Argan, Inc. Reports Second Quarter Results

Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the three and six months ended July 31, 2011.

For the quarter ended July 31, 2011, net revenues were $26.3 million compared to $52.3 million during the quarter ended July 31, 2010. Gemma Power Systems (Gemma) contributed $24.4 million or 93% of net revenues from continuing operations in the second quarter of fiscal 2012, compared to $50.4 million or 96% of net revenues from continuing operations in the second quarter of fiscal 2011. The reduction in net revenues was due primarily to the completion of the construction of a large gas fired power plant in Northern California in the first quarter. In May 2011, Gemma received full notice to proceed on a new 800 MW project near Desert Hot Springs, California.

For the six months ended July 31, 2011, net revenues were $42.3 million compared to $105.6 million during the six months ended July 31, 2010. Gemma contributed $38.4 million or 91% of net revenues from continuing operations in the first six months of fiscal 2012 compared to $101.8 million or 96% of net revenues from continuing operations in the first six months of fiscal 2011.

The Company reported EBITDA (Earnings before interest, taxes, depreciation and amortization) from continuing operations of $2.5 million for the quarter ended July 31, 2011 compared to $6.5 million for the same prior year period. Gemma, for its segment, recorded $3.1 million in EBITDA for the second quarter of fiscal 2012 compared to $7.4 million in the second quarter of fiscal 2011. The Company reported EBITDA from continuing operations of $3.9 million for the six months ended July 31, 2011 compared to $10.5 million for the same prior year period. Gemma, for its segment, recorded $5.4 million in EBITDA for the first six months of fiscal 2012 compared to $12.8 million for the first six months of fiscal 2011.

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