Argan, Inc. Reports Q2 Results (AGX)

Argan, Inc. AGX today announced financial results for the second quarter of fiscal 2011 ended July 31, 2010. For the quarter ended July 31, 2010, net revenues were $54.5 million compared to $65.5 million in the quarter ended July 31, 2009. Gemma Power Systems contributed $50.4 million, or 92.4% of net revenues in the second quarter of fiscal 2011, compared to $59.8 million, or 91.4% net revenues in the second quarter of fiscal 2010. Combined net revenues from Argan’s other wholly-owned subsidiaries were $4.1 million, or 7.6% of net revenues for the quarter ended July 31, 2010, compared to $5.7 million, or 8.6% net revenues for the same quarter last year.