Argan posts fiscal 4th-quarter loss on drop in power revenue, shares slide

Argan fiscal turns to loss in fiscal 4Q

ROCKVILLE, Md. — Energy plant designer and builder Argan Inc. reported a fiscal fourth-quarter loss Thursday, reversing a year-ago profit on lower sales across its line of power plant work, nutritional products and telecommunication equipment.

Argan shares fell sharply on the news, dropping 63 cents, or nearly 5 percent, to $12.10 at midday.

The company reported a loss of $576,000, or 4 cents per share, for the quarter that ended Jan. 31. The company earned $5 million, or 37 cents per share, in the year-ago quarter.

Revenue fell 23 percent to $43.1 million on a broad decline across its three operating units. The largest loss was in services for the power industry, where revenue dropped 26 percent.

For the 2009 fiscal year, Argan earned $7 million, or 51 cents per share, down from $10 million, or 78 cents per share, in 2008. The company posted $232 million in revenue.