financial comment over the past five years consolidated assets have increased dramatically development of new mines in australia canada and the united states together with the expansion in oil and gas activities acquired by merger during 1974 has resulted in a 139 increase in total assets since 1970 consolidated assets which totaled 437 million at the end of 1970 exceeded 1 billion at the end of 1975 mining capital expenditures during 1975 totaled 123 million only slightly lower than the 1974 level of 128 million the 1975 expenditures resulted primarily from the completion of the saraji coking coal mine in australia and the required expansion of facil ities at the hay point port to handle the output from saraji for export shipments to japan and europe requirements were essentially funded out of operating cash flow 78 million is presently committed to mining capital expenditures in 1976 ad ditionally capital expenditures totaling 130 million for 1976 and 1977 may be required to acquire and develop marcona corpora tion's 49 interest in the samarco iron ore properties located in brazil operational cash flow supplemented by 38 million in available borrowings is expected to be adequate to finance out standing commitments however depending upon the investment timing for proposed new projects expenditure levels in the next several years may be significantly higher stockholders equity now stands at a record level of 541 mil lion an increase of 85 million for the year and an increase of 281 million or 108 over the past five years this substantial increase in equity primarily originates from retained earnings together with the conversion of subordinated debentures and sale of a portion of our australian operations long-term debt which reached a peak of 270 million in 1973 reflected a decline in 1974 of 36 million and a further decline of 10 million in 1975 earnings dividends and market prices per share of common stock fiscal quarters ended january april july and october 1975 70 747/b first quarter . . second quarter third quarter . fourth quarter 69 the common stock of utah is and pacific stock exchanges 461/a 651/4 56 52 % 457/a 34 30 vz traded on the new york statement of consolidated income utah international inc and subsidiaries years ended october 31 expenses gross revenues from operations note 2 . , . costs and expenses gross profit from operations . equity in earnings losses of — affiliates note 3 joint ventures and partnerships note 4 . interest foreign currency exchange gains note 5 . other net gross profit and other income general and administrative provision for employees retirement program note 6 . interest net of capitalized interest of 4,939 in 1974 note 7 minority interest in earnings of subsidiaries income before income taxes and extraordinary item provision for income taxes note 8 income before extraordinary item extraordinary item — peruvian expropriation loss of affiliate note 3 net income . . . . earnings per share note 9 income before extraordinary item extraordinary item net income the accompanying accounting polii iart of this statement