(19)	Quarterly Results (Unaudited)

Unaudited summarized results for each quarter of the last two years are as follows:

	2011 Quarters Restated
	First			Second			Third			Fourth

Minerals and materials	$	115,928		$	118,237		$	122,209		$	120,326
Environmental		51,683			74,831			70,999			54,394
Oilfield services		45,580			45,104			50,175			53,876
Transportation		12,674			14,780			14,877			11,782
Intersegment sales		(7,216	)		(9,855	)		(10,343	)		(6,245	)
Net sales		218,649			243,097			247,917			234,133
Minerals and materials	$	28,090		$	26,156		$	31,555		$	30,730
Environmental		15,273			22,210			21,845			14,597
Oilfield services		13,499			11,733			15,377			15,348
Transportation		1,403			1,640			1,775			1,323
Intersegment gross profit		(370	)		122			(200	)		211
Gross profit		57,895			61,861			70,352			62,209
Minerals and materials	$	16,100		$	13,440		$	19,515		$	18,089
Environmental		1,814			7,985			6,994			556
Oilfield services		5,707			3,691			5,787			6,041
Transportation		465			685			770			321
Corporate		(5,103	)		(4,896	)		(7,251	)		(4,624	)
Operating profit		18,983			20,905			25,815			20,383
Income (loss) from continuing operations	$	13,163		$	12,925		$	20,792		$	12,818
Income (loss) on discontinued operations	$	(87	)	$	192		$	(1,267	)	$	-
Net income (loss)	$	13,076		$	13,117		$	19,525		$	12,818
Net income (loss) attributable to noncontrolling interests	$	(7	)	$	(32	)	$	(6	)	$	60
Net income (loss) attributable to AMCOL shareholders	$	13,083		$	13,149		$	19,531		$	12,758
Basic earnings per share attributable to AMCOL shareholders (A)	$	0.42		$	0.41		$	0.61		$	0.40
Diluted earnings per share attributable to AMCOL shareholders (A)	$	0.41		$	0.41		$	0.61		$	0.40

(A) Earnings per share (EPS) for each quarter is computed using the weighted-average number of shares outstanding during the quarter, while EPS for the year is computed using the weighted-average number of shares outstanding during the year. Thus, the sum of the EPS for each of the four quarters may not equal the EPS for the year.

Our minerals and materials segment recorded the following in the third quarter ended September 30, 2011:

Reduction to cost of sales of $1,464 resulting from the recovery of certain mining costs in our chromite operations.

Income from affiliates and joint ventures of $2,104 resulting from the sale of our Belgian joint venture.

As discussed in Note 2, we have restated our 2011 and prior financial statements. We have summarized the impact of errors that were material to the results of the quarters as noted below:

Increase in cost of sales of $792, $411, $359 and $236 in the first, second, third and fourth quarter, respectively, relating to inaccuracies in the accounting for inventory and long term contracts in our environmental segment's European operations.

Increase in selling, general and administrative expenses of $519 and $198 in the third and fourth quarter, respectively, relating to errors in accounting for bad debt expense in our environmental segment's European operations.

Increase in sales of $597 in the first quarter in our oilfield services segment's Malaysian operations largely relating to errors in accounting for revenues.

Reduction to tax expense of $482 and $1,399 in the first and third quarter, respectively, resulting from inaccuracies in the accounting for income tax expense in our domestic and international operations.

The errors increased (decreased) net income attributable to AMCOL shareholders by $848, $(606), $106, $(938) in the first, second, third and fourth quarter, respectively.

The errors increased (decreased) diluted earnings per share attributable to AMCOL shareholders by $0.03, ($0.02), $0.01, and ($0.03) per share in the first, second, third and fourth quarterly, respectively.

	2010 Quarters Restated
	First			Second			Third			Fourth

Minerals and materials	$	94,809		$	103,169		$	107,038		$	111,479
Environmental		38,470			64,522			69,170			53,382
Oilfield services		30,204			39,658			40,774			42,914
Transportation		12,120			13,583			14,284			12,238
Intersegment sales		(4,701	)		(5,535	)		(6,207	)		(5,094	)
Net sales		170,902			215,397			225,059			214,919
Minerals and materials	$	23,169		$	26,629		$	24,105		$	22,217
Environmental		11,363			20,318			21,258			16,428
Oilfield services		8,014			11,785			11,525			11,545
Transportation		1,327			1,543			1,630			1,365
Intersegment gross profit		-			-			-			(36	)
Gross profit		43,873			60,275			58,518			51,519
Minerals and materials	$	13,604		$	15,963		$	12,869		$	11,113
Environmental		342			8,339			8,764			3,002
Oilfield services		1,336			4,569			3,648			4,101
Transportation		511			699			754			466
Corporate		(4,677	)		(5,848	)		(3,203	)		(7,340	)
Operating profit		11,116			23,722			22,832			11,342
Income from continuing operations	$	6,360		$	16,320		$	17,126		$	(10,436	)
Income (loss) on discontinued operations	$	(519	)	$	(140	)	$	(132	)	$	(96	)
Net income	$	5,841		$	16,180		$	16,994		$	(10,532	)
Net income (loss) attributable to noncontrolling interests	$	(354	)	$	(4	)	$	(155	)	$	(239	)
Net income (loss) attributable to AMCOL shareholders	$	6,195		$	16,184		$	17,149		$	(10,293	)
Basic earnings per share attributable to AMCOL shareholders (A)	$	0.20		$	0.52		$	0.55		$	(0.33	)
Diluted earnings per share attributable to AMCOL shareholders (A)	$	0.20		$	0.51		$	0.54		$	(0.32	)

Our minerals and materials segment recorded expenses of $2,224 and $2,779 in the third quarter ending September 30, 2010 and fourth quarter ending December 31, 2010, respectively, resulting from operational issues in our domestic personal care products business within our minerals and materials segment.

We also recorded the following charges during our fourth quarter ended December 31, 2010:

Non-cash losses from impairments associated with two of our joint ventures of $11,705, as disclosed more fully in Note 7;

Expenses of $2,665 associated with the retirement of our retired CEO; and

Tax expenses of $3,352 associated with the recognition of valuation allowances in foreign jurisdictions.

As discussed in Note 2, we have restated our prior year financial statements. We have summarized the impact of errors that were material to the results of the quarters as noted below:

Reduction to sales of $91 and $655 in the third and fourth quarter, respectively, in our oilfield services segment's Malaysian operations relating to errors in accounting for revenues.

Increase/(decrease) to tax expenses of $(472), $601 and $507 in the first, third and fourth quarter, respectively, resulting from inaccuracies in the accounting for income tax expense in our domestic and international operations.

The impact of correcting the errors increased (decreased) net income attributable to AMCOL shareholders by $67, $35, $(268) and $(946) in the first, second, third and fourth quarter, respectively.

The impact of correcting the errors increased (decreased) diluted earnings per share attributable to AMCOL shareholders by ($0.01) and ($0.02) per share in the third and fourth quarter, respectively.