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Argan, Inc. Reports Third Quarter Results

In the third quarter of fiscal 2012, the Company reported income from continuing operations before income taxes of $3.8 million compared to income from continuing operations before income taxes of $4.3 million in the third quarter of 2011.

For the first nine months of fiscal 2012, the Company reported income from continuing operations before income taxes of $7.2 million compared to income from continuing operations before income taxes of $14.2 million for the first nine months of fiscal 2011.

Net income for the quarter ended October 31, 2011 was $2.0 million or $0.15 per diluted share based on 13,744,000 diluted shares outstanding, compared to net income of $1.5 million or $0.11 per diluted share based on 13,669,000 diluted shares outstanding for the quarter ended October 31, 2010.

Net income for the nine months ended October 31, 2011 was $4.7 million or $0.34 per diluted share based on 13,715,000 diluted shares outstanding compared to net income of $6.9 million or $0.50 per diluted share based on 13,714,000 diluted shares outstanding for the nine months ended October 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 nine months ended October 31, 2011 and 2010 as discontinued operations. Current results include the net proceeds of the sale transaction.

Argan incurred a loss on discontinued operations for the current quarter of $293,000 compared to a loss of $925,000 on discontinued operations in the same quarter in the preceding year. Argan realized income on discontinued operations for the first nine months of fiscal 2012 of $118,000 compared to a loss of $1,913,000 on discontinued operations in the first nine months of the preceding year.

Argan had consolidated cash of $138.0 million as of October 31, 2011 and was debt free. Consolidated working capital was approximately $72.8 million as of October 31, 2011.

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