GENTLEMEN: I am delighted to have the privilege of being with you today to discuss the problems and the prospects of Utah International Inc. in an economic climate greatly different from that prevailing a year ago. Things have changed and are changing, and Utah has not been left untouched by the shifting winds - the devaluation of the dollar, the impact of recent developments on the Japanese economy in particular, the growing concern for the environment, labor unrest and labor costs under new contracts - all these and other ill winds will test how soundly we have designed our craft, how well it can sail in stormy seas, and how much we may have to deviate from the course we originally charted to reach our destination. Mr. Bogert has assured me that this audience is generally familiar with our company and that I need waste no time describing to you in detail the history of our activities. I have provided you with our 1971 annual report, our latest statistical fact book, and a copy of the press release announcing our first quarter earnings for 1972. As a starting point for my remarks here today let me remind you that Utah's profits have grown at the compound rate of 21% for the last five years and 15% for the last twenty years. This has been achieved both by bringing in new profit centers and expanding those already in existence. Over 96% of our 1971 gross income was derived from sources that did not exist twenty years ago. The bulk of our revenues and the bulk of our income flow out of a $2 1/2 billion backlog of long-term mineral contracts and 78% of this volume is protected against margin erosion by escalation clauses covering increased costs of labor, material, and equipment. Over half of our revenue and profits comes from minerals produced and sold outside the United States, and Japan is now our principal customer.