Date: December 8, 2009
From: Argan, Inc.
Contact: Rainer Bosselmann and Arthur Trudel
Phone: 301-315-0027
ARGAN, INC. REPORTS THIRD QUARTER REVENUES OF $60.7 MILLION; EBITDA OF $3.4 MILLION
Click Here to view financial statements.
December 8, 2009 – ROCKVILLE, MD – Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the nine months and third quarter ended October 31, 2009.
For the nine months ended October 31, 2009, net revenues were $189.2 million compared to $164.9 million in the nine months ended October 31, 2008. Gemma Power Systems (Gemma) contributed $172 million, or 91% of net revenues in the first nine months of fiscal 2010, compared to $151 million, or 92% of net revenues in the first nine months of fiscal 2009. Combined net revenues from Argan’s other wholly-owned subsidiaries increased to $17.2 million, or 9% of net revenues for the nine months ended October 31, 2009, compared to $13.9 million, or 8% of net revenues during the same period last year.
The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $13 million for the nine months ended October 31, 2009. Gemma, for its segment, recorded $16 million in EBITDA for the first nine months of fiscal 2010.
Net income for the first nine months of fiscal 2010 was $7.6 million, or $0.55 per diluted share based on 13,765,000 diluted shares outstanding, compared to net income of $5 million, or $0.40 per diluted share based on 12,480,000 diluted shares outstanding for the first nine months in fiscal 2009.
For the quarter ended October 31, 2009, net revenues were $60.7 million compared to $41.4 million in the previous year. Gemma contributed $54.2 million, or 89% of net revenues for the third quarter of fiscal 2010, compared to $36.4 million, or 88% of net revenues for the third quarter of fiscal 2009. Combined net revenues from Argan’s other wholly-owned subsidiaries increased to $6.5 million, or 11% of net revenues for the quarter ended October 31, 2009, compared to $5 million, or 12% of net revenues during the same period last year.
Despite the increase in net revenues for the quarter, gross margin declined to 11.3% compared to 16.5% in the quarter ended October 31, 2008. Gross profit in the third quarter of fiscal 2009 was favorably impacted by incentive fees of approximately $2.2 million that were earned from construction services.
The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $3.4 million for the three months ended October 31, 2009. Gemma, for its segment, recorded $4.2 million in EBITDA for the three months ended October 31, 2009.
Net income for the third quarter of fiscal 2010 was $2 million, or $0.14 per diluted share based on 13,763,000 diluted shares outstanding, compared to net income of $2.6 million, or $0.19 per diluted share based on 13,730,000 diluted shares outstanding in the third quarter of fiscal 2009.
Argan had consolidated cash of $53 million and escrowed cash of $5 million as of October 31, 2009. Consolidated working capital increased during the current quarter to approximately $60.9 million as of October 31, 2009 from approximately $53.5 million as of January 31, 2009.
Gemma’s backlog as of October 31, 2009 was $293 million. Gemma’s backlog does not include projects associated with Gemma Renewable Power (GRP), its business partnership with Invenergy Wind Management. As of October 31, 2009 Gemma Renewable Power had substantially completed a construction project to expand a wind farm in LaSalle County, Illinois. The Company’s share of the earnings of GRP for the current quarter was approximately $325,000. Its share of the loss incurred by GRP for the quarter ended October 31, 2008 was $195,000.
In August 2009 Argan signed a letter of intent to purchase United American Steel Constructors, LLC (Unamsco), a privately held company operating two subsidiaries, National Steel Constructors, LLC and Peterson Beckner Industries. Argan recently expanded the scope of its due diligence efforts and has not scheduled dates for the completion or execution of the definitive purchase agreement.
Commenting on Argan’s results, Rainer Bosselmann, Chairman and Chief Executive Officer stated, “We are pleased with the results of the first nine months of fiscal 2010, which demonstrate increased revenues, net income, earnings per share and EBITDA. Our third quarter results were solid, with a 47% increase in net revenues, related primarily to increased construction activity at a power plant project in California.”
“Gemma continues to drive our success. As electric utilities and independent power producers look to diversify their power generation options, we’ve seen increased interest in gas-fired plants, which are more efficient and produce fewer emissions than coal fired plants. We believe that the current initiatives in many states to reduce emissions of carbon dioxide and other green house gases, coupled with the utilities’ goal to fulfill the need for power will create renewed demand for gas-fired power plants.”
