Page Four had record earnings in 1965 because of expanded capacity and because of the very strong and almost chaotic copper prices. Earnings from Navajo were also at record levels because we served the added generating capacity at the mine-mouth for the full fiscal year in contrast to lower average generating capacity that was in effect for the prior year. Utah's earnings from its mining operations conducted directly or through affiliated companies were at record levels in 1965 and so were its earnings from land development. Added to these favorable developments was the strong improvement in the results from our construction activities, which returned to profitable operations in 1965 against a loss in 1964. During 1965 the amount of new construction contracts obtained was the highest in the history of the company, and we ended the year with a construction backlog that was the second highest in the history of the company and only slightly below the prior peak achieved in 1957. The composition of this backlog changed rather dramatically during the year in two important respects. First, the growing proportion that is represented by foreign work (see chart) and secondly, the fact that 51% of the backlog was represented by cost-plus work in contrast to fixed-fee work. A year ago 92% of the work had been firm price work and only 8% cost-plus work. While improved performance by mining, land development, and construction all combined to produce record earnings for the year, we should not lose sight of the significant steps that were taken during the year that will have a major impact in profit in future years. Here I would invite your attention to four programs in particular. The expansion at Marcona is continuing and by the middle of this calendar year the company should have in operation an