Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating activities      
Net income attributable to Arabian American Development Co. $ 19,498 $ 10,321 $ 13,884
Adjustments to reconcile net income of Arabian American Development Co. to Net cash provided by operating activities:      
Depreciation 4,039 3,573 3,220
Accretion of notes receivable discounts (15) (3) (1)
Unrealized loss (gain) on derivative instruments 57 246 (215)
Share-based compensation 1,215 515 872
Provision for doubtful accounts 0 0 55
Amortization of contractual based intangible asset 250 250 250
Deferred income taxes 1,495 889 3,238
Postretirement obligation 5 8 11
Equity in (income) loss of AMAK (4,703) 211 1,018
Gain from additional equity issuance by AMAK (3,997) 0 (8,850)
Changes in operating assets and liabilities:      
(Increase) decrease in trade receivables (6,267) 7,396 (12,041)
(Increase) decrease in notes receivable (871) (56) 35
(Increase) decrease in income tax receivable 611 (1,182) 216
Increase in inventories (2,223) (384) (3,539)
(Increase) decrease in prepaid expenses and other assets (325) (940) 110
Increase in other liabilities 3,048 353 1,628
Increase in accounts payable and accrued liabilities 1,415 193 4,246
Increase (decrease) in accrued interest 6 (20) (5)
Increase (decrease) in accrued liabilities in Saudi Arabia 4 3 (76)
Net cash provided by operating activities 13,242 21,373 4,056
Investing activities      
Additions to plant, pipeline and equipment (6,828) (8,143) (6,518)
Net payment from (advances to) AMAK 1,626 (2,042) (120)
Addition to Investment in AMAK (7,500) 0 0
Net cash used in investing activities (12,702) (10,185) (6,638)
Financing Activities      
Issuance of common stock 60 146 108
Additions to long-term debt 6,000 2,000 6,000
Repayment of long-term debt (8,500) (10,500) (4,462)
Net cash provided by (used) in financing activities (2,440) (8,354) 1,646
Net increase (decrease) in cash and cash equivalents (1,900) 2,834 (936)
Cash and cash equivalents at beginning of year 9,508 6,674 7,610
Cash and cash equivalents at end of year 7,608 9,508 6,674
Supplemental disclosure of cash flow information:      
Cash payments for interest 802 912 1,071
Cash payments (net of refunds) for taxes 6,006 6,650 3,045
Supplemental disclosure of non-cash items:      
Other liabilities for capital expansion amortized to depreciation expense 1,284 1,102 210
Unrealized loss/(gain) on interest rate swap, net of tax benefit/expense $ (214) $ (168) $ 12