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Argan, Inc. Reports Third Quarter Results

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

For the quarter ended October 31, 2011, net revenues were $43.6 million compared to $45.2 million during the quarter ended October 31, 2010. Gemma Power Systems (Gemma) contributed $41.3 million or 95% of net revenues from continuing operations in the third quarter of fiscal 2012, compared to $42.7 million or 94% of net revenues from continuing operations in the third quarter of fiscal 2011. The reduction in comparative 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 of the current year and the substantial completion of a gas-fired peaking facility in Connecticut in the second quarter. Since May 2011, Gemma has received notices to proceed on a new 800 MW gas-fired project near Desert Hot Springs, California, a 200 MW wind project in Illinois, a 49.9 MW biomass plant in Texas and a solar project in Massachusetts.

For the nine months ended October 31, 2011, net revenues were $85.9 million compared to $150.8 million during the nine months ended October 31, 2010. Gemma contributed $79.7 million or 93% of net revenues from continuing operations in the first nine months of fiscal 2012 compared to $144.5 million or 96% of net revenues from continuing operations in the first nine months of fiscal 2011.

The Company reported EBITDA (Earnings before interest, taxes, depreciation and amortization) from continuing operations of $4.0 million for the quarter ended October 31, 2011 compared to $4.5 million for the same prior year period. Gemma, for its segment, recorded $4.7 million in EBITDA for the third quarter of fiscal 2012 compared to $5.1 million in the third quarter of fiscal 2011. The Company reported EBITDA from continuing operations of $7.8 million for the nine months ended October 31, 2011 compared to $15.0 million for the same prior year period. Gemma, for its segment, recorded $10.1 million in EBITDA for the first nine months of fiscal 2012 compared to $17.9 million for the first nine months of fiscal 2011.

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