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Argan, Inc. Reports Fourth Quarter And Year End Results

Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the fourth quarter and year ended January 31, 2010.

For the year ended January 31, 2010, net revenues were $232.3 million compared to $220.9 million in the year ended January 31, 2009. Gemma Power Systems (Gemma) contributed $209.8 million or 90.3% of net revenues in fiscal 2010, compared to $202.3 million, or 91.6% of net revenues in fiscal 2009. Combined net revenues from Argan’s other wholly-owned subsidiaries increased to $22.5 million, or 9.7% of net revenues for the year ended January 31, 2010, compared to $18.6 million, or 8.4% of net revenues last year.

The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $11.8 million for the year ended January 31, 2010 compared to $19.6 million for the prior year. Gemma, for its segment, recorded $17.2 million in EBITDA for fiscal 2010 compared to $31.2 million for fiscal 2009.

Net income for fiscal 2010 was $7 million, or $0.51 per diluted share based on 13,766,000 diluted shares outstanding, compared to net income of $10 million, or $0.78 per diluted share based on 12,779,000 diluted shares outstanding for fiscal 2009.

For the fourth quarter ended January 31, 2010, net revenues were $43.1 million compared to $56.0 million in the previous year. Gemma contributed $37.8 million or 87.7% of net revenues for the fourth quarter of fiscal 2010, compared to $51.3 million, or 91.5% of net revenues for the fourth quarter of fiscal 2009. Combined net revenues from Argan’s other wholly-owned subsidiaries increased to $5.3 million, or 12.3% of net revenues for the quarter ended January 31, 2010, compared to $4.7 million, or 8.5% of net revenues last year.

The Company reported negative consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $1.2 million for the three months ended January 31, 2010 compared to positive $9 million in the preceding fiscal year. Gemma, for its segment, recorded positive $1.2 million in EBITDA for the three months ended January 31, 2010 compared to $13.6 million for the three months ended January 31, 2009.

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