Title |
UCUI_1970_AnnualReport |
Creator |
San Francisco: Utah Construction & Mining Co. |
Description |
The report includes information about the company for the fiscal year ending October 31, 1970. This consists of a management comment to the shareholders, an abstract of operations, properties and interests, and financial statements including the auditors' report. |
Subject |
Auditors’ reports; Financial executives; Corporation reports; Financial statements; Financial statements notes; Stockholders |
Digital Publisher |
Stewart Library, Weber State University, Ogden, Utah, USA |
Date Original |
1970 |
Date |
1970 |
Date Digital |
2006 |
Temporal Coverage |
1947; 1948; 1949; 1950; 1951; 1952; 1953; 1954; 1955; 1956; 1957; 1958; 1959; 1960; 1961; 1962; 1963; 1964; 1965; 1966; 1967; 1968; 1969; 1970; 1971; 1972; 1973; 1974; 1975; 1976 |
Item Size |
8.5 inch x 11 inch |
Medium |
bound book |
Item Description |
33 page paper report bound in landscape format |
Type |
Text; Image/StillImage |
Conversion Specifications |
Archived TIFF images were scanned with an Epson Expression 10000XL scanner. JPG and PDF files were then created for general use. Transcripts generated by OCR (optical character recognition). |
Language |
eng |
Relation |
https://archivesspace.weber.edu/repositories/3/resources/212 |
Rights |
Materials may be used for non-profit and educational purposes; please credit Special Collections Department, Stewart Library, Weber State University. |
Source |
UCC/UIC 1900-1984 MS 100 Box 5, Special Collections, Stewart Library, Weber State University |
Format |
application/pdf |
ARK |
ark:/87278/s63knbkp |
Setname |
wsu_ucui_ar |
ID |
97943 |
Reference URL |
https://digital.weber.edu/ark:/87278/s63knbkp |
Title |
UCUI_1970_AnnualReport - 1970_012_page22&23 |
Image Captions |
entrance to Fontana east apartment which overlooks san Francisco bay and the golden gate serene beauty and superb golf at pauma valley shopping center mall at alameda south shore attracts many buyers |
Description |
The report includes information about the company for the fiscal year ending October 31, 1970. This consists of a management comment to the shareholders, an abstract of operations, properties and interests, and financial statements including the auditors' report. |
Subject |
Auditors' Report;Directors and Officers;Financial Highlights;Financial Statements;Management Comment;Operations;Properties and Interests;Shareholders |
Digital Publisher |
Stewart Library, Weber State University, Ogden, Utah, USA |
Date Original |
1970 |
Date |
1970 |
Temporal Coverage |
1947-1976 |
Item Size |
8.5 inch x 11 inch |
Medium |
bound book |
Type |
Text; Image/StillImage |
Conversion Specifications |
Archived TIFF images were scanned with an Epson Expression 10000XL scanner. JPG and PDF files were then created for general use. Transcripts generated by OCR (optical character recognition). |
Relation |
https://archivesspace.weber.edu/repositories/3/resources/212 |
Rights |
Materials may be used for non-profit and educational purposes; please credit Special Collections Department, Stewart Library, Weber State University. |
OCR Text |
Show land development east apartment which ove bay and the golden gate oks san f erene beauty and superb golf at paul shopping center mall at alameda south shoi financial comment activities of this division and its profitability were severely restricted during 1970 because of a sluggish real estate market which was beset by the scarcity and high cost of mortgage financing and unsettled economic condi tions we anticipate that this situation will continue until the current readjust ment has more nearly run its course because of the unpromising market outlook and our need for capital funds in other ventures we have not made new land acquisitions or substantial expendi tures to develop acreage already held as a consequence real estate sales in recent years have been made out of our inventories of properties previously prepared for sale and that inventory is now at a low level in the year just completed the fontana east apartment building in san francisco was converted to cooperative corporation ownership and we expect no difficulty in disposing of our remaining interest because of the exceptional quality of the property and the spectacular view which it commands plans are progressing for development of the 914 acres com prising the bay farm island project in alameda california and preliminary work may get under way by early 1972 south shore center the company's shopping center in alameda continued its growth in terms of both new structures and gross retail sales at our pauma valley california project 36 condomin ium units 18 new fairway lots and 15 small ranchos will