Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the fourth quarter and year ended January 31, 2011.
In March 2011, Vitarich Laboratories, Inc. (VLI), a wholly owned subsidiary of Argan, sold substantially all of its assets to NBTY, Florida, Inc. As a result, Argan is reporting VLI’s results for the years ended January 31, 2011 and 2010 as discontinued operations. Fiscal year 2012 results will include the net proceeds of the sale transaction.
For the year ended January 31, 2011, net revenues were $182.6 million compared to $218.3 million for the year ended January 31, 2010. Gemma Power Systems LLC and affiliates (Gemma) contributed $174.9 million, or 96% of net revenues in fiscal 2011, compared to $209.8 million, or 96% of net revenues in fiscal 2010.
Argan reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) from continuing operations of $18.1 million for the year ended January 31, 2011 compared to $14.0 million for the prior year. Gemma recorded $22.2 million in EBITDA for fiscal 2011 compared to $17.2 million for fiscal 2010.Income from continuing operations for fiscal 2011 was $10 million, or $0.73 per diluted share based on 13,709,000 diluted shares outstanding, compared to income from continuing operations for fiscal 2010 of $8.3 million, or $0.60 per diluted share based on 13,766,000 diluted shares outstanding. Net income for fiscal 2011 was $7.8 million, or $0.57 per diluted share, compared to net income of $7.0 million, or $0.51 per diluted share for fiscal 2010. For the fourth quarter ended January 31, 2011, consolidated net revenues were $31.8 million compared to $39.6 million in the previous year. Gemma contributed $30.5 million, or 96% of consolidated net revenues for the fourth quarter of fiscal 2011, compared to $37.8 million, or 95% of consolidated net revenues for the fourth quarter of fiscal 2010.
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