2. dissipated as production overtook consumption and particularly on the London Metal Exchange copper prices declined precipitously. Lead, zinc. aluminum, uranium - all showed weakness, and the U. S. coal industry found itself pinched between the generosity of the Pay Board and the intractibility of the Price Board. Utah International Inc. is not and cannot be completely immune to the factors that profoundly affect business here or abroad. However the degree of insulation that our company has achieved was vividly demonstrated by the results that were recorded in 1971. Gross revenues, adjusted for our discontinued operations, continued to rise, reaching $104 million compared to $89 million last year and less than $34 million ten years ago. If we were to include the gross revenues from our discontinued operations through the sale of our construction assets we would find that gross revenues in 1971 were substantially below the $118 million achieved in 1968, but it is our philosophy that gross revenues per se are not in and of themselves an index of the benefit to the shareholder. More important is the bottom line - net income - and here again for the seventh straight year Utah International achieved a new record of profitability. Earnings have increased in 9 of the last 10 years and the 1971 profit of $34,146,000 before extraordinary income and $35,501,000 including extraordinary income is up sharply from the $9,003,000 recorded 10 years ago and the $16,005.000 recorded 5 years ago. Dividends were increased for the 21st consecutive year. The 75 a share paid last year compares to 65 in 1970, and 29 paid 10 years ago. This growth in earnings has been achieved because we have been pursuing vigorously an expansion program directed especially toward our mining activities. To finance this has required an increase both in stockholders' equity and in long term liabilities. Primarily through retained earnings and through the conversion of our convertible debentures our net worth has grown steadily over the past years, rising from $63 million in 1962 to $241 million at the close of 1971. On a per share basis it has risen from $4. 90 to $16. 84. We have also employed leverage through borrowing and our long term liabilities have risen from $40 million in 1962 to $206 million at the close of 1971. A review of the changes in our fixed assets illustrates the magnitude of the changes that have taken place as well as the change in corporate objectives. In 1962 our long term assets amounted to $96 million and roughly 40% of these were in mining or mining affiliates, 42% in land, and 17% in construction. By 1967 these assets had increased to $151 million with 61% in mining or mining affiliates, 30% in land, and 8% in construction. At the close of 1971 our long term assets had risen to $483 million, of which 85% were invested in mining or mining affiliates, 11% in land, with investment in construction assets virtually eliminated except for a few remaining cleanup items. All of these figures are after depreciation reserves. During 1971 four projects were completed or substantially completed. A new uranium mill and open pit mine at Shirley Basin