13- put the ALAMEDA to profitable use for a five-year period, and this materially lowers the amount of work we must find for our remaining equipment to put our dredging operations in the black. We have also made a significant addition to our land portfolio this year by purchasing 200 acres in El Segundo, California, which will be developed as an industrial park. The inquiries we have received from potential buyers of the land give us considerable confidence that we have acquired an attractive parcel of land which sould prove a source of profits in future years. As substantial owners of the business, our Board of Directors pursues its task with that unusual diligence found only in men motivated by having their own money at stake. Their deliberations are concentrated on the company's problem areas and properly so. Nor are they hesitant in pointing out mistakes. This is a sound and proper discipline for management, and we accept it as such. Being personally burdened with a certain economic dependency on the company stemming from one wife, 2 dogs, and 3 children, I am compelled in Board meetings to discuss what the Board chooses to discuss. However, here tonight in such pleasant company and in the absence of an honorarium, I feel free to talk on subjects of my own choosing. In doing so, I do not dismiss our problems lightly, for certainly our company is not without its problems. We never have been, and I suspect that we never will be. This year we have been performing construction work at a higher rate than we have been able to acquire new work, and our construction backlog is off some 15% from a year ago. We have some land projects which have not moved as quickly as we had hoped, and we have our uranium operations which will continue to fare well until 1966, but whose future after that time is questionable.