12 - years has developed considerable ordinary income as well as on occasion providing opportunities for special projects in which Utah has acquired an equity on an advantageous basis which later has been or can be sold for a profit on a capital gains basis. In this field construction know-how along with some skills acquired in the fields of financing, land acquisition, and promotion are essential. In five days our 60th fiscal year will draw to a close, and the little company that started out humbly in Ogden, Utah, now finds itself valued in the market place in excess of $92,000,000. Despite a steel strike which has seriously affected earnings throughout the entire fourth quarter of the year, I am confident that with the final figures available the company this year will report the best overall earnings in its history and hopefully they will be more than double those of the preceding fiscal year. The company is still largely owned by the descendents of the pioneer Utah families who invested in it in the early part of the century, and the surnames on the Board of Directors in 1909, or 1939, or 1959 will read much the same Browning, Christensen, Dee, Eccles, Wattis. All three members of the Executive Committee, the three principal corporate officers, are all directly descended from those who were prominent in the ownership and management of the company from its very early days. However, the remainder of the management which has contributed so effectively to the company's success in recent years, has no family connection with the principal owners and is, in fact, truly professional management, whose record speaks for itself. It bodes well for the future that the management is primarily a young management with no vice president in his 60's, but rather about equally divided between those in their middle 50's and those in the low 40's.