earnings which since 1947 have shown a growth trend of 11. 4% compounded annually --to put it another way, earnings have doubled every six years during this period. It is true that there have been dips and pauses along the way, but the upward thrust in our earnings that has been brought about by our expansion into fields other than construction is evident. In the last 10 years an investor would have fared better in our stock than in any of the companies included in the Dow Jones Industrial Average, with the exception of Eastman Kodak. A $1000 investment made in 1956 would have returned $1038 in dividends, would have yielded over 14% in 1966 on its original cost, and would have a market value today in excess of $5900. The record suggests that the shares of Utah Construction &Mining Co. are worthy of your consideration. Having thus put two-thirds of a century of achievement behind us let us turn to the most recent developments and especially to the impact of these developments on our future. In 1966 earnings were once again at record levels - $13, 17 5, 000 or $3. 06 a share - up 20% over the previous high in the preceding year. Mining operations were at the highest level in the company's history, with uranium and copper providing gains that more than offset lower earnings from coal and iron ore. Uranium deliveries last year, all of which were to the Atomic Energy Commission, amounted to 1, 168, 000 pounds, a 22% increase over the prior year. This additional volume, coupled with lower production costs, allowed uranium earnings to increase. Production is from two company- -3-