PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED (Tables)

6 Months Ended

Jul. 31, 2015

PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED

Schedule of net cash used in the acquisition of APC

Net assets acquired	$	11,101,000
Less-shares of common stock issued	3,536,000
Less-escrow liability	1,081,000
Less-cash acquired	2,274,000
Net cash used	$	4,210,000

Schedule of fair values of assets and liabilities of APC

Cash	$	2,274,000
Accounts receivable	5,735,000
Costs and estimated earnings in excess of billings	3,177,000
Prepaid expenses and other assets	592,000
Property, plant and equipment	1,303,000
Customer contracts	182,000
Goodwill	4,411,000
Less-accounts payable	628,000
Less-accrued expenses (including cash dividends payable)	5,201,000
Less-deferred taxes and other liabilities	744,000
Net assets acquired	$	11,101,000

Summary of Pro Forma Information

The pro forma information, as presented below, may not be indicative of the results that would have been obtained had the transaction occurred on February 1, 2014, nor is it indicative of the Company’s future results ($s in thousands, except per share data).

	2015		2014
Pro forma revenues	$	192,505	$	173,214
Pro forma net income	$	27,891	$	17,594
Pro forma net income attributable to the stockholders of Argan, Inc.	$	20,016	$	12,798
Pro forma earnings per share attributable to the stockholders of Argan, Inc.
Basic	$	1.36	$	0.89
Diluted	$	1.33	$	0.87