Argan (AGX) 10-Q 10 Dec 15 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 31, 2015	Dec. 04, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	ARGAN INC
Entity Central Index Key	100,591
Trading Symbol	AGX
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,826,469
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Oct. 31, 2015	Jan. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 176,838,000	$ 333,691,000
Short-term investments	104,097,000
Accounts receivable, net of allowance for doubtful accounts	41,137,000	27,330,000
Costs and estimated earnings in excess of billings	3,565,000	455,000
Notes receivable and accrued interest, net of allowance for doubtful amounts	6,841,000	1,786,000
Prepaid expenses and other current assets	2,978,000	1,092,000
TOTAL CURRENT ASSETS	335,456,000	364,354,000
Property, plant and equipment (including $2,658,000 in costs related to the variable interest entity as of January 31, 2015), net of accumulated depreciation	5,177,000	6,518,000
Goodwill	22,525,000	18,476,000
Intangible assets, net of accumulated amortization	2,105,000	1,845,000
TOTAL ASSETS	365,263,000	391,193,000
CURRENT LIABILITIES
Accounts payable	35,089,000	37,691,000
Dividends payable	10,379,000
Accrued expenses	20,362,000	15,976,000
Billings in excess of costs and estimated earnings	85,034,000	161,564,000
Deferred income taxes	559,000	201,000
TOTAL CURRENT LIABILITIES	151,423,000	215,432,000
Deferred income taxes	1,631,000	809,000
TOTAL LIABILITIES	$ 153,054,000	$ 216,241,000
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.10 per share - 500,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.15 per share - 30,000,000 shares authorized; 14,829,702 and 14,634,434 shares issued at October 31 and January 31, 2015, respectively; 14,826,469 and 14,631,201 shares outstanding at October 31 and January 31, 2015, respectively	$ 2,224,000	$ 2,195,000
Additional paid-in capital	116,669,000	109,696,000
Retained earnings	92,853,000	73,614,000
Accumulated other comprehensive loss	(411,000)
Treasury stock, at cost - 3,233 shares at October 31 and January 31, 2015	(33,000)	(33,000)
TOTAL STOCKHOLDERS' EQUITY	211,302,000	185,472,000
Noncontrolling interests (Note 3)	907,000	(10,520,000)
TOTAL EQUITY	212,209,000	174,952,000
TOTAL LIABILITIES AND EQUITY	$ 365,263,000	$ 391,193,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Oct. 31, 2015	Jan. 31, 2015
Property, plant and equipment, gross	$ 9,947,000	$ 10,914,000
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.15	$ 0.15
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	14,829,702	14,634,434
Common stock, shares outstanding	14,826,469	14,631,201
Treasury stock, shares	3,233	3,233
Variable Interest Entity [Member]
Property, plant and equipment, gross		$ 2,658,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Revenues	$ 113,967,000	$ 127,564,000	$ 296,888,000	$ 280,785,000
COST OF REVENUES
Cost of revenues	87,705,000	97,251,000	220,966,000	218,858,000
GROSS PROFIT	26,262,000	30,313,000	75,922,000	61,927,000
Selling, general and administrative expenses	5,590,000	5,473,000	15,977,000	13,332,000
INCOME FROM OPERATIONS	20,672,000	24,840,000	59,945,000	48,595,000
Other income, net	732,000	99,000	944,000	162,000
INCOME BEFORE INCOME TAXES	21,404,000	24,939,000	60,889,000	48,757,000
Income tax expense	7,045,000	8,180,000	19,845,000	15,177,000
NET INCOME	14,359,000	16,759,000	41,044,000	33,580,000
Net income attributable to noncontrolling interests (Note 3)	3,552,000	4,337,000	11,427,000	9,133,000
NET INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	$ 10,807,000	$ 12,422,000	$ 29,617,000	$ 24,447,000
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Basic (in Dollars per share)	$ 0.73	$ 0.86	$ 2.01	$ 1.70
Diluted (in Dollars per share)	$ 0.72	$ 0.84	$ 1.97	$ 1.66
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic (in shares)	14,810,000	14,470,000	14,732,000	14,390,000
Diluted (in shares)	15,066,000	14,795,000	15,004,000	14,761,000
CASH DIVIDENDS DECLARED (Note 12)	$ 0.70	$ 0.70	$ 0.70	$ 0.70
Power Industry Services [Member]
Revenues	$ 111,592,000	$ 125,660,000	$ 287,947,000	$ 275,902,000
COST OF REVENUES
Cost of revenues	86,103,000	95,863,000	214,618,000	215,174,000
GROSS PROFIT	25,489,000	29,797,000	73,329,000	60,728,000
Selling, general and administrative expenses	3,240,000	3,486,000	9,671,000	8,042,000
INCOME FROM OPERATIONS	22,249,000	26,311,000	63,658,000	52,686,000
Other income, net	304,000	98,000	683,000	160,000
INCOME BEFORE INCOME TAXES	22,553,000	26,409,000	64,341,000	52,846,000
Telecommunications Infrastructure Services [Member]
Revenues	2,375,000	1,904,000	8,941,000	4,883,000
COST OF REVENUES
Cost of revenues	1,602,000	1,388,000	6,348,000	3,684,000
GROSS PROFIT	773,000	516,000	2,593,000	1,199,000
Selling, general and administrative expenses	303,000	311,000	1,022,000	971,000
INCOME FROM OPERATIONS	470,000	205,000	1,571,000	228,000
INCOME BEFORE INCOME TAXES	$ 470,000	$ 205,000	$ 1,571,000	$ 228,000

