cover from arid lands in northwestern new mexico a modern power shovel extracts steam coal from the seam in which it has rested for centuries now the hardened steel bucket in releasing its load has initiated a process that will convert an age-old resource into electrical power . . . ultimately for delivery to energy users throughout the southwestern united states financial highlights years ended october 31 gross revenues from operations 501,227,000 net income $ 96,941,000 stockholders equity 448,256,000 depreciation depletion and amortization $ 37,876,000 per share of common stock earnings $ 3.08 cash dividends $ 71 stockholders equity $ 14.22 mineral sales backlog $ 4.85 billion common shares outstanding2 31,533,000 number of stockholders3 31 300 1 appropriately restated to reflect the merger 2 adjusted for the two-for-one stock split effec 3 represents utah international inc stockhol merger in 1974 contents financial highlights 1 letter to shareholders 2 1974 operations 6 financial statements 25 auditors report 35 five-year comparison 36 directors and officers 37 annual meeting friday february 14 1975 10:00 a.m the penthouse board room wells fargo bank 420 montgomery street san francisco california to receive a copy of the utah international form 10-k report to the securities and exchange commission requests should be directed to w drew leonard vice president utah international inc 550 california street san francisco california 94104