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Argan, Inc. Reports Second Quarter Results

In the second quarter of fiscal 2012, the Company reported income from continuing operations before income taxes of $2.3 million compared to income from continuing operations before income taxes of $6.2 million in the second quarter of 2011.

For the first six months of fiscal 2012, the Company reported income from continuing operations before income taxes of $3.5 million compared to income from continuing operations before income taxes of $9.9 million for the first six months of fiscal 2011.

Net income for the quarter ended July 31, 2011 was $2.1 million or $0.15 per diluted share based on 13,717,000 diluted shares outstanding, compared to net income of $3.3 million or $0.24 per diluted share based on 13,699,000 diluted shares outstanding for the quarter ended July 31, 2010.

Net income for the six months ended July 31, 2011 was $2.7 million or $0.20 per diluted share based on 13,699,000 shares outstanding compared to net income of $5.3 million or $0.39 per diluted share based on 13,736,000 diluted shares outstanding for the six months ended July 31, 2010.

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 three and six months ended July 31, 2011 and 2010 as discontinued operations. Current results include the net proceeds of the sale transaction.

Argan realized income on discontinued operations for the current quarter of $550,000 compared to a loss of $656,000 on discontinued operations in the same quarter in the preceding year. Argan realized income on discontinued operations for the first six months of fiscal 2012 of $411,000 compared to a loss of $988,000 on discontinued operations in the first six months of the preceding year.

Argan had consolidated cash of $106.9 million as of July 31, 2011 and was debt free. Consolidated working capital increased during the current quarter to approximately $77.1 million as of July 31, 2011.

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