The effect of correcting these errors on our condensed consolidated statements of operations for the three months ended March 31, 2012 is as follows:

	Quarter Ended March 31, 2012
	Previously Reported			Adjustments																		As Adjusted
				Spain			South Africa			Poland			Tax			Other			Total

Continuing Operations
Net sales	$	235.8		$	-		$	-		$	-		$	-		$	(0.3	)	$	(0.3	)	$	235.5
Cost of sales		170.7			0.4			0.1			(0.2	)					(0.2	)		0.1			170.8
Gross profit		65.1			(0.4	)		(0.1	)		0.2			-			(0.1	)		(0.4	)		64.7
Selling, general and administrative expenses		43.6			(0.2	)											(0.1	)		(0.3	)		43.3
Operating profit		21.5			(0.2	)		(0.1	)		0.2			-			-			(0.1	)		21.4
Other income (expense):
Interest expense, net		(2.7	)														-						(2.7	)
Other, net		(2.1	)														-			-			(2.1	)
		(4.8	)		-			-			-			-			-			-			(4.8	)
Income before income taxes and income (loss) from
affiliates and joint ventures		16.7			(0.2	)		(0.1	)		0.2			-			-			(0.1	)		16.6
Income tax expense (benefit)		4.8			0.1			(0.1	)					(0.3	)		(0.1	)		(0.4	)		4.4
Income before income (loss) from affiliates and
joint ventures		11.9			(0.3	)		-			0.2			0.3			0.1			0.3			12.2
Income (loss) from affiliates and joint ventures		1.2															0.1			0.1			1.3

Income (loss) from continuing operations		13.1			(0.3	)		-			0.2			0.3			0.2			0.4			13.5

Discontinued Operations
Income (loss) on discontinued operations		(0.2	)														0.2			0.2			-

Net income (loss)		12.9			(0.3	)		-			0.2			0.3			0.4			0.6			13.5

Net income (loss) attributable to noncontrolling interests		0.1															-						0.1

Net income (loss) attributable to AMCOL shareholders	$	12.8		$	(0.3	)	$	-		$	0.2		$	0.3		$	0.4		$	0.6		$	13.4

Weighted average common shares outstanding		32.0																		32.0			32.0

Weighted average common and common equivalent shares outstanding		32.3																		32.3			32.3

Amounts attributable to AMCOL shareholders
Income from continuing operations, net of tax	$	13.0																	$	0.4		$	13.4
Discontinued operations, net of tax		(0.2	)																	0.2			-

Net income	$	12.8																	$	0.6		$	13.4

Earnings per share attributable to AMCOL shareholders:
Basic earnings (loss) per share:
Continuing operations	$	0.41																	$	0.01		$	0.42
Discontinued operations		(0.01	)																	0.01			-

Net income	$	0.40																	$	0.02		$	0.42

Diluted earnings (loss) per share:
Continuing operations	$	0.41																	$	-		$	0.41
Discontinued operations		(0.01	)																	0.01			-

Net income	$	0.40																	$	0.01		$	0.41

The effect of correcting these errors, and other erros corrected in our 2011 and prior financial statements (as reflected in our 2011 Form 10-K/A), on our condensed consolidated statements of operations for the three months ended March 31, 2011 is as follows:

	Quarter Ended March 31, 2011
	Previously Reported			Adjustments																				As Adjusted
				Spain			South Africa			Malaysia		Poland			Tax			Other			Total

