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.

                                                                                                                                      ARGAN, INC.