“Additionally, as local and federal entities focus on energy independence and the environmental impact of fossil fuels, we believe the development of alternative and renewable power facilities will also result in opportunities for Gemma Renewable Power. In addition to the completion of the expansion of a wind farm during the most recent quarter, Gemma has also substantially finished the construction of a biodiesel production plant in Texas, the fourth project of this type completed within a two-year period. Gemma’s wide range of construction experience and power industry expertise position the Company well as a market leader for both traditional and alternative energy projects.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to: (1) the Company’s ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company’s ability to successfully and profitably integrate acquisitions; and (3) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in Argan’s filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements with respect to risk factors set forth in the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
Date: September 8, 2009
From: Argan, Inc.
Contact: Rainer Bosselmann and Arthur Trudel
Phone: 301-315-0027
ARGAN, INC. REPORTS SECOND QUARTER REVENUES OF $65.5 MILLION; NET INCOME INCREASES TO $2.7 MILLION
Click Here to view financial statements.
September 8, 2009 – ROCKVILLE, MD – Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the six months and second quarter ended July 31, 2009.
For the six months ended July 31, 2009, total revenues were $128.6 million compared to $123.5 million in the six months ended July 31, 2008. Gemma (Gemma Power Systems) contributed $117.8 million or 91.6% of total revenues in the first six months of fiscal 2010 compared to $114.6 million or 92.8% of total revenues in the first six months of fiscal 2009. Combined revenues from Argan’s other wholly-owned subsidiaries increased to $10.7 million, or 8.4% of total revenues for the six months ended July 31, 2009 compared to $8.9 million, or 7.2% of total revenues during the same period last year.
The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $9.5 million for the six months ended July 31, 2009. Gemma, for its segment, recorded $11.8 million in EBITDA for the first six months of fiscal 2010.
Net income for the six months in fiscal 2010 was $5.7 million or $0.41 per diluted share based on 13,756,000 diluted shares outstanding compared to net income of $2.4 million or $0.20 per diluted share based on 11,854,000 diluted shares outstanding for the six months in fiscal 2009.
For the quarter ended July 31, 2009, net revenues were $65.5 million compared to $75.1 million in the previous year. Gemma contributed $59.8 million, or 91.4% of total revenues for the first quarter of fiscal 2010 compared to $70.6 million or 94.1% of total revenues for the first quarter of fiscal 2009. Combined revenues from Argan’s other wholly-owned subsidiaries increased to $5.7 million, or 8.6% of total revenues for the quarter ended July 31, 2009 compared to $4.5 million, or 5.9% of total revenues during the same period last year.
The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $4.4 million for the three months ended July 31, 2009. Gemma, for its segment, recorded $5.5 million in EBITDA for the three months ended July 31, 2009.
Net income for the second quarter of fiscal 2010 was $2.7 million, or $0.19 per diluted share based on 13,771,000 diluted shares outstanding compared to net income of $806,000, or $0.07 per diluted share based on 12,226,000 diluted shares outstanding in the second quarter of fiscal 2009.
Argan had consolidated cash of $52.1 million and escrowed cash of $10.0 million as of July 31, 2009. Consolidated working capital increased during the current quarter to approximately $58.8 million as of July 31, 2009 from approximately $53.6 million as of January 31, 2009.
Gemma’s backlog as of July 31, 2009 was $346 million. Gemma’s backlog does not include projects associated with Gemma Renewable Power, its business partnership with Invenergy Wind Management. At July 31, 2009 Gemma Renewable Power’s contract backlog was $11.7 million for a contract to design and build the expansion of a wind farm in LaSalle County, Illinois.
Subsequent to the close of the quarter, Argan signed a letter of intent to purchase United American Steel Constructors, LLC (Unamsco), a privately held company operating two subsidiaries, National Steel Constructors, LLC and Peterson Beckner Industries. In addition to traditional construction activities, National Steel and Peterson Beckner also focus on reducing the emissions produced by traditional coal fired power plants through their construction of air quality control systems known as scrubbers. Unamsco reported annual revenues of $84 million and EBITDA of approximately $19 million in 2008.
