Yeah well you're into a topic that most people won't discuss in detail, (their income) X amount of self produced hay costs less than X amount of purchased hay. Bulk grain is cheaper than bagged and often cheaper than growing it! Meds are meds and vet costs vary year to year. Lambing averages (of shipped lambs not lambs born) set your gross income from sheep but don't include custom work done of any value added work. I can say that my cost per ewe to keep her a year is around $45 (Canadian) I produce my own hay, do most vetting myself, buy what I need in bulk (mostly) and hire no one. I know over 10 years my lambing average on 200 ewes is in a range of 120%-180% and that has been improving. I know my value added efforts on wool and meat make a big difference to the net income; but, to share my exact dollar figures is not going to happen.

I am fortunate to have enough non sheep income to use the profits for farm investment and trying new things. My dairy set up is paid for as I go along and will have cost around 20k by the time I'm done. The wool processing stuff is in the same position and who really knows how much we'll have in it by the time we're happy with it? You know the old saying, "You never see a rich farmer until he retires!" I certainly don't live rich now, and even if I stopped investing the sheep profits (as they are now) back into the farm I still could make more doing something else. I know my approach is costly and inefficient, it's also a darn sight cheaper than a university education I can't get anywhere else anyhow. If you want a strickly profitable operation you have to concentrate on a clearly defined goal and set the most efficient plan to get the results.
An example: If you're going to sell live lambs you should probably use an accelerated lambing program. Accelerated lambing with monthly lamb crops should give you the highest gross income and if you have working contracts for feed supply and the skill to keep around 400 ewes producing 1.5 lamb crops per year...... you'll make a living. I like lambing time fine but I wouldn't want to live it, not when there are other ways to make good money (from sheep) and more enjoyable ways to farm. You can either work a narrow margin on volume of live sales or the wider margin on value added. Sale barn last week paid .97-1.14 (CND) on 60-80 pound lambs. Woo hoo, here that's 164.16 return on my $45 ewe producing 1.8, 80 pound lambs. Those lambs probably cost me $40 each or 72 bucks for 1.8 of them, that's 117 total and a net of 47.16/ewe. That's pretty pathetic, and explains why I do not do this! Even live sales to the Halal butcher pay better than that! With an accelerated lambing program costs will be a bit higher but on contract feed your ewe will only cost about $15 more, and will produce .9 more lambs/year which is another 67bucks/ewe net. A lot more profit in that extra lambing isn't there! Now those prices are pretty poor for here, and if you're on an accelerated program you're going to be using forward contracts to sell too so those prices will be even higher. If you're willing to take on that kind of risk and work like that, and if you're in an area that will support that kind of operation. One abortion storm and you're in pretty dire straights! That's alot of contracts to default on!
I'll stay with the diversified hands on approach, using value added sales. One felt hat using 20% of a worthless fleece and 2 hours labour is $40++, that outstrips the poor schmuck killing himself in the lambing barn now dosn't it? Especially as my wife makes the hat! 8)