Delaware | 001-31756 | 13-1947195 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
One Church Street, Suite 201, Rockville, MD |
20850 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |||
99.1 | Argan, Inc., Press Release, issued June 13, 2011. |
ARGAN, INC. | ||||||
Date: June 14, 2011
|
By: | /s/ Arthur Trudel
Senior Vice President and Chief Financial Officer |
Exhibit No. | Description | |||
99.1 | Argan, Inc., Press Release, issued June 13, 2011. |
Company Contact:
|
Investor Relations Contact: | |
Rainer Bosselmann
|
Arthur Trudel | |
301.315.0027
|
301-315-9467 |
Three Months Ended April 30, | ||||||||
2011 | 2010 | |||||||
Net revenues |
||||||||
Power industry services |
$ | 14,019,000 | $ | 51,396,000 | ||||
Telecommunications infrastructure services |
1,974,000 | 1,838,000 | ||||||
Net revenues |
15,993,000 | 53,234,000 | ||||||
Cost of revenues |
||||||||
Power industry services |
10,481,000 | 44,667,000 | ||||||
Telecommunications infrastructure services |
1,614,000 | 1,793,000 | ||||||
Cost of revenues |
12,095,000 | 46,460,000 | ||||||
Gross profit |
3,898,000 | 6,774,000 | ||||||
Selling, general and administrative expenses |
2,759,000 | 3,034,000 | ||||||
1,139,000 | 3,740,000 | |||||||
Interest expense |
| (14,000 | ) | |||||
Investment income |
22,000 | 12,000 | ||||||
Income from continuing operations before income taxes |
1,161,000 | 3,738,000 | ||||||
Income tax expense |
416,000 | 1,383,000 | ||||||
Income from continuing operations |
745,000 | 2,355,000 | ||||||
Discontinued operations |
||||||||
Loss on discontinued operations (including gain on disposal
of $152,000 in 2011) |
(65,000 | ) | (526,000 | ) | ||||
Income tax (expense) benefit |
(74,000 | ) | 194,000 | |||||
Loss on discontinued operations |
(139,000 | ) | (332,000 | ) | ||||
Net income |
$ | 606,000 | $ | 2,023,000 | ||||
Earnings per share: |
||||||||
Continuing operations |
||||||||
Basic |
$ | 0.05 | $ | 0.17 | ||||
Diluted |
$ | 0.05 | $ | 0.17 | ||||
Discontinued operations |
||||||||
Basic |
$ | (0.01 | ) | $ | (0.02 | ) | ||
Diluted |
$ | (0.01 | ) | $ | (0.02 | ) | ||
Net income |
||||||||
Basic |
$ | 0.04 | $ | 0.15 | ||||
Diluted |
$ | 0.04 | $ | 0.15 | ||||
Weighted average number of shares outstanding: |
||||||||
Basic |
13,601,000 | 13,584,000 | ||||||
Diluted |
13,679,000 | 13,790,000 | ||||||
Three Months Ended April 30, | ||||||||
2011 | 2010 | |||||||
Income from continuing operations |
$ | 745,000 | $ | 2,355,000 | ||||
Interest expense |
| 14,000 | ||||||
Income tax expense |
416,000 | 1,383,000 | ||||||
Amortization of purchased intangible assets |
87,000 | 87,000 | ||||||
Depreciation and other amortization |
117,000 | 168,000 | ||||||
EBITDA |
$ | 1,365,000 | $ | 4,007,000 | ||||
Three Months Ended April 30, | ||||||||
2011 | 2010 | |||||||
Income before income taxes |
$ | 2,140,000 | $ | 5,279,000 | ||||
Interest expense |
| 14,000 | ||||||
Amortization of purchased intangible assets |
87,000 | 87,000 | ||||||
Depreciation and other amortization |
49,000 | 67,000 | ||||||
EBITDA |
$ | 2,276,000 | $ | 5,447,000 | ||||
April 30, | January 31 | |||||||
2011 | 2011 | |||||||
(unaudited) | (Note 1) | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 78,906,000 | $ | 83,292,000 | ||||
Restricted cash |
| 1,243,000 | ||||||
Accounts receivable, net of allowance for doubtful accounts |
5,712,000 | 13,099,000 | ||||||
Costs and estimated earnings in excess of billings |
421,000 | 1,443,000 | ||||||
Deferred income tax assets |
417,000 | 91,000 | ||||||
Prepaid expenses and other current assets |
1,364,000 | 520,000 | ||||||
Assets held for sale |
780,000 | 6,354,000 | ||||||
TOTAL CURRENT ASSETS |
87,600,000 | 106,042,000 | ||||||
Property and equipment, net of accumulated depreciation |
1,370,000 | 1,478,000 | ||||||
Goodwill |
18,476,000 | 18,476,000 | ||||||
Intangible assets, net of accumulated amortization and impairment losses |
2,821,000 | 2,908,000 | ||||||
Deferred income tax assets |
995,000 | 999,000 | ||||||
Other assets |
20,000 | 14,000 | ||||||
Assets held for sale |
226,000 | 625,000 | ||||||
TOTAL ASSETS |
$ | 111,508,000 | $ | 130,542,000 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ | 5,513,000 | $ | 8,555,000 | ||||
Accrued expenses |
4,878,000 | 13,035,000 | ||||||
Billings in excess of costs and estimated earnings |
2,566,000 | 9,916,000 | ||||||
Liabilities related to assets held for sale |
43,000 | 1,362,000 | ||||||
TOTAL CURRENT LIABILITIES |
13,000,000 | 32,868,000 | ||||||
Other liabilities |
28,000 | 29,000 | ||||||
TOTAL LIABILITIES |
13,028,000 | 32,897,000 | ||||||
STOCKHOLDERS EQUITY |
||||||||
Preferred stock, par value $0.10 per share; 500,000 shares authorized;
no shares issued and outstanding |
| | ||||||
Common stock, par value $0.15 per share; 30,000,000 shares authorized;
13,605,227 and 13,602,227 shares issued at April 30 and January 31, 2011,
and 13,601,994 and 13,598,994 shares outstanding at April 30 and January
31, 2011 |
2,041,000 | 2,040,000 | ||||||
Warrants outstanding |
601,000 | 601,000 | ||||||
Additional paid-in capital |
88,789,000 | 88,561,000 | ||||||
Retained earnings |
7,082,000 | 6,476,000 | ||||||
Treasury stock, at cost; 3,233 shares at April 30 and January 31, 2011 |
(33,000 | ) | (33,000 | ) | ||||
TOTAL STOCKHOLDERS EQUITY |
98,480,000 | 97,645,000 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ | 111,508,000 | $ | 130,542,000 | ||||