Continuing Operations
Net sales	$	217.8		$	-		$	-		$	0.6	$	-		$	-		$	0.2		$	0.8		$	218.6
Cost of sales		160.1			0.3			0.1					0.5						(0.3	)		0.6			160.7
Gross profit		57.7			(0.3	)		(0.1	)		0.6		(0.5	)		-			0.5			0.2			57.9
Selling, general and administrative expenses		39.1																	(0.2	)		(0.2	)		38.9
Operating profit		18.6			(0.3	)		(0.1	)		0.6		(0.5	)		-			0.7			0.4			19.0
Other income (expense):
Interest expense, net		(2.7	)																0.1			0.1			(2.6	)
Other, net		(0.4	)																-						(0.4	)
		(3.1	)		-			-			-		-			-			0.1			0.1			(3.0	)
Income before income taxes and income (loss) from
affiliates and joint ventures		15.5			(0.3	)		(0.1	)		0.6		(0.5	)		-			0.8			0.5			16.0
Income tax expense (benefit)		4.3						0.1			0.1					(0.5	)		(0.2	)		(0.5	)		3.8
Income before income (loss) from affiliates and
joint ventures		11.2			(0.3	)		(0.2	)		0.5		(0.5	)		0.5			1.0			1.0			12.2
Income (loss) from affiliates and joint ventures		1.1														(0.1	)		-			(0.1	)		1.0

Income (loss) from continuing operations		12.3			(0.3	)		(0.2	)		0.5		(0.5	)		0.4			1.0			0.9			13.2

Discontinued Operations
Income (loss) on discontinued operations		(0.1	)																-						(0.1	)

Net income (loss)		12.2			(0.3	)		(0.2	)		0.5		(0.5	)		0.4			1.0			0.9			13.1

Net income (loss) attributable to noncontrolling interests		-																	-						-

Net income (loss) attributable to AMCOL shareholders	$	12.2		$	(0.3	)	$	(0.2	)	$	0.5	$	(0.5	)	$	0.4		$	1.0		$	0.9		$	13.1

Weighted average common shares outstanding		31.5																				31.5			31.5

Weighted average common and common equivalent shares outstanding		32.0																				32.0			32.0

Amounts attributable to AMCOL shareholders
Income from continuing operations, net of tax	$	12.3																			$	0.9		$	13.2
Discontinued operations, net of tax		(0.1	)																			-			(0.1	)

Net income	$	12.2																			$	0.9		$	13.1

Earnings per share attributable to AMCOL shareholders:
Basic earnings (loss) per share:
Continuing operations	$	0.39																			$	0.03		$	0.42
Discontinued operations		-																				-			-

Net income	$	0.39																			$	0.03		$	0.42

Diluted earnings (loss) per share:
Continuing operations	$	0.38																			$	0.03		$	0.41
Discontinued operations		-																				-			-

Net income	$	0.38																			$	0.03		$	0.41

The effect of correcting these errors, and other errors corrected in periods prior to and including December 31, 2011 (as reflected in our 2011 Form 10K/A), in our condensed consolidated balance sheet as of March 31, 2012 is as follows:

	March 31, 2012
ASSETS	Previously Reported		Adjustments																As Adjusted
			Spain			South Africa		Poland			Tax		Other			Total
Current assets:
Cash and cash equivalents	$	16.9	$	-		$	-	$	-		$	-	$	-		$	-		$	16.9
Accounts receivable, net		204.0		(0.6	)				(0.3	)				(0.3	)		(1.2	)	$	202.8
Inventories		150.6		(2.3	)		0.3							(0.3	)		(2.3	)		148.3
Prepaid expenses		17.2												-						17.2
Deferred income taxes		6.2												-						6.2
Income tax receivable		5.7												-						5.7
Other		4.6												-						4.6

Total current assets		405.2		(2.9	)		0.3		(0.3	)		-		(0.6	)		(3.5	)		401.7

Noncurrent assets:
Property, plant, equipment, and mineral rights and reserves:
Land		14.3												(1.8	)		(1.8	)		12.5
Mineral rights		43.8					11.2							-			11.2			55.0
Depreciable assets		500.2												2.3			2.3			502.5

		558.3		-			11.2		-			-		0.5			11.7			570.0
Less: accumulated depreciation and depletion		285.1												0.1			0.1			285.2

