Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
CURRENT ASSETS    
Cash and cash equivalents $ 6,673,987 $ 7,609,943
Financial contracts 392,864 177,446
Trade receivables, net of allowance for doubtful accounts of $210,000 and $155,000, respectively 23,198,132 11,212,290
Current portion of notes receivable, net of discount of $0 and $684, respectively (Note 6) 0 34,427
Prepaid expenses and other assets 681,168 669,367
Contractual based intangible assets (Note 1) 250,422 250,422
Inventories (Note 5) 9,456,365 5,917,283
Deferred income taxes (Note 15) 1,169,124 487,513
Taxes receivable (Note 15) 0 216,461
Total current assets 41,822,062 26,575,152
PLANT, PIPELINE, AND EQUIPMENT - AT COST 60,624,093 54,703,710
LESS ACCUMULATED DEPRECIATION (23,671,722) (20,839,442)
PLANT, PIPELINE, AND EQUIPMENT, NET (Note 7) 36,952,371 33,864,268
INVESTMENT IN AMAK (Note 8) 30,883,657 30,883,657
MINERAL PROPERTIES IN THE UNITED STATES (Note 9) 588,311 588,311
CONTRACTUAL BASED INTANGIBLE ASSETS, net of current portion (Note 1) 354,764 605,185
OTHER ASSETS 10,938 10,938
TOTAL ASSETS 110,612,103 92,527,511
CURRENT LIABILITIES    
Accounts payable 5,857,498 2,778,161
Accrued interest 115,865 120,533
Current portion of derivative instruments (Notes 4 and 19) 344,531 396,527
Accrued liabilities (Note 11) 2,944,470 1,777,642
Accrued liabilities in Saudi Arabia (Note 12) 139,731 184,593
Notes payable 12,000 12,000
Current portion of post retirement benefit (Note 20) 258,055 246,605
Current portion of long-term debt (Note 10) 1,500,000 1,864,770
Current portion of other liabilities 936,891 199,939
Total current liabilities 12,109,041 7,580,770
LONG-TERM DEBT, net of current portion (Note 10) 22,739,488 20,836,098
POST RETIREMENT BENEFIT, net of current portion (Note 20) 648,696 680,196
DERIVATIVE INSTRUMENTS, net of current portion (Notes 4 and 19) 789,453 719,693
OTHER LIABILITIES , net of current portion 1,071,115 390,232
DEFERRED INCOME TAXES (Note 15) 7,015,898 5,480,683
Total liabilities 44,373,691 35,687,672
COMMITMENTS AND CONTINGENCIES (Note 13)      
EQUITY    
Common Stock - authorized 40,000,000 shares of $.10 par value; issued and outstanding, 23,731,415 and 23,682,915 shares in 2011 and 2010, respectively 2,373,142 2,368,291
Additional Paid-in Capital 44,137,773 43,162,641
Accumulated Other Comprehensive Loss (748,430) (736,706)
Retained Earnings 20,186,704 11,756,390
Total Arabian American Development Company Stockholders'Equity 65,949,189 56,550,616
Noncontrolling interest 289,223 289,223
Total equity 66,238,412 56,839,839
TOTAL LIABILITIES AND EQUITY $ 110,612,103 $ 92,527,511