revenues from construction. More importantly, it shows the percentage of those revenues derived from firm price contracts in contrast to those that are cost protected and in the form of target estimates or cost-plus-fixed-fee contracts. Firm price work carries the greatest risk and the greatest potential for profit or loss. The cost-protected types of contracts limit the downside risk but also limit the percentage of profit. In recent years firm price work has represented a lower percentage of the volume of work performed. So much for land and construction. Let us turn to mining for this is the most important part of our business. Here you will find a pattern that has been followed and it runs like this: first, identify the target of special opportunity; second, find the mineral you are looking for; third, find a customer and negotiate with him a long-term contract sufficient in size to return your initial investment and a profit; fourth, use the contract as a basis for financing; fifth, perform as you said you would; sixth, having established a beachhead, exploit the additional opportunities that its sphere of influence makes possible. IRON ORE. In iron ore we recognized early that World War II had brought about changes that would have lasting impacts. The establishment of the Geneva Mill and the growing market in the Western United States provided an opportunity for iron mining in the West. Our mine at Cedar City, Utah, has been operating since 1946 and now sells virtually all of -6-