plant care, hence, slower
growth and lower quality plus a failure to restock empty space promptly. In
this case, other indicators such as production rate, space use intensity capi-
tal turnover, and costs per square foot would not support the labor fTiciency
indicator.
Lower sales per employee can result during periods of rapid expand' oo when
extra help is needed to care for larger numbers of plants before they begin
reaching salable size. Or it can also be the result of difficult economic
times when sales are slow, but plant care must go on. Differences between .~,-
series can be the result of differences in investment in labor saving capital
items, the result of any or all of the factors noted above that lower produc-
tion rate, or the result of poor management practices in the planning and
utilization of labor.
Space Use Intensity
The indicator of intensity in the use of space selected from Table 4 was
"Annual turnover of plant inventory value." Generally speaking, larger per-
centage turnover numbers are desirable, because they indicate that the value of
money tied up in inventory is being revolved faster. Average turnover was 311
percent, meaning that the value of own plants sold was 3.11 times the average
investment in plant inventory. For the most profitable third, it was 360 per-
cent. For the least profitable third, it was 197 percent.
Reduced intensity of space use may be the result of things that increase
the amount of money invested in inventory such as excessive investment in stock
plants, rapid expansion of the business so that plant values are up although
accompanying sales have not yet started, poor labor management so there is not
enough labor at crucial times for rapidly refilling empty space, selecting
varieties that grow slowly relative to the price they receive, inadequate

fertilization program resulting in slow plant growth, or holding plants too
long after they reach salable size. Or it can be the result of any of the
items that reduce sales volume for a given nursery as mentioned earlier.
Either over or under valuing inventory can also change the intensity of use
figure. However, variations in the indicator for this reason are ficticious,
and do not provide a sound basis for management evaluations or decisions.
Use of Capital
The indicator for efficiency in the use of capital selected from :abYe 5
was "Annual turnover of owned capital value." This is expressed in -ercent.
In general, larger percentage turnover numbers are desirable, for they indicate
greater sales per dollar of investment in the nursery.
Annual turnover of owned capital averaged 117 percent, meaning that the
value of own plants sold during the year amounted to one and one sixth times
the capital invested. For the most profitable third, it was 140 percent. The
rate for the least profitable third was considerably lower than tne average at
79 percent.
Problems that lower turnover rate include any of the items already men-
tioned that lower production rate hence sales volume for a given nursery
investment. Low capital turnover is particularly common in nurseries just
getting started, or in nurseries that are expanding rapidly. Excessive invest-
ments in land, labor saving machinery and equipment, or expensive (though maybe
unnecessary) niceties will also tend to lower captial turnover rate.
Level of Costs
The indicator of level of costs selected was "Costs per square foot of
total bed and bench space" from Table 8. This is a traditional indicator for
comparing costs between nurseries. Other things being equal, a lower cost per
square foot is desirable.
Costs for total bed and bench space averaged $5.20, or 24 cents more than
sales per square foot before adjusting changes in plant inventory value
($4.96). For the most profitable third, costs were $5.63 per square foot or 43
cents greater than the average and 26 cents less than sales per square foot
($5.89). The least profitable third averaged $3.97 cents, which was $.77 per
square foot more than sales ($3.20).
Problems that cause costs per square foot to increase include inefficient
planning and utilization of labor, insufficient investment in labor saving cap-

ital items, destruction or theft of supplies and plants, not checking for best
price before purchasing needs, and not carefully managing the nursery opera-
tion. Other causes of increased costs may not be a problem if they result in
increased revenue. One example might be increased costs for sleeves and
packaging in order to satisfy the requirements of a premium market.
Costs Efficiency
The indicator of cost efficiency selected was "Cost per dollar of sales ad-
justed for change in plant inventory." This shows how well the nursery d*d in
total, cash plus change in inventory values. In general, lower costs per
dollar of sales are desirable.
The average cost per dollar of sales adjusted for change in inventory ror
the 32 nurseries was 1.03 cents. The similar figures for the most profitable
and least profitable third of nurseries was 91 cents and $1.29. Thus, the
least profitable third of nurseries had a deficit in meeting all costs of 29
cents per dollar of sales adjusted for change in plant inventory.
Growth in Sales
Growth in sales of a business can, of course, be due in part to inflation-
ary price increases. It can also be the result of all the things already men-
tioned that increase sales volume or plant inventory for a given operation. To
stay healthy, businesses do need to grow, at least enough to keep up with
inflation. But at the same time, growth needs to be planned and orderly so
that it contributes to the profitability of an operation. By way of contrast,
too rapid of an expansion program can result in excessive increases in costs
and strong needs for cash before the new plants have reached salable size. The
growth, though desirable in an economic sense, needs to be carefully planned
and executed.

