financial comment over the past 20 years utah's earnings per share dividends per share stock market price and mineral sales backlog each have increased more than 20 times — dramatic growth as illustrated here it is notable that within this 20-year span the greatest five year interim earnings growth has taken place during the most recent five-year period as a result of the company's past em phasis on construction the mineral sales backlog was virtually nonexistent 20 years ago though down modestly from the rec ord amount in 1975 as deliveries ex ceeded new commitments the mineral sales backlog stood at 6.12 billion at the end of 1976 the company's earnings performance over the past 20 years has been well rec ognized and stockholders have benefited since 1956 — a year in which utah's earn ings were then the second highest in the company's history — earnings have grown at a compounded rate of 19 reflecting this growth a purchaser of 1 000 worth of utah stock in 1956 would have received 4,291 in dividends during the 20-year period and the stock would have had a value of 42,900 at the end of the 1976 fiscal year earnings per share ill 1956 58 60 62 64 66 68 70 72 74 76 dividends per share 156 58 60 62 64 66 68 70 72 74 76 mineral sales backlog 1956 58 60 62 6 market prices high and low 1956 58 60 62 64 66 68 70 72 74 76 utah international inc and subsidiaries statement of consolidated income 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 other net gross profit and other income general and administrative provision for employees retirement program note 5 . interest minority interest in earnings of subsidiaries income before income taxes and extraordinary item provision for income taxes note 6 . income before extraordinary item extraordinary item — peruvian expropriation loss of affiliate note 3 net income earnings per share note 8 income before extraordinary item extraordinary item net income the accompanying accounting policies and notes are an integral part of this statement