Our land development projects are strategically located in areas of rapid growth and have been acquired at costs well below existing market prices. We have largely paid the price for experience in the land development field and have kept this cost modest by avoiding some of the excesses that have recently caused financial difficulties to others in the field. We have developed a small but skillful organization that is well prepared to take advantage of opportunities in the future as it has in the past. In the face of a sick construction industry we have been able to sustain our construction oper-ations without incurring a financial drain on the other branches of our business. While the con-struction industry is a sick cat right now, sicker cats than this have gotten well, and we have the experience, the reputation, the capital, and the organization that should place us in an advan-tageous position to increase our construction earnings when competitive conditions in the in-dustry permit it, as we think they will. We are continuing an active program of mineral development and exploration, which should provide new mineral deposits that will yield additional sources of income in the future. We feel that we have a strong and resourceful organization which has demonstrated its ability to find and to develop profit opportunities. With what we have in hand and what we expect to find, we are confident that we have an excellent future in prospect. 18