construction activities heavy construction operations have con stituted a principal activity and accounted for the major portion of the gross revenues of the company since its incorporation in 1900 the sale of substantially all of the heavy construction net assets to fiuor utah engineers & constructors inc a wholly owned subsidiary of the fluor cor poration effective april 30 1969 for a total sale price of 10,752,610 including the sale of goodwill at a net profit of 1,844,291 has resulted in the discontin uance of heavy construction activities not included in the sale were the dredg ing assets and business an interest in a commercial construction business the sand and gravel business which was dis continued subsequent to april 30 1969 and is in process of liquidation or sale nonsponsored joint ventures which are in process of completion and equipment and storage yards at south san francisco california and murray utah dredging the company has recorded satisfactory earnings from its dredging ac tivities in the current year although the completion of a major domestic project early in the year resulted in lower earnings than were realized in the 1968 fiscal year a 30 hydraulic electric dredge the franciscan and an 18 hydraulic dredge named the san mateo are owned by the company the alameda a 30 hydraulic dredge is on lease to the com pany with option to purchase the ala meda is currently in western australia performing work which should be com pleted in may of next year after comple tion of the work it may be returned to japan to complete dredging work for the two major commercial construction projects being performed by the haas and haynie limited partnership in honolulu hawaii are the holiday inn a 23 floor 647 room hotel in the background that is substantially complete and the aits hotel in the foreground which shows the foundations and garage space under construction on this 25 story partnership was involved in five major projects in the construction of the first all new 747 jet passenger facilities to be completed in the world japan industrial land development com pany under a long-term lease that was amended to permit dredging activities in australia during the past three years the dredge franciscan placed 22 million yards of fill at bay farm island for a reclamation district completing the work by december 31 1968 these three dredges with their attend ant plant and facilities make up the com pany's present dredging fleet and are used principally in large-scale projects such as land reclamation river and port develop ment and channels and port maintenance dredging our uncompleted backlog of dredging work declined during the year and the prospects for the corning year are clouded by the government's program for curtail ing construction work as an anti-inflation ary measure commercial construction commercial construction is a relatively new business for the company utah is a 50 limited partner in a partnership with haas and haynie corporation haas and haynie the general partner specializes in the con struction of airport and aviation facilities office and apartment buildings hotels and manufacturing plants major projects now underway include three hotels and a large apartment complex on waikiki plus new passenger facilities at the honolulu inter national airport in hawaii a production plant for general electric in louisiana and the new superbay hangar for ameri can airlines at the los angeles interna tional airport four new projects recently awarded are the head office building in san francisco for del monte corporation an assembly plant for mcdonnell-douglas corporation's new dc-10s at long beach california a regional distribution center in dallas texas for eastman kodak com pany and a major expansion of sky chef's kitchen and operational facilities at the los angeles international airport the company's share of the construc tion backlog of the haas and haynie limited partnership approximated 37.5 million as of the close of the fiscal year income for the year was satisfactory ing top : the dredge franciscan is shown perf the hydraulic fill work at bay farm island california bottom : the 18 cutter head on the dredge san mateo is operated by self contained diesel power units on the dredge to remove material from the undersurface of the water to fill land or widen and deepen rivers and port channels 19