annual report 1955 utah construction company the largest < modern grair facility on the we located on the san river stockton c this facility was coi by utah con coinpany and has a capacity of 3,000,000 bushels equivalent in height to utah constru to our stockholders for the fiscal year ending october 31 1955 utah construction company continued to prosper earnings for the parent company increased over those of the preceding year but the company's share of the undistributed earnings of other companies in which it holds an interest declined for this reason our overall results were below those of last year parent company net profits before taxes and profit sharing were 2,478,062 a gain of 752,513 greater income from mining and higher dividends from affiliated companies more than offset lower construction in after provision for the retirement plan based on profit sharing and provision for income taxes the net profit for the parent com pany amounted to 1,737,549 equivalent to 1.98 a share this com pares with 1,115,549 or 1.27 a share for the preceding year not included in net profits for 1955 was a net addition to surplus of 956,846 arising from revaluation of our equipment to conform to a tentative agreement reached with the bureau of internal reve nue on depreciation rates allowable for the years 1951 through 1954 adding this adjustment to parent company net profits brings the total additions to surplus to 2,694,395 or 3.07 a share this is an increase of 1,578,846 over the preceding year dividends in 1955 of 90 cents in cash and 1/100 of a share of permanente cement company stock were distributed to share holders net worth at the close of the year amounted to 18,763,113 or 21.38 a share this compares with 16,929,608 or 19.29 a share at the close of the preceding year and is based upon our investments in other companies being valued at cost rather than their indicated values which would be approximately 10,000,000 higher than our company cost on company subsidiary and affiliated companies our company's share of the undistributed earnings of subsidiary and affiliated companies in which we have investments amounted to 710,029 after allowances for dividends paid and for taxes payable upon the undistributed earnings this is equivalent to 81 cents a share of utah construction company stock and compares with 2 845,659 or 3.24 a share for the preceding year the causes for this decline in earnings were primarily decreasing profits in foreign min ing companies and in construction affiliates engaged in residential housing and are discussed in more detail elsewhere in this report the decrease in profit levels for foreign mining took place in the early months of the fiscal year was quickly arrested and profits were restored to more normal levels by the year end overall results the total of the addition to surplus of the parent company and its share of the net earnings of its subsidiary and affiliated companies is 3,404,424 or 3.88 a share of utah construction company stock this is a decline of 556,784 from last year or 63 cents per share however the enhancement in market value of our remaining hold ings of permanente cement company stock was equal to 1.35 a share of utah construction company stock during 1955 utah construction company was unusually suc cessful in its efforts to acquire new work and closed the year with the highest back-log of uncompleted contract volume in its history we have every reason to anticipate that our work portfolio will in crease construction income in the coming year no enterprise can continue to grow and to prosper without the support of loyal and efficient employees or the confidence of those who have need of the goods or services offered we are again deeply indebted to those who have favored us with their business and to our employees who have discharged their responsibilities ably and well respectfully submitted h s eccles of the board allen d christi president and ger