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Argan, Inc. Reports Strong Third Quarter Results

Stocks in this article: AGX

Argan, Inc. (NYSE MKT: AGX) today announced financial results for the three and nine months ended October 31, 2012.

For the quarter ended October 31, 2012, net revenues were $74.5 million compared to $43.6 million during the quarter ended October 31, 2011. Gemma Power Systems (Gemma) contributed $70.5 million or 95% of net revenues from continuing operations in the third quarter of fiscal 2013, compared to $41.3 million or 95% of net revenues from continuing operations in the third quarter of fiscal 2012. The substantial increase in comparative net revenues was due primarily to significant levels of construction activity at a large gas-fired power plant in Southern California and commencement of full construction activity at a biomass power project in Texas.

For the nine months ended October 31, 2012, net revenues were $220.8 million compared to $85.9 million during the nine months ended October 31, 2011. Gemma contributed $206.4 million or 93% of net revenues from continuing operations in the first nine months of fiscal 2013 compared to $79.7 million or 93% of net revenues from continuing operations in the first nine months of fiscal 2012.

The Company reported EBITDA (Earnings before interest, taxes, depreciation and amortization) from continuing operations of $9.6 million for the quarter ended October 31, 2012 compared to $4.0 million for the same prior year period. Gemma, for its segment, provided $10.5 million in EBITDA for the third quarter of fiscal 2013 compared to $4.7 million in the third quarter of fiscal 2012. The Company reported EBITDA from continuing operations of $26.6 million for the nine months ended October 31, 2012 compared to $7.8 million for the same prior year period. Gemma, for its segment, provided $27.9 million in EBITDA for the first nine months of fiscal 2013 compared to $10.1 million for the first nine months of fiscal 2012.

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