Argan, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended October 31, 2009. For the quarter ended October 31, 2009, net revenues were $60.7 million compared to $41.4 million in the previous year. Gemma contributed $54.2 million, or 89% of net revenues for the third quarter of fiscal 2010, compared to $36.4 million, or 88% of net revenues for the third quarter of fiscal 2009. Combined net revenues from Argan's other wholly-owned subsidiaries increased to $6.5 million, or 11% of net revenues for the quarter ended October 31, 2009, compared to $5 million, or 12% of net revenues during the same period last year. Despite the increase in net revenues for the quarter, gross margin declined to 11.3% compared to 16.5% in the quarter ended October 31, 2008. The company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $3.4 million for the three months ended October 31, 2009. Gemma, for its segment, recorded $4.2 million in EBITDA for the three months ended October 31, 2009. Net income for the third quarter of fiscal 2010 was $2 million, or $0.14 per diluted share based on 13,763,000 diluted shares outstanding, compared to net income of $2.6 million, or $0.19 per diluted share based on 13,730,000 diluted shares outstanding in the third quarter of fiscal 2009. Argan had consolidated cash of $53 million and escrowed cash of $5 million as of October 31, 2009. Consolidated working capital increased during the current quarter to approximately $60.9 million as of October 31, 2009 from approximately $53.5 million as of January 31, 2009. For the nine months ended October 31, 2009, net revenues were $189.2 million compared to $164.9 million in the nine months ended October 31, 2008. Gemma Power Systems (Gemma) contributed $172 million, or 91% of net revenues in the first nine months of fiscal 2010, compared to $151 million, or 92% of net revenues in the first nine months of fiscal 2009. Combined net revenues from Argan's other wholly-owned subsidiaries increased to $17.2 million, or 9% of net revenues for the nine months ended October 31, 2009, compared to $13.9 million, or 8% of net revenues during the same period last year. The company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $13 million for the nine months ended October 31, 2009. Gemma, for its segment, recorded $16 million in EBITDA for the first nine months of fiscal 2010. Net income for the first nine months of fiscal 2010 was $7.6 million, or $0.55 per diluted share based on 13,765,000 diluted shares outstanding, compared to net income of $5 million, or $0.40 per diluted share based on 12,480,000 diluted shares outstanding for the first nine months in fiscal 2009.

Argan Inc. reported unaudited consolidated earnings results for the second quarter and six months ended July 31, 2009. For the quarter, the company's net revenues were $65.5 million compared to $75.1 million in the previous year. The company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $4.4 million compared to $2.8 million for the same quarter a year ago. Net income was $2.7 million, or $0.19 per diluted share based on 13,771,000 diluted shares outstanding compared to net income of $806,000, or $0.07 per diluted share based on 12,226,000 diluted shares outstanding in the second quarter of fiscal 2009. Income from operations was $3.8 million compared to $1.8 million for the same quarter a year ago. Income from before income taxes was $4.1 million compared to $1.9 million for the same quarter a year ago. For the six months, total revenues were $128.6 million compared to $123.5 million in the six months ended July 31, 2008. The company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $9.5 million compared to $6.1 million for the same period a year ago. Net income was $5.7 million or $0.41 per diluted share based on 13,756,000 diluted shares outstanding compared to net income of $2.4 million or $0.20 per diluted share based on 11,854,000 diluted shares outstanding for the six months in fiscal 2009. Income from operations was $8 million compared to $3.5 million for the same period a year ago. Income from before income taxes was $9 million compared to $4 million for the same period a year ago.

Argan, Inc. will be added to the Russell 2000 Index.