3- decade, dividends are almost 5-1/2 times the 1952 level, and earnings have grown at a 15% compounded rate in the last 10 years. Today mining provides the major part of Utah's profits and to a large extent these profits are underwritten by long-term contracts. Over the last 5 years the balance of its gross income has come in nearly equal amounts from construction and land development. This transformation of the company is the result of a major policy decision made some years ago when we decided that we could more profitably employ our skills and experience acquired in heavy construction to the development and operation of equity situations in mining and land development and we have dedicated our efforts to that end, maintaining our heavy construction activities at earlier levels but concentrating our growth objectives in the more rewarding fields. In speaking to you today it is hard to know where to put the emphasis. Should I dwell on 1963, particularly so when our earnings for the first half are down and we do not expect the year to compare favorably with the earnings of the past several years? Should I emphasize the additional forward selling under certain key sales agreements in our mining activities that increase our total profits and lengthen the period that they are underwritten? Should I discuss in detail our various activities as a guide to you in appraising our company future? It's difficult in the time available to cover all three adequately and yet all three are worthy of discussion. We do not anticipate that profits in 1963 will compare favorably with