Consolidated Statement of Operations and Retained Earnings

for the year ended December 31, 1977

Operations 1977 1976
Revenue:
Asbestosiibre:sales: 36 oe eee $115,077,217 $78,285,544
OtherSales ese ele poe erences — 1,492,777
115,077,217 MQ TAB i321
Expenses:
Cost of sales 63,153,448 45,188,114
Transportation and warehousing .......... 14,832,870 11,581,652
Administration, selling and general ........ 4,601,143 4,389,912
Explorationa(NOtesl) corer ere rena 404,942 279,491
Interest on borrowings — Current ............ 552,549 316,854
—Long-term.......... 360,869 1,026,878
83,905,821 62,782,901
Income before income taxes ................. 31,171,396 16,995,420
Taxes (Note 1):
(CHUTE E ses cia aed oa onan ee aan 9,042,451 1,791,864
Delenec ew arse eer ree ie ren 2,563,000 3,364,000
11,605,451 5,155,864
Netuincome tomthenycare a's ee se ee $ 19,565,945 $11,839,556
Netiincome:penmshatemerassrt 0 he at nurs $3.56 $2.15
Retained Earnings
Balance at beginning of year ................. $ 36,841,307 $25,001,751
Net income for the year ...............0.005. 19,565,945 11,839,556
56,407,252 36,841,307
DIVIG EMC Sie sa cinerea Ae rss en oe ence 3,025,000 —
Balance atend of-yean as $ 53,382,252 $36,841,307