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Argan, Inc. Reports First Quarter Results

Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the first quarter of fiscal 2011 ended April 30, 2010.

For the quarter ended April 30, 2010, net revenues were $55.9 million compared to $63.1 million in the quarter ended April 30, 2009. Gemma Power Systems (Gemma) contributed $51.4 million or 91.9% of net revenues in the first quarter of fiscal 2011, compared to $58.0 million, or 92.0% of net revenues in the first quarter of fiscal 2010. Combined net revenues from Argan’s other wholly-owned subsidiaries were $4.5 million, or 8.1% of net revenues for the quarter ended April 30, 2010, compared to $5.1 million, or 8.0% of net revenues for the same quarter last year.

The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $3.5 million for the quarter ended April 30, 2010 compared to $5.1 million for the same prior year period. Gemma, for its segment, recorded $5.4 million in EBITDA for the first quarter of fiscal 2011 compared to $6.3 million in the first quarter of fiscal 2010.

Net income for the quarter ended April 30, 2010 was $2 million, or $0.15 per diluted share based on 13,790,000 diluted shares outstanding, compared to net income of $3 million, or $0.22 per diluted share based on 13,714,000 diluted shares outstanding for the quarter ended April 30, 2009.

In the first quarter of fiscal 2011, the Company reported operating income of $3.2 million compared to operating income of $4.2 million in the first quarter of 2010. The decrease in operating income was due primarily to lower operating performances at each of the Company’s business segments.

Argan had consolidated cash of $63.2 million and escrowed cash of $5 million as of April 30, 2010. During the current quarter, the Company used cash to reduce long-term debt by $500,000 to $1.3 million as of April 30, 2010. Consolidated working capital increased during the current quarter to approximately $65.8 million as of April 30, 2010 from approximately $63.4 million as of January 31, 2010.

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