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.
"We are satisfied with full year results as they came in within our expectations particularly given the delay in the startup of a strategic customer," said Nick Carter, President and Chief Executive Officer of Arabian American. "The change in volume from the prior year's comparable quarter was the result of several factors including a planned maintenance shutdown and the resolution of a competitor's production outages. Additionally, our customer's delay in production at the Canadian tar sands project carried through in fourth quarter 2012. Going forward, it is our understanding that the tar sands' orders are coming back online in the second quarter and will continue for the remainder of 2013. Combined with the AMAK mine, which began shipping copper and zinc concentrate late last year, we feel that we have good momentum moving into 2013."
Arabian American will host a conference call and live webcast at 4:30 p.m. Eastern Time, Thursday, March 7, 2013. Anyone interested in participating should call 1-877-941-4774 if calling within the United States or 1-480-629-9760 if calling internationally. Playback will be available until March 14, 2013. To listen to the playback, please call 1-877-870-5176 if calling within the United States or 1-858-384-5517 if calling internationally. Use pin number 4601831 for the replay.
A link to a simultaneous webcast of the teleconference will be available at http://www.arabianamericandev.com through Windows Media Player or RealPlayer. A replay of the call will also be available through the same link. The webcast replay will be available for one month after the call.
About Arabian American Development Company (ARSD)
ARSD owns and operates a petrochemical facility located in southeast Texas, just north of Beaumont which specializes in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and a 35% owner of Al Masane Al Kobra Mining Co., a Saudi Arabian joint stock company.
Use of Non-GAAP Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). This press release contains the non-GAAP measure: EBITDA. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Statements in this press release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon our belief, as well as, assumptions made by and information currently available to us. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American's filings with the Securities and Exchange Commission, including Arabian American's Annual Report on Form 10-K for the year ended December 31, 2011, and the Company's subsequent Quarterly Reports on Form 10-Q. All forward-looking statements included in this press release are based upon information available to the company as of the date of this press release.
Nick Carter, President and Chief Executive Officer
Investor Relations Contact:
Kim Rogers-Carrete, Principal
Matthew Selinger, Principal
SOURCE Arabian American Development Co.