This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Argan, Inc. Reports Third Quarter Results

Stocks in this article: AGX

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.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs