vandenberg village lot sales recovering loss of beloved friend and director marriner a browning future outlook encouraging activity at vandenberg village which had remained at a low level for most of the past year showed signs of revival at year end the village located adjacent to vandenberg afb at lompoc california is primarily a residential development containing a shopping center schools churches apartments motels and a golf and country club earnings were modest during the past year due to a reduced level of activity at the air force base however with the announcement of the 1.5 billion manned or biting lab program which will become operative at vandenberg in 1967 sales are increasing utah's property in the moraga valley in the san francisco east bay area consists of a remaining 2,358 acres held for investment and ranching purposes approximately 50 of the remaining acreage is developable earnings from south shore center inc in alameda improved during the year utah profitably disposed of its investment in the bay mart dis count center building in san jose california and also the muiti-storied parking garage in downtown seattle we were deeply grieved by the loss of our beloved friend marriner a browning who was a director of your company for 22 years we all miss his warmth wisdom and valued counsel in december 1965 charles t travers was elected a vice president of the company serving in the land division we view the prospects for 1967 and the years ahead with optimism earnings in 1967 will benefit from anticipated profits from construction and increased earnings from mining sources land development activities will continue to be affected by tight money and are not expected to main tain the profit levels recorded in 1965 and 1966 looking further ahead mining earnings should continue to grow as new properties are brought into production and existing properties are expanded in keeping with commitments already in hand we are genuinely appreciative of the loyalty and the skillful manner in which our officers and employees discharged their appointed duties of the confidence expressed in our company by its customers and clients and by the support of our shareholders may we continue to merit your support and confidence respectfully submitted utah at home and overseas marriner s eccles chairman of the board iittlefield " tsident and general manager