		273.2		-			11.2		-			-		0.4			11.6			284.8

Goodwill		70.2																		70.2
Intangible assets, net		36.9												0.3			0.3			37.2
Investment in and advances to affiliates and joint ventures		27.1												-						27.1
Available-for-sale securities		2.9												-						2.9
Deferred income taxes		8.6					0.7							-			0.7			9.3
Other assets		26.0							(0.4	)				-			(0.4	)		25.6
														-
Total noncurrent assets		444.9		-			11.9		(0.4	)		-		0.7			12.2			457.1
Total Assets	$	850.1	$	(2.9	)	$	12.2	$	(0.7	)	$	-	$	0.1		$	8.7		$	858.8

	March 31, 2012
LIABILITIES AND SHAREHOLDERS' EQUITY	Previously Reported			Adjustments																		As Adjusted
				Spain			South Africa			Poland			Tax			Other			Total
Current liabilities:
Accounts payable	$	47.7		$	-		$	-		$	-		$	-		$	-		$	-		$	47.7
Accrued income taxes		6.8			(0.2	)		0.1						(0.3	)		0.1			(0.3	)		6.5
Accrued liabilities		57.0									0.7						-			0.7			57.7

Total current liabilities		111.5			(0.2	)		0.1			0.7			(0.3	)		0.1			0.4			111.9

Noncurrent liabilities:
Long-term debt		250.7															-						250.7
Pension liabilities		34.6															-						34.6
Deferred compensation		9.5															-						9.5
Deferred income tax		1.5						13.2			-						0.1			13.3			14.8
Other long-term liabilities		19.5															-						19.5

Total noncurrent liabilities		315.8			-			13.2			-			-			0.1			13.3			329.1

Shareholders' Equity:
Common stock		0.3															-						0.3
Additional paid in capital		97.8						(0.2	)								-			(0.2	)		97.6
Retained earnings		326.6			(2.8	)		(0.8	)		(1.5	)		0.3			0.1			(4.7	)		321.9
Accumulated other comprehensive income (loss)		(4.7	)		0.1						0.1						(0.2	)					(4.7	)
Less: Treasury stock		(1.7	)														-						(1.7	)

Total AMCOL shareholders' equity		418.3			(2.7	)		(1.0	)		(1.4	)		0.3			(0.1	)		(4.9	)		413.4

Noncontrolling interest		4.5						(0.1	)								-			(0.1	)		4.4

Total equity		422.8			(2.7	)		(1.1	)		(1.4	)		0.3			(0.1	)		(5.0	)		417.8
Total Liabilities and Shareholders' Equity	$	850.1		$	(2.9	)	$	12.2		$	(0.7	)	$	-		$	0.1		$	8.7		$	858.8

The effect of correcting these errors in our condensed consolidated statements of cash flows for the three months ended March 31, 2012 and March 31, 2011 is as follows:


	Three Months Ended March 31, 2012
	Previously Reported			Adjustments			As Adjusted

Net cash provided by (used in) operating activities	$	20.6		$	(0.1	)	$	20.5
Net cash (used in) investing activities		(15.3	)		(0.1	)		(15.4	)
Net cash provided by (used in) financing activities		(12.1	)		(0.2	)		(12.3	)
Net increase (decrease) in cash and cash equivalents		(6.8	)		(0.4	)		(7.2	)
Cash and cash equivalents at beginning of period		23.7			0.4			24.1
Cash and cash equivalents at end of period	$	16.9		$	-		$	16.9


	Three Months Ended March 31, 2011
	Previously Reported			Adjustments			As Adjusted

Net cash provided by (used in) operating activities	$	10.3					$	10.3
Net cash (used in) investing activities		(10.3	)		0.5			(9.8	)
Net cash provided by (used in) financing activities		(6.3	)					(6.3	)
Effect of foreign currency rate changes on cash		0.2						0.2
Net increase (decrease) in cash and cash equivalents		(6.1	)		0.5			(5.6	)
Cash and cash equivalents at beginning of period		27.3			(0.5	)		26.8
Cash and cash equivalents at end of period	$	21.2		$	-		$	21.2