Quarterly report pursuant to sections 13 or 15(d)

RESTATEMENT OF FINANCIAL STATEMENTS

v2.4.0.6
RESTATEMENT OF FINANCIAL STATEMENTS
3 Months Ended
Mar. 31, 2013
RESTATEMENT OF FINANCIAL STATEMENTS [Abstract]  
Restatement of Financial Statements [Text Block]
3. RESTATEMENT OF FINANCIAL STATEMENTS

The accompanying unaudited consolidated financial statements as of and for the three months ended March 31, 2013, have been restated to properly reflect the Company's equity in the earnings of AMAK for that three month period.  In the originally issued unaudited financial statements as of and for the three months ended March 31, 2013, the Company did not record its share of the earnings of AMAK as the result of the Company's plan to apply the equity method of accounting using AMAK's results of operations for the three month period preceding the period being reported by the Company (the "in arrears method") due to the time necessary to obtain financial information from AMAK. However, the Company subsequently determined that the use of the in arrears method would represent a change in the method of applying the equity method of accounting from its 2012 use of AMAK's operating results for the period corresponding to period being reported by the Company. Accordingly, the Company has restated its unaudited consolidated financial statements as of and for the three months ended March 31, 2013, to base its accounting for its investment in AMAK on AMAK's operating results for the same three month period.
 
The effects of the restatement are as follows:

 
March 31, 2013
 
(unaudited)
 
As Reported
As Restated
 
(thousands of dollars)
Consolidated Balance Sheets
 
 
Investment in AMAK
$    46,769
$ 48,358
Total Assets
    129,199
 130,788
Retained Earnings
      38,548
   40,137
Total Arabian American Development Company Stockholders' Equity
    85,462
 87,051
Total Equity
    85,751
 87,340
Total Liabilities and Equity
129,199
 130,788

Consolidated Statements of Income
 
 
Equity in earnings (loss) of AMAK
$         298
$   2,964
Total other income (expense)
86
2,752
Income before income taxes
   3,131
 5,797
Net income
   2,120
 4,786
Net income attributable to Arabian American Development Company
   2,120
 4,786
 
 
 
Basic earnings per common share (dollars)
$  0.09
$  0.20
Diluted earnings per common share (dollars)
     $  0.09
     $  0.19

 
 
 
Consolidated Statements of Comprehensive Income
 
 
Net Income
$ 2,120
$ 4,786
Comprehensive Income
2,175
4,841

Consolidated Statement of Stockholders' Equity
 
 
Net Income
$ 2,120
$ 4,786
Retained Earnings
38,548
40,137
Total
85,462
87,051
Total Equity
85,751
87,340

Consolidated Statements of Cash Flows
 
 
Operating Activities
 
 
Net income
$ 2,120
$ 4,786
Equity in (earnings) loss of AMAK
(298)
     (2,964)