OCR

1960 The 1950's were a decisive decade for the company. It serves good purpose to review briefly the accomplishments of those years in order to measure more objectively the progress that had been made and to test the soundness of the policies and programs followed. 1. Company profits for the period exceeded by 175 per cent the total earnings for the first 51 years. 2. Total assets more than quadrupled. 3. Shareholders' equity rose from $12 million to $51.4 million. 4. Dividend rate increased 150 per cent. 5. The number of shareholders increased from 150 to 2550. These accomplishments came as the result of a management concept that skills which had been used for the most part in a contractural capacity would be more productive for the company if applied to logically developed proprietary undertakings. During its first 51 years the company largely confined its efforts to the pursuit of heavy engineering and construction, shiftings its emphasis from time to time as one type of work offered better opportunity than another, but remaining principally in the contract construction field and activities that closely supported it. Following the Second World War, initial steps were taken that foreshadowed the transformation of the company in one dramatic decade to a well diversified organization with widespread interest in mining, ocean shipping, and land development. Corporate Expansion Prior to February 1, 1960, Utah Construction & Mining Co. owned 60 per cent of the equity stock of Lucky Mc Uranium Corporation. On that date, with the overwhelming consent of the shareholders of both companies, Utah acquired the remaining 40 percent of Lucky Mc stock through the exchange of 242, 533 shares of its stock on a 1 for 10 basis, and the two companies were merged.