SUGAR LAND, Texas, Feb. 19, 2013 /PRNewswire/ -- Arabian American Development Co. (NYSE: ARSD) released their preliminary financial results for the fourth quarter and full year ended December 31, 2012.
The following preliminary results do not include the effect for any adjustments necessary to record the Company's equity in earnings or loss from the Company's investment in Al Masane Al Kobra Mining Company (AMAK). These adjustments require retroactive application and are expected to be recorded prior to the filing of the Company's 2012 Form 10-K.
Preliminary Financial Results
Revenue for the fourth quarter was $49.9 million, a 19% decrease from the fourth quarter of 2011, and an 8% sequential decrease as compared to the third quarter of 2012. Revenue for the full year was a record $223 million, a 12% increase from $200 million in 2011.EBITDA for the fourth quarter was $3.7 million compared to $7.2 million for fourth quarter 2011. EBITDA for the full year 2012 was $20.9 million compared to $16.9 million for the full year 2011. Preliminary net income for the fourth quarter was $1.3 million or $0.06 per share as compared to net income of $4.1 million or $0.17 per share in the fourth quarter of 2011. Preliminary net income for the full year was $10.8 million or $0.45 per share as compared to net income of $8.4 million or $0.35 per share in the prior year. Volume for the quarter was 14.1 million gallons as versus 16.9 million gallons for the same quarter of 2011. Full year volume was a record 63.6 million for 2012 compared to 54.3 million in the 2011 calendar year.