be added in 1971 to meet the needs of the growing member ship of pauma valley country club elsewhere in utah's inventory of resi dential and industrial properties sales are at a reduced pace pending the resolution of uncertainties affecting the national economy 22 the growth enjoyed by utah coupled with the planned expansion of mining activities has required optimum usage of funds on hand and has had important implications with respect to the mainte nance of the proper balance and composi tion of the company's assets liabilities and stockholder funds during the fiscal year interest earned from the investment of temporarily idle company funds accumulated in anticipation of expenditures on author ized capital budgets approximated 3.1 million several steps were taken for the purpose of strengthening the company's equity base in anticipation of balanced financing of the substantial additional investments in new or expanded mine projects • a new issue of 5 million shares repre senting a 10 equity in utah develop ment company was approved by the parent company these shares were acquired by utah mining australia limited an australian holding com pany and 19,950,000 in cash was received by utah development com pany in payment for the newly issued stock • the outstanding 5 convertible debentures due november 1 1992 were called for redemption effective october 23 1970 3.8 million face value of this issue had been converted prior to the date of call substantially all of the 21.2 million face value of the debentures outstanding when the call was made were converted into 658,892 shares of the company's common stock and only 15,000 face value was redeemed for cash during the year there were also sub stantial conversions of the 5 subordinated guaranteed debentures due september 15 1983 of utah inter national finance corp although this issue had not been called these debentures are likewise convertible into shares of utah construction & mining co and of the 30 million face value originally issued in 1968 15.04 million had been converted as of october 31 1970 leaving 14.96 million outstanding at the year end conversions during the 1970 fiscal year resulted in an increase of 1,178,206 shares having a par value of 2,356,412 in the company's common stock out standing and an increase in capital surplus of 36,604,895 was recorded the paid-in capital arising from the issue of the new stock in utah develop ment company and the conversion of debentures together with retained earnings resulted in an increase in stockholders total book equity from approximately 130 million at the begin ning of the fiscal year to in excess of 207 million at the close of the year a growth greater than that realized by utah during the first 66 years of its existence commitments have been received from banks and institutions for a combi nation of short-period medium-term and long-term financing aggregating approximately 165 million such com mitments from financial institutions will permit the company to avail itself of funds from eurodollar borrowings canadian and australian bank loans and institutional lending as well as borrow ings from domestic banks as of november 1 1970 the balance of capital funds remaining to be ex pended by utah and utah development company in the development of new mining projects and the expansion of existing mines amounted to 188 million of this balance 124 million is budgeted for expenditure in 1971 51 million in 1972 and 13 million in 1973 when the program currently in progress is scheduled for completion cash generation from operations is expected to be more than adequate to service dividends to stockholders supply the balance of funds required for the investment program and finance other cash requirements of the company's business beginning september 8 1970 utah's common stock was listed for trading on the pacific coast stock exchange the stock is also traded on the new york stock exchange where it has been listed since april 2 1969 broader and more convenient marketability for the com pany's shares especially for the benefit of the substantial proportion of our share holders who reside in the western states is provided by the additional listing on the pacific coast stock exchange as of the close of the 1970 fiscal year october 31 there were 14,100,015 shares of the company's common stock outstanding the stock was held by 6,095 shareholders residing in 49 states the district of columbia and 15 foreign countries the increase in the number of shareholders from 5,501 the year before reflects primarily the conversions of debentures during 1970 |
Format |
application/pdf |
Setname |
wsu_ucui_ar |
ID |
98160 |
Reference URL |
https://digital.weber.edu/ark:/87278/s63knbkp/98160 |