This study is based on a survey of the financial characteristics of U.S. farmer cooper-a tives at the end of their 1997 fiscal years. Useful financial information is provided to cooperative managers, directors, educators, and others interested in cooperatives' financial performance and practices. Specifically, this report analyzes the distribution of net income and losses, per-unit capital retain deductions, financial structure c, omposition of equity capital, and sources of borrowed capital. Financial ratio analysis is co-n ducted to analyze the general financial condition of cooperatives. Cooperatives are classified by principal product or service, asset size, and geographical location. A comparison is also made with data from prior financial profile studies which have been co-n ducted periodically over the past 45 years.