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 41,044,000	$ 33,580,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Stock option compensation expense	1,708,000	1,489,000
Depreciation	444,000	423,000
Amortization of purchased intangibles	283,000	182,000
Deferred income tax expense (benefit)	988,000	(336,000)
Gain on the deconsolidation of a variable interest entity	(349,000)
Changes in operating assets and liabilities:
Accounts receivable	(8,072,000)	546,000
Costs and estimated earnings in excess of billings	323,000	213,000
Prepaid expenses and other assets	(1,604,000)	(308,000)
Accounts payable and accrued expenses	(4,702,000)	29,147,000
Billings in excess of costs and estimated earnings	(76,530,000)	21,423,000
Change in accumulated other comprehensive loss	(411,000)
Net cash (used in) provided by operating activities	(46,878,000)	86,359,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of short-term investments	(168,000,000)
Maturities of short-term investments	64,079,000
Purchase of APC, net of cash acquired (Note 2)	(4,210,000)
Purchases of property, plant and equipment	(2,671,000)	(1,842,000)
Loans to energy project developers	(931,000)	(614,000)
Net cash used in investing activities	(111,733,000)	(2,456,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the exercise of stock options	1,670,000	3,884,000
Excess income tax benefit on exercised stock options	88,000	1,025,000
Net cash provided by financing activities	1,758,000	4,909,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(156,853,000)	88,812,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	333,691,000	272,209,000
CASH AND CASH EQUIVALENTS, END OF PERIOD	176,838,000	361,021,000
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes	$ 20,734,000	11,022,000
Common stock issued in connection with the acquisition of APC (noncash transaction, see Note 2)	3,536,000
Cash dividends declared, payable in November 2015 and 2014, respectively (noncash transaction, see Note 12)	$ 10,379,000	$ 10,166,000

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Oct. 31, 2015
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	NOTE 1 — DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business The condensed consolidated financial statements include the accounts of Argan, Inc. (“Argan”), its wholly owned subsidiaries, its majority-controlled joint ventures and any variable interest entities for which Argan or one of its wholly-owned subsidiaries is deemed to be the primary beneficiary. Argan conducts operations through its wholly owned subsidiaries, Gemma Power Systems, LLC and affiliates (“GPS”), which provided 94% and 98% of consolidated revenues for the nine months ended October 31, 2015 and 2014, respectively; Atlantic Projects Company Limited and affiliates (“APC,” see Note 2) and Southern Maryland Cable, Inc. (“SMC”). Argan and these consolidated subsidiaries are hereinafter referred to as the “Company.” All significant inter-company balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on January 31 of each year. Through GPS and APC, the Company provides a full range of engineering, procurement, construction, commissioning, operations management, maintenance, development and consulting services to the power generation and renewable energy markets for a wide range of customers including independent power project owners, public utilities, power plant equipment suppliers and global energy plant construction firms. GPS, including its consolidated joint ventures and variable interest entities (see Note 3), and APC represent our power industry services reportable segment. Through SMC, the telecommunications infrastructure services segment provides project management, construction, installation and maintenance services to commercial, local government and federal government customers primarily in the Mid-Atlantic region. In Note 17, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. Basis of Presentation The condensed consolidated balance sheet as of October 31, 2015, the condensed consolidated statements of earnings for the three and nine months ended October 31, 2015 and 2014, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2015 and 2014 are unaudited. The condensed consolidated balance sheet as of January 31, 2015 has been derived from audited financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of October 31, 2015, and the results of its operations and its cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements, the notes thereto (including the summary of significant accounting policies), and the independent registered public accounting firm’s report thereon that are included in the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended January 31, 2015 on April 16, 2015. Fair Values The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s cash and cash equivalents, short-term investments, accounts receivable, notes receivable and accounts payable are reasonable estimates of their fair values due to the short-term nature of these instruments. The fair value amounts of operating segments (as needed for purposes of identifying indications of impairment