Argan, Inc. Reports Strong Third Quarter Results

In the third quarter of fiscal 2013, the Company reported income from continuing operations before income taxes of $9.3 million compared to income from continuing operations before income taxes of $3.8 million in the third quarter of fiscal 2012.

For the first nine months of fiscal 2013, the Company reported income from continuing operations before income taxes of $26.0 million compared to income from continuing operations before income taxes of $7.2 million for the first nine months of fiscal 2012.

Net income attributable to the stockholders of Argan for the quarter ended October 31, 2012 was $6.1 million or $0.43 per diluted share based on 14,106,000 diluted shares outstanding, compared to $2.0 million or $0.15 per diluted share based on 13,744,000 diluted shares outstanding for the quarter ended October 31, 2011.

Net income attributable to the stockholders of Argan for the nine months ended October 31, 2012 was $16.7 million or $1.19 per diluted share based on 14,075,000 diluted shares outstanding compared to net income of $4.7 million or $0.34 per diluted share based on 13,715,000 diluted shares outstanding for the nine months ended October 31, 2011.

Argan had consolidated cash of $196.1 million as of October 31, 2012 and was debt free. Consolidated working capital was approximately $82.7 million as of October 31, 2012.

Contract backlog as of October 31, 2012 was $236 million compared to $415 million as of January 31, 2012.

Commenting on Argan’s results, Rainer Bosselmann, Chairman and Chief Executive Officer stated, “Our Gemma team has been fueling the strong Argan performance during fiscal 2013. We appreciate their efforts.”

About Argan, Inc.

Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy facilities including biodiesel, ethanol, and renewable energy sources such as wind power. Argan also owns Southern Maryland Cable, Inc.

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