Range of Figures (Table 15)

In this section, the average for all 32 nurseries is repeated for ease of
comparison. The remainder of the table differs from the previous section in
that the three best and three worst numbers for each factor were averaged to
provide the range of high-low figures shown. In the previous section, figures
for all factors were for the same groups of high profit and low profit nurser-
ies. This section shows the average for the best three and worst three numbers

regardless of the nursery or profit level to which they belong.
As can be seen in Table 15, quite a range of figures was found for most of

the factors.

Nursery operators analyzing their own operation should be suspi-

cious about any of their figures that fall outside these ranges.

The discus-

sion of things that contribute to variations in the figures in the previous
section would also apply here.

CONCLUDING COMMENTS

Nursery operators who are interested in seeing how they compare with those
participating in the Florida Nursery Business Analysis Program may calculate

Table 15.--Range of figures on factors associated with level of prof;r,
wholesale foliage plant nurseries in Central Florida, 1985

Stem

Average
Unit all 32
nurseries
Level of profit

3 best
factor
average

3 worst
factor
average

Your
nursery

Net nursery income (Table 12) $ 81,718 364,082 (122,589)
Factors associated with level of profit
Size of business (Table 1)
Value of own plants sold $ 577,971 1,993,082 75,433

Production rate (Table 2)
Sales/sq ft of total
bed and bench space - $ 4.96 12.26 1.75

Labor efficiency (Table 3)
Own plant sale/employee- $ 37,256 107,599 15,472

Space use intensity (Table 4)
Annual turnover of plant
invemtory value - % 311 1,475 104

Use of capital (Table 5)
Annual turnover of owned cap-
ital value - % 117 235 34

Level of costs (Table 8)
Cost/sq ft of total bed space- $ 5.20 1.97 12.92

Cost efficiency (Table 10)
Cost/$ sales adjusted for
change in inventory value $ 1.03 .75 1.62
-=======5='======Z===----------==

I ....

------------------------

their own numbers using the formulas shown and write the results on the lines
of each table provided for this purpose. Another alternative is to acquire
the University of Florida microcomputer program, FOLAGNBA, for making these
calculations. Either alternative should provide some valuable insight into the
business side of operating a foliage nursery. It should improve management
decisions concerning things that affect the profitability of the nursery
operation.
Nursery operators who find this kind of information to be useful, but have
difficulty finding the time or energy to engage in the tedium of doing their
own calculation may wish to consider becoming a participant in the Florida
Nursery Business Analysis Program. If you would like to do so, contact the
ornamental agent in your nearby county Extension office, or contact the authors
in Gainesville. Nursery operators who authorize a commercial accounting firm
to supply the data required for the program can participate with a minimum of
effort on their part.

	Front Cover
	Abstract
	Acknowledgements
	Table of Contents
	List of Tables
	Main

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0	cached_data_manager.retrieve_item_aggregation	Found item aggregation on local cache
0	item_aggregation_builder.get_item_aggregation	Found 'all' item aggregation in cache
0	system.web.ui.page.page_load (ufdc.page_load)
0	sobekcm_page_globals.constructor.on_page_load
0	html_echo_mainwriter.add_style_references	Adding style references to HTML
0	html_echo_mainwriter.add_text_to_page	Reading the text from the file and echoing back to the output stream
110	html_echo_mainwriter.add_text_to_page	Finished reading and writing the file