Exhibit 99.1

 

 

Argan, Inc.  Reports Second Quarter Results

 

September 5, 2018 — ROCKVILLE, MD

 — Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announced financial results for its second quarter ended July 31, 2018. For additional information, please read the Company’s Quarterly Report on Form 10-Q, which the Company intends to file today with the U.S. Securities and Exchange Commission (the “SEC”).  The Quarterly Report can be retrieved from the SEC’s website at www.sec.gov or from the Company’s website at www.arganinc.com.

 

Summary Information: (dollars in thousands, except per share data (unaudited)):

 

 

 

July 31,

 

 

 

 

 

 

 

2018

 

2017

 

Change

 

% Change

 

For the Quarter Ended:

 

 

 

 

 

 

 

 

 

Revenues

 

$

136,670

 

$

259,803

 

$

(123,133

)

(47

)%

Gross profit

 

30,708

 

51,407

 

(20,699

)

(40

)

Gross margins

 

22.5

%

19.8

%

2.7

 

14

 

Net income attributable to the stockholders of the Company

 

$

16,972

 

$

27,139

 

$

(10,167

)

(38

)

Diluted per share

 

1.08

 

1.72

 

(0.64

)

(37

)

EBITDA attributable to the stockholders of the Company

 

24,445

 

42,712

 

(18,267

)

(43

)

Diluted per share

 

1.56

 

2.71

 

(1.15

)

(42

)

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended:

 

 

 

 

 

 

 

 

 

Revenues

 

$

278,036

 

$

490,292

 

$

(212,256

)

(43

)%

Gross profit

 

46,160

 

91,503

 

(45,343

)

(50

)

Gross margins

 

16.6

%

18.7

%

(2.1

)%

(11

)

Net income attributable to the stockholders of the Company

 

$

21,809

 

$

47,764

 

$

(25,955

)

(54

)

Diluted per share

 

1.39

 

3.03

 

(1.64

)

(54

)

EBITDA attributable to the stockholders of the Company

 

32,592

 

75,168

 

(42,576

)

(57

)

Diluted per share

 

2.08

 

4.76

 

(2.68

)

(56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

July 31,
2018

 

January 31,
2018

 

Change

 

% Change

 

As of:

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

361,742

 

$

434,015

 

$

(72,273

)

(17

)%

Net liquidity (1)

 

313,371

 

301,817

 

11,554

 

4

 

Project Backlog

 

429,000

 

379,000

 

50,000

 

13

 

 


The following information was filed by Argan Inc (AGX) on Wednesday, September 5, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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