SALEM (AP) — Farm profits in Oregon have hit a record of nearly $1.5 billion.

The Oregon Department of Agriculture says net income for farms was $1.48 billion in 2007 compared to the previous record of $1.21 billion in 2004.

The value of crop production increased 11 percent last year, while the value of livestock production increased 17 percent.

But officials say not all farmers and ranchers are seeing big profits. Some did very well, others struggled.

Net farm income is the amount left over after paying all business-related expenses — not family living or health expenses, or payments on farm or ranch land.

But it is considered an important indicator of the state economy’s overall health.