Argan, Inc. Reports Q3 EPS of $.11

Argan, Inc.

today announced financial results for the three months ended October 31, 2010. For the three months ended October 31, 2010, net revenues were $48.2 million compared to $60.7 million in the previous year. Gemma contributed $42.7 million, or 89% of net revenues for the third quarter of fiscal 2011, compared to $54.2 million, or 89% of net revenues for the third quarter of fiscal 2010. Combined net revenues from Argan's other wholly-owned subsidiaries decreased to $5.5 million, or 11% of net revenues for the three months ended October 31, 2010, compared to $6.5 million, or 11% of net revenues during the same period last year. Net income for the third quarter of fiscal 2011 was $1.5 million, or $0.11 per diluted share based on 13,669,000 diluted shares outstanding, compared to net income of $2.0 million, or $0.14 per diluted share based on 13,763,000 diluted shares outstanding in the third quarter of fiscal 2010.