2. Trading in limited quantities on the over-the-counter market, the price of the stock twenty years ago was $1.00. Eleven years ago when I first addressed this group it was $8.00 Now listed on the New York and Pacific Coast Stock Exchanges and held by some 6,500 shareholders, 1971 saw the stock open at $55 1/4, rise to $78.00 on July 16, drop to a low of $47 3/4 on November 19, and it is now selling at $60 1/2. After mid-August speculation about the impact of the Nixon announcement of August 15th and a spate of pessimistic articles about the outlook for minerals generally seemed to bring on a Chicken Little type of market reaction for Utah stock. We may have been hit on the head by an acorn and there are some clouds on the horizon but the sky is not falling. Neither the decline nor the subsequent sharp recovery can be easily traced to unexpected developments within the company. The decline in market price coincided with the most profitable quarter in the history of the company. Utah earned $10,143,000 in the fourth quarter 1971 or $0. 70 a share on a fully diluted basis compared with $0.49 a share for the comparable quarter last year. This brought 1971 earnings to $35,501,000, composed of $34,146,000 of net income plus $1,355,000 recorded as an extraordinary item representing the profit on the sale of our dredging activities. This compares with $30,273,000 in the prior year. On a fully diluted basis earnings per share this year were $2. 36 before the extraordinary item, and $2.45 including the extraordinary item, compared with $2.11 for the prior year. Frankly, this increase was more than we had anticipated at the beginning of the year, less than we had hoped for but more than we promised at midyear. There was some deviation from the plan, some good news and some bad news, but on balance it was a year of progress. Reviewing operating results for 1971, let's look first at uranium. The Shirley Basin uranium mine in Wyoming was converted from solution mining to an open pit operation, and a new mill, with a rated production capacity of 2,200,000 pounds of uranium oxide annually, was ready for operation on March 1, 1971. However, exceedingly heavy rainfall contributed to the failure of the pit walls to stand as designed. This required us to remove the material that had slid into the pit, enlarge the pit in order to reduce the angle of the pit wall, and prevented our delivering ore to the mill as we had anticipated. Additional equipment had to be ordered and brought into the mining operation but by the end of the year this unfortunate condition was substantially corrected and now both the mine and mill are close to normal operating conditions. During the year Lucky Mc also mined uranium ore of lower grade than usual with an attendant increase in unit cost. Uranium shipments during 1971 were 2.96 million pounds of uranium oxide, up 13. 5% from the prior year, but uranium earnings were down despite higher prices because of higher unit costs due to Shirley Basin's failure to come up to expectations. Earnings from copper through our interest in Pima Mining were also sharply lower, primarily because of lower copper prices. The 6.5 a pound drop in the price of copper caused our earnings from Pima to decline by $1,218,000 to $3,621,000.