Commenting on Argan’s results, Rainer Bosselmann, Chairman and Chief Executive Officer stated, “We are pleased with our current year results, particularly the significant year over year increases in net revenues, net income and EBITDA and the sequential improvement in revenues when compared to the first quarter of fiscal 2010. We reported a decrease in revenues for the quarter when compared to last year primarily due to the completed construction of two biofuel production facilities in Texas, substantially completed during the current year.”
“Gemma’s backlog remains robust and our two largest current projects include the construction of gas fired electricity-generation plants. With their increased efficiencies and the ability to produce fewer emissions, we expect that gas-fired plants will continue to play an important long-term role in power generation development in the U.S., particularly with the increased emphasis on reducing greenhouse gas emissions. Likewise, with the significant growth in natural gas stockpiles in the U.S., gas-fired plants will likely see benefits such as increased accessibility and attractive pricing. We believe Gemma’s proven success in the construction of gas fired plants positions the company well as a market leader for future projects of this type.”
Mr. Bosselmann continued, “Our agreement with Unamsco provides a unique opportunity to diversify and grow our business. As environmental mandates gain additional support from the Federal Government, we believe Unamsco’s ability to provide clean air solutions through the installation of air quality control systems will complement Gemma’s core competencies and enable us to further capitalize on new opportunities in the engineering and construction space and expand our market share.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to: (1) the Company’s ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company’s ability to successfully and profitably integrate acquisitions; and (3) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in Argan’s filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements with respect to risk factors set forth in the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
Date: August 10, 2009
From: Argan, Inc.
Contact: Rainer Bosselmann and Arthur Trudel
Phone: 301-315-0027
ARGAN, INC. SIGNS LETTER OF INTENT TO ACQUIRE UNAMSCO – Acquisition Enhances Design & Construction Focus and Broadens Business to Include Clean Air Solutions –
August 10, 2009 – ROCKVILLE, MD – Argan, Inc. (NYSE AMEX: AGX) today announced that it has signed a letter of intent to purchase United American Steel Constructors, Inc. (Unamsco), a private company operating two wholly-owned subsidiaries, National Steel Constructors, LLC, and Peterson Beckner Industries. In 2008, Unamsco reported annual revenues of approximately $84 million and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of approximately $19 million. The proposed purchase price is approximately $50 million, to be structured as a combination of cash and stock.
Rainer Bosselmann, Chairman and Chief Executive Officer of Argan stated, “Unamsco is an attractive business with solid margins and we anticipate that its subsidiaries, with their long history in the construction business, will be complementary partners to our Gemma Power Systems subsidiary. In addition to traditional construction activities, National Steel and Peterson Beckner also focus on reducing the emissions produced by traditional coal fired power plants. The ability to provide clean air solutions through the installation of air quality control systems (AQCS), FGD systems and scrubbers, is a valuable asset in the engineering and construction space, particularly as environmental mandates gain additional support from the Federal Government.”
“The management teams of Unamsco, National Steel and Peterson Beckner will continue to lead these companies, and strategically, we believe that the addition of these companies and their capabilities will enable us to further capitalize on new opportunities and expand our market share in the engineering and construction industry,” Mr. Bosselmann concluded.
Chuck Beckner, Chairman of Unamsco, stated “the entire Unamsco team is pleased to join Argan and Gemma in expanding service offerings to our valued customers.”
National Steel Constructors, with its Steel City Erecting Division, is one of the nation’s leading steel erection and power industry construction companies providing installation of air cooled condensers, and turnkey air quality control systems (AQCS) required by various environmental mandates related to the power industry. National’s power industry construction offerings include SCR and FGD systems and scrubbers, all capable of increasing the cleanliness of the emissions released by coal fired power plants.
Peterson Beckner Industries enjoys a longstanding reputation as a premier constructor, specializing in the building of heavy and complex steel projects with unique construction engineering requirements such as power plants, industrial process plants, convention centers, healthcare and sports facilities as well as air quality control systems (AQCS) components, and boiler installation or repair for the power industry. Peterson Beckner Industries is also one of the few specialty contracting firms that has performed installation of steel structures in nuclear facilities under strict NQA-1 quality assurance standards required by the Nuclear Regulatory Commission. Founded in 1936, the company has primarily worked on projects in the Southwest, Southeast and Mid-Atlantic regions of the U.S.
