NOTE 15 – SUBSEQUENT EVENT (PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED)

On May 29, 2015, a wholly owned subsidiary of the Company purchased 100% of the outstanding capital stock of Atlantic Projects Company Limited (“APC”), a private company incorporated in Ireland. This business combination was completed pursuant to the terms and conditions of a Share Purchase Agreement, dated May 11, 2015. Formed in Dublin, Ireland, over forty years ago, APC provides turbine, boiler and large rotating equipment installation, commissioning and outage services to original equipment manufacturers, EPC contractors and plant owners worldwide. APC has successfully completed projects in more than thirty countries on six continents. With offices in Hong Kong, Singapore and New York, this acquisition will expand the Company’s operations internationally. APC will continue to operate under its own name and with its own management team as a member of the Company’s group of companies.

The purchase price for APC of $10,807,000 (the “Consideration”) included $7,565,000 cash and approximately 99,000 shares of the Company’s common stock. The Company believes the amount of the Consideration is greater than the fair value of the net assets received on the purchase date. However, the Company has not yet completed the allocation of the purchase price to the acquired assets which will be based on an evaluation being performed by an independent asset appraisal firm.

The following unaudited pro forma information for the three months ended April 30, 2015 and 2014 assumes that the purchase of APC had occurred on February 1, 2014. 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	$	92,752	$	57,717
Pro forma net income	$	11,611	$	4,404
Pro forma net income attributable to the stockholders of Argan, Inc.	$	8,263	$	3,079
Pro forma earnings per share attributable to the stockholders of Argan, Inc.
Basic	$	0.56	$	0.21
Diluted	$	0.55	$	0.21