Argan, Inc. Reports Q2 Results (AGX)

Argan, Inc. (NYSE: AGX) today announced financial results for the second quarter of fiscal 2011 ended July 31, 2010.

For the quarter ended July 31, 2010, net revenues were $54.5 million compared to $65.5 million in the quarter ended July 31, 2009. Gemma Power Systems contributed $50.4 million, or 92.4% of net revenues in the second quarter of fiscal 2011, compared to $59.8 million, or 91.4% net revenues in the second quarter of fiscal 2010.

Combined net revenues from Argan’s other wholly-owned subsidiaries were $4.1 million, or 7.6% of net revenues for the quarter ended July 31, 2010, compared to $5.7 million, or 8.6% net revenues for the same quarter last year.