The acquisition of Unamsco is subject to completion of due diligence, the negotiation of definitive purchase agreement and the approval of Argan’s Board of Directors.
About Argan, Inc.
Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to: (1) the Company’s ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company’s ability to successfully and profitably integrate acquisitions; and (3) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in Argan’s filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements with respect to risk factors set forth in the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
Date: June 8, 2009
From: Argan, Inc.
Contact: Rainer Bosselmann and Arthur Trudel
Phone: 301-315-0027
ARGAN, INC. REPORTS 30% INCREASE IN REVENUES FOR THE FIRST QUARTER; DILUTED EPS OF $0.22; BACKLOG OF $404 MILLION
Click Here to view financial statements.
June 8, 2009 – ROCKVILLE, MD – Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the first quarter ended April 30, 2009.
For the quarter ended April 30, 2009, net revenues were $63.1 million compared to $48.4 million in the previous year. Gemma (Gemma Power Systems) contributed $58 million, or 92% of total revenues for the first quarter of fiscal 2010 compared to $44 million, or 91% of total revenues for the first quarter of fiscal 2009. Combined revenues from Argan’s other wholly-owned subsidiaries increased to $5.1 million, or 8% of total revenues for the quarter ended April 30, 2009 compared to $4.4 million, or 9% of total revenues during the same period last year. Net income for the first quarter of fiscal 2010 was $3 million, or $0.22 per diluted share based on 13,714,000 diluted shares outstanding compared to net income of $1.6 million, or $0.14 per diluted share based on 11,429,000 diluted shares outstanding in the first quarter of fiscal 2009.
On a segment basis, Gemma reported income before income taxes of $6.1 million for the three months ended April 30, 2009 compared to $4 million for the three months ended April 30, 2008.
The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $5.1 million for the three months ended April 30, 2009.
Gemma, for its segment, recorded $6.3 million in EBITDA for the three months ended April 30, 2009.
Argan had consolidated cash of $57.9 million and escrowed cash of $10.0 million as of April 30, 2009. Consolidated working capital increased during the current quarter to approximately $56.1 million as of April 30, 2009 from approximately $53.6 million as of January 31, 2009.
Gemma’s backlog as of April 30, 2009 was $404 million.
Gemma’s most significant customer for the quarter ended April 30, 2009 was Pacific Gas & Electric, for the design and construction of a natural gas-fired power plant in Colusa, California whose contract is valued at approximately $364 million. Gemma also continued work on its project with Competitive Power Ventures for the design and construction of eight simple cycle gas-fired peaking plants with a total power rating of 800 megawatts, to be located in southern California.
Gemma’s backlog does not include projects associated with Gemma Renewable Power, its business partnership with Invenergy Wind Management. At April 30, 2009 Gemma Renewable Power’s contract backlog was $19 million for a contract to design and build the expansion of a wind farm in LaSalle County, Illinois.
Commenting on Argan’s results, Rainer Bosselmann, Chairman and Chief Executive Officer stated, “We are pleased to report increased net revenues, net income and EBITDA for the first quarter. Gemma has continued to prove itself as an industry leader in the design and construction of power plants, meeting the demand for traditional as well as alternative energy facilities. In recent months we have seen a renewed interest in gas-fired generation as electric utilities and independent power producers diversify their power generation options. In fact, our two current projects are the construction of gas-fired electricity generation plants and we expect that gas-fired plants, which are more efficient and produce fewer emissions than coal-fired power plants, will continue to be an important component of long-term power generation. Gemma has significant capabilities and expertise in the construction of gas-fired power plants which we believe will position us as a market leader for these projects.”
Mr. Bosselmann continued, “We anticipate that the increased political focus on energy independence and the negative environmental impact of fossil fuels may encourage the development of alternative and renewable power facilities and provide us with new power facility opportunities. An energy infrastructure renewal program is included in the recently passed stimulus package, making funds available for a variety of new energy transmission and distribution systems and alternative energy power sources, including tax incentives to promote capital investment in renewable energy sources. With our diverse capabilities we remain cautiously optimistic about our growth opportunities through these new opportunities.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to: (1) the Company’s ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company’s ability to successfully and profitably integrate acquisitions; and (3) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in Argan’s filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements with respect to risk factors set forth in the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
Date: April 15, 2009
From: Argan, Inc.
