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. As we look ahead to 1972 we foresee a sizeable increase in profits overall. Increased earnings from all the minerals we mine are anticipated, attributable primarily to the expanded production capacity which we now have coming on stream and to the fact that the output of these new operations was sold in advance under long-term contracts which we have every reason to believe will be honored. Utah International is relatively less sensitive to the uncertainty and sluggish demand which are now permeating many segments of the mining industry. The fact that most of our properties are relatively low-cost producers allows us to hold our place in the market under adverse conditions and to break into new markets when we need to do so. Additionally, the backlog of $2,509 billion in undelivered mineral sales under long-term contracts which we have apart from our mining affiliates gives us an assurance of earnings and of cash flow and a predictabi1ity rarely found in any kind of company. In 1972 we see a mining industry sluggish at least until the second half of the year and dependent for recovery upon a strong, general business recovery. Internally, we foresee a year of significantly increased earnings if industrial strife does not adversely affect our foreign production. - 2