a profile of utah international the enterprise that has merged its operations to become a wholly-owned subsidiary of general electric has dramatically changed its business pursuits since its inception at the turn of the century then it was essentially a heavy construction company doing business in the western united states today utah's principal activities are related to mining operations conducted throughout the world primarily utah mines coal — with the mining of coking or metal lurgical coal in australia forming the largest and most profitable of its operations it also mines steam coal copper and iron ore other utah operations are in oil and gas production ocean shipping and land development it maintains an extensive minerals exploration program worldwide the uranium operations formerly conducted by utah and all uranium assets have been transferred to a new company which is wholly owned by utah this action was taken to resolve the con cerns of the u.s department of justice regarding what the department perceived as the potential anti-competitive effects resulting from general electric's role as a supplier of nuclear steam supply systems and utah's role as a uranium mining and milling company the common stock of this new company has been deposited in a trust managed by independent trustees in this manner control over its uranium operations is vested in the independent trustees and general electric and utah international will receive dividends from the earnings of the new uranium company utah international has its headquarters in san francisco cali fornia its approximately 5,500 employees include managers and professionals capable of providing strong leadership through their depth of experience in conducting natural resource operations throughout the world a beneficial addition several key factors make the utah merger a particularly beneficial addition to general electric's consolidated operations above all utah adds a strong new sector of profitable growth utah's growth moreover is principally in international markets thus complement ing general electric's long-term plans to increase the volume of its international business utah has a proven record as an outstanding growth company final results from utah's operations for the fiscal year ended october 31,1 976 show that utah progressed to its twelfth con secutive year of record earnings in the 1 971 1 976 period net earnings increased nearly five times growing from 37.7 million for the 1 971 fiscal year to 1 78.8 million in 1 976 utah's gross revenues from operations and its subsidiaries increased nearly eight times in the 1971 76 period growing from just over 1 1 8 million in the 1971 fiscal year to 944 million in fiscal 1 976 as of october 31 , 1 976 utah's mineral sales backlog stood at 6.12 billion an important point is that approximately 83 of utah's total revenues in fiscal 1 976 came from operations outside the united states thus the utah merger provides a major new thrust in increasing general electric's participation in the develop ment and growth of the world economy the merger also provides general electric a fresh opportunty to apply its scientific and technological skills to a broadening range of problems — those that result from the ever-increasing demand on finite and limited supplies of natural resources moreover utah's reserves of natural resources should provide the company with a hedge against worldwide inflation an overview indicates the worldwide scale of utah's operations the utah merger gives general electric a new busi ness dimension in natural resources and an accelera tion of growth in international markets o support its operations extracting coking coal from the rich deposits of ustralia's bowen basin utah has built an infrastructure that includes modern owns to house employees shown 3townofmoranbah