1968 the authorized common stock of the company was increased from 10 million to 20 million shares also at the same time a new class of one million shares of preferred stock was authorized on december 13 1968 we announced a 3 for 1 stock split-up to be effected in the form of a stock dividend mining the backlog of mineral sales at october 31 1968 excluding the sales of our affiliates marcona corporation and pima mining co was 1.1 billion about the same as last year new additions approximately equaled deliveries against existing contracts the additions were primarily at tributable to five new mineral sales contracts three from our lucky me uranium operations and two from the mt goldsworthy iron ore project the first of the new uranium concentrate sales was a contract entered into with the sacramento municipal utility district the agreement calls for shipments ranging in quantity from a minimum of 950,000 pounds to a maximum of 1,100,000 pounds of uranium concentrate during 1971 utah also concluded another sale of uranium concentrate to the general electric company the latest contract calls for the delivery of 1,000,000 pounds of concentrate in 1972 and is in addition to 7,000,000 pounds f scheduled for delivery between october 1968 and december 1975 under the two previous sales agreements the third new sale is to nordost schwerzerische kraftwerke a g baden switzerland of 500,000 pounds with delivery commencing in july 1969 this year profits from our uranium operations were above those of last year as of october 31 1968 utah's backlog of sales of uranium concentrate for future delivery was approximately 11.7 million pounds compared to 11.3 million pounds at the end of 1967 next year earnings from our uranium operations are expected to decline primarily because of the price reduction applicable to the sales to the atomic energy com mission this decline will be partially offset by sales at higher volumes and at higher prices to commercial customers and utilities we believe the market outlook for uranium oxide during the 1970's is excellent and we are now proceeding with the development of an open pit mining operation at our shirley basin property in wyoming substantial new nuclear power plant announcements in 1968 coupled with those of the past two years continue to provide a solid basis for expansion the mt goldsworthy mining project one-third owned by utah lo cated in western australia accounts for the other two major additions to our mineral sales backlog such contracts for delivery of iron ore to r plant each day a fleet of 5 hauler at our lucky me mine near riverton wyoming uranium bearij ly by backhoe for ill be produced