Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES    
Net Income $ 4,352,944 $ 2,075,854
Adjustments to Reconcile Net Income Attributable to Arabian American Development Company To Net Cash Provided by (Used in) Operating Activities:    
Depreciation 2,404,741 2,031,724
Amortization of Contractual Based Intangible Asset 187,816 0
Accretion of Notes Receivable Discounts (684) (15,147)
Unrealized (Gain) Loss on Derivative Instruments 387,958 (187,605)
Stock-based Compensation 644,785 629,049
Deferred Income Taxes (77,168) 454,078
Postretirement Obligation 8,680 (74,947)
Equity loss in AMAK 0 262,500
Changes in Operating Assets and Liabilities:    
Increase in Trade Receivables (11,365,242) (3,362,867)
Decrease in Notes Receivable 35,111 367,659
Decrease in Income Tax Receivable 216,461 4,326,032
Increase in Inventories (2,081,367) (380,393)
Increase in Derivative Instrument Deposits 0 (250,000)
Decrease in Prepaid Expenses 99,085 75,141
Increase in Accounts Payable and Accrued Liabilities 4,124,459 923,552
Increase (Decrease) in Accrued Interest 7,901 (35,718)
Increase in Other Liabilities 500,000 0
Increase (Decrease) in Accrued Liabilities in Saudi Arabia (76,363) 156,962
Net Cash Provided by (Used in) Operating Activities (630,883) 6,995,874
INVESTING ACTIVITIES    
Additions to Plant, Pipeline and Equipment (3,689,760) (2,110,670)
Repayment of Advance to AMAK 750,000 0
Advance to AMAK (800,000) 0
Net Cash Used in Investing Activities (3,739,760) (2,110,670)
FINANCING ACTIVITIES    
Addition to Restricted Cash 0 (3,000,000)
Advance Payment from Shareholder 0 3,000,000
Issuance of Common Stock 16,575 0
Additions to Long-Term Debt 3,000,000 1,000,000
Repayment of Long-Term Debt (1,459,094) (4,050,000)
Net Cash Provided by (Used In) Financing Activities 1,557,481 (3,050,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,813,162) 1,835,204
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 7,609,943  
CASH AND CASH EQUIVALENTS AT END OF PERIOD 4,796,781 4,286,818
Supplemental disclosure of cash flow information:    
Cash payments for interest 810,748 880,926
Cash payments for taxes, net of (refunds) 214,927 (4,083,394)
Supplemental disclosure of non-cash items:    
Capital expansion amortized to depreciation expense 156,660 486,296
Unrealized loss on interest rate swap, net of tax benefit $ (9,160) $ 8,816