Contact: Rainer Bosselmann and Arthur Trudel
Phone: 301-315-0027
ARGAN, INC. REPORTS DILUTED EPS OF $0.37 FOR THE FOURTH QUARTER; BACKLOG EXCEEDS $450 MILLION
Click Here to view financial statements.
April 15, 2009 – ROCKVILLE, MD – Argan, Inc. (NYSE AMEX: AGX) today announced financial results for the fourth quarter and year ended January 31, 2009.
For the year ended January 31, 2009, net revenues were $220.9 million compared to $206.8 million in the previous year. Gemma contributed $202.3 million, or 91.6% of total revenues, in fiscal 2009 compared to $180.4 million, or 87.2% of total revenues last year. Combined revenues from Argan’s other wholly-owned subsidiaries decreased to $18.6 million, or 8.4% of total revenues for fiscal 2009 compared to $26.4 million, or 12.8% of total revenues last year. Net income for fiscal 2009 was $10.0 million, or $0.78 per diluted share based on 12,779,000 diluted shares outstanding compared to a net loss of $3.2 million or $0.29 per diluted share based on 11,097,000 diluted shares outstanding last year.
Net revenues for the three months ended January 31, 2009 were $56.0 million compared to $53.9 million for the same quarter last year. Argan’s wholly-owned subsidiary, Gemma Power Systems (Gemma), contributed $51.3 million, or 91.6% of total revenues, for the quarter ended January 31, 2009 compared to $49.4 million, or 91.7% of total revenues, for the fourth quarter last year. Combined revenues for the quarter ended January 31, 2009 at Argan’s other wholly-owned subsidiaries increased to $4.7 million or 8.4% of total revenues from $4.5 million, or 8.3% of total revenues, in the quarter ended January 31, 2008. Net income for the fourth quarter ended January 31, 2009 was $5.0 million, or $0.37 per diluted share based on 13,626,000 diluted shares outstanding compared to a net loss of $565,000, or $0.05 per diluted share based on 11,105,000 diluted shares outstanding in the quarter ended January 31, 2008.
The Company reported consolidated EBITDA (Earnings before interest, taxes, depreciation and amortization) of $19.6 million and $9.0 million, respectively, for the full year and three months ended January 31, 2009.
On a segment basis, Gemma reported income before income taxes of $29.4 million for the fiscal year and $13.4 million for the three months ended January 31, 2009.
Argan had cash of $74.7 million and escrowed cash of $10.0 million as of January 31, 2009. Consolidated working capital increased during the current year to approximately $53.6 million as of January 31, 2009 from approximately $16.5 million as of January 31, 2008.
The Company’s backlog as of January 31, 2009 was $456 million.
Included in the backlog is Gemma’s engineering, procurement and construction agreement with Competitive Power Ventures (CPV), signed in October and valued at $211 million, to design and build eight simple cycle gas-fired peaking plants with a total power rating of 800 megawatts, to be located in southern California. Additionally in the three months ended October 31, 2008, Gemma received a full notice to proceed from Pacific Gas & Electric on the design and construction of a natural gas-fired power plant in Colusa, California. The Company previously announced that it had signed an engineering, procurement and construction agreement for the Colusa project.
Gemma’s backlog does not include projects associated with Gemma Renewable Power, its business partnership with Invenergy Wind Management. At January 31, 2009, Gemma Renewable Power’s contract backlog was $30.8 million for a contract to design and build the expansion of a wind farm in LaSalle County, Illinois.
Commenting on Argan’s results, Rainer Bosselmann, Chairman and Chief Executive Officer stated, “Argan delivered another strong performance in fiscal 2009. Our Gemma subsidiary, on a stand alone basis, reported increased EBITDA of $31.2 million from $16.8 million in the prior year and our backlog remains strong. Gemma continues to build its reputation as a leading designer and builder of power plants, and our energy agnostic approach positions Gemma to be a long term leader that can meet demand in this evolving marketplace.”
