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Argan, Inc. Reports Robust Second Quarter Results

In the second quarter of fiscal 2013, the Company reported income from continuing operations before income taxes of $9.6 million compared to income from continuing operations before income taxes of $2.3 million in the second quarter of 2012.

For the first six months of fiscal 2013, the Company reported income from continuing operations before income taxes of $16.6 million compared to income from continuing operations before income taxes of $3.5 million for the first six months of fiscal 2012.

Net income attributable to the stockholders of Argan for the quarter ended July 31, 2012 was $6.2 million or $0.45 per diluted share based on 13,935,000 diluted shares outstanding, compared to net income attributable to the stockholders of Argan of $2.1 million or $0.15 per diluted share based on 13,717,000 diluted shares outstanding for the quarter ended July 31, 2011.

Net income attributable to the stockholders of Argan for the six months ended July 31, 2012 was $10.6 million or $0.76 per diluted share based on 13,952,000 diluted shares outstanding compared to net income attributable to the stockholders of Argan of $2.7 million or $0.20 per diluted share based on 13,699,000 diluted shares outstanding for the six months ended July 31, 2011.

Argan had consolidated cash of $186.8 million as of July 31, 2012 and was debt free. Consolidated working capital increased during the current fiscal year to date to approximately $84.5 million as of July 31, 2012 and consolidated tangible net worth increased to $92.2 million in the same period.

Gemma’s backlog as of July 31, 2012 was $286 million. In May 2012, Gemma received a full notice to proceed on the project to construct a 49.9 MW Biomass-Fired Power Plant in Southeast Texas, which is included in our backlog with the value of $146.8 million at July 31, 2012.

Commenting on Argan’s results, Rainer Bosselmann and Chief Executive Officer stated, “Our Gemma net revenues continued to be very strong during the first six months of our fiscal year due primarily to a large gas fired power plant we are constructing in Southern California. For the remainder of the year, we should experience the positive impact on our net revenues from commencing the physical construction activity on a 49.9 MW Biomass-Fired Power Plant in Southeast Texas.”

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