1 47 acres are under current development for sale pauma valley 1451 acres are being held for future develop ment and sale in this project planned as a residential-recreational facility this commu nity is located about midway between los angeles and san diego one of the nation's fastest growing regions in addition we continue to retain our own ership interest in certain improved properties and facilities distributed elsewhere through out the united states and in canada land development activities in total produced profits which were modest but improved over 1960 results in review our diversified operations have contributed to the company's continuing trend of profit growth with substantial in creases in one segment more than offsetting temporary lower results in others the factors which have contributed to your company s stability and growth should also operate in the'periods to come five year comparisons consolidated year ended october 31 gross revenue 55,519,848 net income before federal and foreign taxes .... 7,267,954 after federal and foreign taxes 5,421,954 dividends paid — cash — 0 — securities at market value . 1,586,693 capital stock — 0 — net increase in shareholders equity .... 5,991,788 common stock shares outstanding 2,023,058 number of shareholders 438 utah construction & mining co only working capital 10,517,000 shareholders equity net worth 34,364,497 book value per share 16.28 earnings per share 2.58 long term debt 22,548,000 total assets 74,681,000 note shares outstanding for the years 1957 1958 1959 have been adjusted to gi shares issued on february 1 i960 as a consequence of merger with lucky me ui also adjustment has been made in calculating earnings and book value per share for the 21 dividends paid in 1960 and 1961 consolidated working capital long term debt and tot amounts for the years 1957 and 1958 are unaudited to 242,533 corporation