Mr. Bosselmann continued, “Energy is an important part of the new administration’s agenda in Washington and the power plants we build are necessary to generate the energy our country needs to operate on a daily basis. Furthermore, our involvement in the alternative and renewable energy sector via our wind power venture provides new business opportunities and also positions us well to benefit from public sentiment toward environmentally friendly energy generation.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to; (1) the Company’s ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company’s ability to successfully and profitably integrate acquisitions; and (3) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in Argan’s filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements with respect to risk factors set forth in the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
Date: March 16, 2009
From: Argan, Inc.
Contact: Rainer Bosselmann and Arthur Trudel
Phone: 301-315-0027
ARGAN, INC. ANNOUNCES THE PASSING OF JOEL M. CANINO
MARCH 16, 2009 – ROCKVILLE, MD – Argan, Inc. (NYSE Alternext U.S: AGX) regretfully announces that Joel M. Canino, co-founder and vice chairman of Gemma Power Systems, passed away on Friday, March 13, 2009. The company extends its sincerest condolences to Mr. Canino’s family. Mr. Canino co-founded Gemma Power Systems with William F. Griffin in 1997 and today the Company is one of the largest power plant builders in New England and among the top 20 power plant builders in the nation. Before founding Gemma he served as Chief Executive Officer of CNF Industries, Inc. (now known as Kenetech Energy Systems), a leader in the independent power market. He was a graduate of the Air Conditioning Engineering Technology program at the State University of New York Canton and a former chair of the SUNY Canton Foundation Board of Directors. In December 2004 he gave the largest single gift in the school’s history. In appreciation of his generosity the School of Engineering Technology was renamed the Canino School of Engineering Technology.
Rainer Bosselmann, Chairman and Chief Executive Officer stated, “Joel was truly an industry veteran and Gemma Power Systems benefited greatly from his expertise and leadership. We are deeply saddened by his passing and convey our heartfelt condolences to his family.”
William Griffin remains Chief Executive Officer of Gemma Power Systems and the Company’s management team includes Eric Whitehouse who was recently named President.
About Argan, Inc.
Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power and solar. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to; (1) the Company’s ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company’s ability to successfully and profitably integrate acquisitions; and (3) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in Argan’s filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements with respect to risk factors set forth in the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
Date: January 5, 2009
From: Argan, Inc.
Contact: Rainer Bosselmann and Arthur Trudel
Phone: 301-315-0027
Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Announces New President – Gemma Also Announces New VP of Operations
January 5, 2009 — Rockville, MD – Argan, Inc. (NYSE Alternext U.S: AGX) announced today the appointment of Mr. Eric Whitehouse as President of its wholly owned subsidiary Gemma Power Systems effective January 2, 2009.
Mr. Whitehouse has over 25 years experience in the power industry including all types of renewable power such as wind, biomass and solar. Most recently, Mr. Whitehouse was Director of Construction in the business development group at The AES Corporation, one of the world’s largest global power companies. At AES, Mr. Whitehouse planned facility engineering, construction and EPC contracts for liquid natural gas (LNG) terminals, pipelines and power generation facilities. Previously, Mr. Whitehouse served as Vice President of Gemma from 1997 to 2004.
Mr. Whitehouse replaces William F. Griffin as President. Mr. Griffin will remain Chief Executive Officer of Gemma.
Additionally, Gemma recently added Mr. Brad Lukehart as Vice President of Operations. Most recently, Mr. Lukehart was Project Director and Vice President at Shaw Power Group where he oversaw several billion dollar plus projects. Mr. Lukehart also previously worked at Gemma.
Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, stated, “Eric Whitehouse has considerable experience in all aspects of Gemma’s business and he is well-suited to help lead Gemma in 2009 and beyond. With the additional appointment of Brad Lukehart to VP of Operations, we have brought back two veterans who are a perfect fit for our company and we are excited about working with them again.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power and solar. Argan also owns Southern Maryland Cable, Inc. and Vitarich Laboratories, Inc.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to; (1) the Company’s ability to achieve its business strategy while effectively managing costs and expenses; (2) the Company’s ability to successfully and profitably integrate acquisitions; and (3) the continued strong performance of the energy sector. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in Argan’s filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements with respect to risk factors set forth in the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.