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Argan, Inc. Reports Nine Months Revenues Of $158.6 Million; EBITDA Of $12.1 Million

Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the nine months and three months ended October 31, 2010.

For the nine months ended October 31, 2010, net revenues were $158.6 million compared to $189.2 million in the nine months ended October 31, 2009. Gemma Power Systems (Gemma) contributed $144.5 million, or 91% of net revenues in the first nine months of fiscal 2011, compared to $172.0 million, or 91% of net revenues in the first nine months of fiscal 2010. Combined net revenues from Argan’s other wholly-owned subsidiaries decreased to $14.1 million, or 9% of net revenues for the nine months ended October 31, 2010, compared to $17.2 million, or 9% of net revenues during the same period last year.

The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $12.1 million for the nine months ended October 31, 2010. Gemma, for its segment, recorded $17.9 million in EBITDA for the first nine months of fiscal 2011.

Net income for the first nine months of fiscal 2011 was $6.9 million, or $0.50 per diluted share based on 13,714,000 diluted shares outstanding, compared to net income of $7.6 million, or $0.55 per diluted share based on 13,765,000 diluted shares outstanding for the first nine months in fiscal 2010.

For the three months ended October 31, 2010, net revenues were $48.2 million compared to $60.7 million in the previous year. Gemma contributed $42.7 million, or 89% of net revenues for the third quarter of fiscal 2011, compared to $54.2 million, or 89% of net revenues for the third quarter of fiscal 2010. Combined net revenues from Argan’s other wholly-owned subsidiaries decreased to $5.5 million, or 11% of net revenues for the three months ended October 31, 2010, compared to $6.5 million, or 11% of net revenues during the same period last year.

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