This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,196.48 -331.55 -2.01%
S&P 500 1,933.72 -38.46 -1.95%
NASDAQ 4,705.4670 -71.0410 -1.49%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs