consolidated five year comparison1 utah international inc and subsidiaries years ended october 31 number of stockholders summary of operations gross revenues from operations costs and expenses ... . gross profit from operations equity in earnings of affiliates interest foreign currency exchange gains loss other net gross profit and other income expenses general and administrative etc interest less capitalized interest minority interest in earnings of subsidiaries . income from continuing operations before income taxes and extraordinary item . . $ 242,767 provision for income taxes 107,377 income from continuing operations before extraordinary item $ 135,390 discontinued operations income from net of income taxes .... — gain on disposition net of income taxes __~ income before extraordinary item extraordinary item — peruvian expropriation loss of affiliate net income earnings per share:2 income from continuing operations before extraordinary item income from discontinued operations . . gain on disposition of discontinued operations extraordinary item net income $__ cash dividends paid per share of common stock2 $_ 167,708 70,076 $ 93,670 31,441 $ 65,251 20,923 $ 97,632 $ 62,229 $ 4.29 $ 3.11 75 $ 455 other financial highlights total assets long-term liabilities stockholders equity total equity per common share2 common stock shares outstanding2 number of stockholders3 . . 1 restated to reflect all foreign currency exchange gains or losses as incurred ^ adjusted for thetwo-for-one stock split effected in the form of a stock dividend in 1973 3 represents utah international inc stockholders at respective year ends not adjusted for years prior to 1974 for stockholders of companies acquired by merger in 1974 i management's discussion and analysis of the summary of operations $ 44,562 $ 32,154 $ 27,646 $ 21,294 $ 9,699 $ 49,412 13,731 > 97,632 $ 62,229 $ 44,328 $ 35,681 1,355 $ 135,390 $ 97,632 $ 62,229 $ 44,328 $ 37,665 comparison of 1975 to 1974 commencement of coking coal shipments from the new saraji mine in australia during the first quarter of 1975 and significantly higher average price realizations from the 1975 shipments of the other australian coking coal mines were the primary causes of the 37 increase in gross revenues and the 39 increase in income before the extraordinary item the new prices reflect extra-contractual increases negotiated during the year in recog nition of sharply higher world market prices adversely affecting the benefits of the extra-contractual price increases was the imposition by the australian government of an export duty of approximately 8 per metric ton or about one-half of the average price increases on exports of high quality coking coal subse quent to august 19 1975 earnings from copper operations were sharply lower as prices and profitability when compared to 1974 were affected by a worldwide oversupply of copper during july 1975 the peruvian government expropriated the iron ore mining properties and facilities of a 46%-owned affiliate marcona cor poration in peru in view of the uncertainties regarding compen sation for the expropriated assets the affiliate wrote off the assets thus giving rise to the extraordinary loss recorded during the year earnings of affiliates were sharply lower primarily as a result of the peruvian expropriation and decreased earnings of another affiliate involved in the production and sale of copper comparison of 1974 to 1973 net income increased by 57 and gross revenues from opera tions by 51 principally because of increases in the prices for australian coking coal in addition to those normally realized from cost escalation provisions applicable to all existing long-term arrangements with both japanese and european buyers in addi tion particularly strong copper prices in the first half of 1974 enabled utah to record record earnings for both the island cop per mine and the 25%-owned cyprus pima mining company the significant foreign currency exchange gain reported for 1973 was attributable to currency realignments during that year which increased the value of the australian dollar in relation to the u.s dollar by about 25 other comments new profit centers which had been under development for sev eral years began making important profit contributions for the first time during 1972 and 1973 the island copper mine began shipping copper concentrate during december 1971 shipments of coking coal from the goonyella and the peak downs mines began in october 1971 and july 1972 respectively offsetting these favorable benefits were increased net interest costs re sulting from greater borrowings to finance the new mines a decline in capitalized interest costs and reduced profitability from uranium operations as well as from marcona corporation unusually favorable shipping revenues realized by marcona in 1971 declined in 1972 and in 1973 marcona reported losses from its peruvian iron ore mine over the years provisions for loss have been made as a result of continued uncertainties with re spect to the profitable disposition of certain real estate and other investments these provisions included as part of costs and expenses except as noted totaled 5.0 million in 1975 2.3 mil lion of which was included under other net 12.3 million in 1974 3.0 million of which was included under other net and 7.0 mil lion in 1973($2.0 million of which was included under other net lines of business for five years the following table presents the approximate percentages of revenues and profits attributable to each of utah's lines of busi ness activity for the five years ended october 31 1975 all of such information is exclusive of discontinued operations years ended october 31 1 975 1 974 1 973 1 972 1 971 5 5 1 a the terms gross revenues from operations and gross profit from operations as used herein and in utah's consolidated financial statements include the operations of utah and its majority-owned subsidiaries the operating results of affiliates joint ventures and partnerships are not included therein utah's share of the earnings of such entities is reported by use of the equity method of accounting b certain percentages have been restated from those previously reported none by more than 1 to reflect retroactive reclas sifications made in 1975 ° relates to a provision for loss attributable to an interest in a limited partnership engaged in construction form 10-k to receive a copy of the utah international form 10-k report to the securities and exchange commission requests should be directed to w drew leonard vice president utah international inc 550 california street san francisco california 94104