the company is professionally managed. I am the only full-time officer of the company related to the family stockholders and below the Board level there are no officers or employees working for the company related to any of the large shareholding groups. We have a relatively young and dedicated group of managers who have demonstrated the ability to perform their assigned tasks with rare skill and judgment and whose record of performance testifies abundantly well to their capabilities. This is important because you must believe, in a project type of business such as ours, that management can continue to come up with new ventures that will constantly augment the earnings stream. In our company new ideas are a necessity and we have tried to encourage an atmosphere in which they flourish and can be translated rapidly into reality through a streamlined decision-making process. We are a company that has a Board of Directors and an Executive Committee, and no other committees exist. In the beginning I told you that it took us sixty years to make our first $60 million. This had only one advantage that I can think of, which was for all of those sixty years we had no interference with operations from security analysts. In my first speech before security analysts in 1960, I said in part, "Frankly, we found ourselves frustrated by the fact that, like contractors everywhere, we were able to use our tools only at a time of someone else's choosing. We were impatient with me rely playing a part in executing someone else's plans. We aspired to a more creative role, to being the playwright, the stage designer, the producer, the -19-