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Argan, Inc. Reports Fourth Quarter And Year End Results

Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the three months and year ended January 31, 2012.

For the year ended January 31, 2012, net revenues were $141.9 million compared to $182.6 million for the year ended January 31, 2011. Gemma Power Systems LLC and affiliates (Gemma) contributed $132.5 million, or 93% of net revenues in fiscal 2012, compared to $174.9 million, or 96% of net revenues in fiscal 2011.

Argan reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) from continuing operations of $12.8 million for the year ended January 31, 2012 compared to $18.1 million for the prior year. Gemma recorded $15.7 million in EBITDA for fiscal 2012 compared to $22.2 million for fiscal 2011.

Income from continuing operations for fiscal 2012 was $7.4 million, or $0.56 per diluted share based on 13,792,000 diluted shares outstanding, compared to income from continuing operations for fiscal 2011 of $10.0 million, or $0.73 per diluted share based on 13,709,000 diluted shares outstanding.

Net income attributable to Argan, Inc. shareholders for fiscal 2012 was $9.3 million, or $0.67 per diluted share, compared to $7.8 million, or $0.57 per diluted share for fiscal 2011.

For the three months ended January 31, 2012, consolidated net revenues were $55.9 million compared to $31.8 million in the previous year. Gemma contributed $52.8 million or 95% of consolidated net revenues for the fourth quarter of fiscal 2012, compared to $30.5 million, or 96% of consolidated net revenues for the fourth quarter of fiscal 2011.

Argan reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) from continuing operations of $4.9 million for the three months ended January 31, 2012 compared to $3.1 million in the preceding fiscal year. Gemma recorded $5.2 million in EBITDA for the three months ended January 31, 2012 compared to $4.4 million for the three months ended January 31, 2011.

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