to the carrying value of goodwill) are determined by averaging valuation amounts that are calculated using several market-based and income-based approaches deemed appropriate for the circumstances. Foreign Currency The accompanying condensed consolidated financial statements are presented in US Dollars. The effects of translating the financial statements of APC (see Note 2) from its functional currency (Euros) into the Company’s reporting currency (US Dollars) are recognized as translation adjustments in accumulated other comprehensive income (loss) which is net of tax, where applicable. The translation of assets and liabilities to US Dollars is made at the exchange rate in effect at the consolidated balance sheet date, while equity accounts are translated at historical rates. The foreign currency translation adjustment balance included in accumulated other comprehensive loss for the nine months ended October 31, 2015 was $411,000. Net foreign currency transaction exchange gains and losses were included in the other income, net, section of the Company’s condensed consolidated statements of earnings for the three and nine months ended October 31, 2015; such amounts were net gains of $383,000 and $165,000, respectively.

PURCHASE OF ATLANTIC PROJECTS C

PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED	9 Months Ended
	Oct. 31, 2015
PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED
PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED	NOTE 2 — PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED On May 29, 2015 (the “Acquisition Date”), a wholly owned subsidiary of the Company purchased 100% of the outstanding capital stock of Atlantic Projects Company Limited, a private company incorporated in the Republic of Ireland. This business combination was completed pursuant to the terms and conditions of a Share Purchase Agreement, dated May 11, 2015 (the “SPA”). Formed in Dublin over forty years ago and including its affiliated companies, APC provides turbine, boiler and large rotating equipment installation, commissioning and outage services to original equipment manufacturers, global construction firms and plant owners worldwide. APC has successfully completed projects in more than thirty countries on six continents. With its presence in Ireland and its other offices located in Hong Kong, Singapore and New York, APC expands the Company’s operations internationally. APC continues to operate under its own name and with its own management team as a member of the Company’s group of companies. The fair value on the Acquisition Date of the consideration transferred to the former owners of APC was $11,101,000 (the “Consideration”) including $6,484,000 cash paid at closing, a liability in the amount of $1,081,000 representing cash held back until the expiration of the twelve-month escrow period and approximately 99,000 issued shares of the Company’s common stock which were valued at $3,536,000 based on the closing price of the Company’s common stock on the Acquisition Date. In addition, the former owners of APC received a cash dividend during the current quarter that was declared by APC prior to the acquisition in the aggregate amount of $3,311,000. This amount was determined pursuant to the terms of the SPA and the obligation was included in the balance sheet of APC on the Acquisition Date as an accrued liability. The amount of net cash used in the acquisition of APC is presented below: Net assets acquired $ Less-shares of common stock issued Less-escrow liability Less-cash acquired Net cash used $ The Company expects to pay the full amount of the escrow liability although it is entitled to retain an amount to cover any shortfall in the amount of the acquired net worth of APC, as defined in the SPA. The acquisition of APC has been accounted for using the purchase method of accounting, with Argan as the acquirer. The results of APC’s operations have been included in the condensed consolidated financial statements since the acquisition date. The amounts of acquisition-related costs incurred by the Company, which consisted primarily of legal and tax consulting fees and stamp taxes, were $457,000 for the nine months ended October 31, 2015; such costs were included in selling, general and administrative expenses in the condensed consolidated statement of earnings for the corresponding period. The table below summarizes the allocation of the purchase price based upon the fair values of assets acquired and liabilities assumed at the Acquisition Date. This allocation reflects adjustments made in the current quarter to the provisional amounts that were recorded in the second quarter based upon information that was available to management at that time. The adjustments were not material to the earnings of either the second or third quarters of the current fiscal year. Cash $ Accounts receivable Costs and estimated earnings in excess of billings Prepaid expenses and other assets Property, plant and equipment Intangible assets (defined lives) Goodwill Less-accounts payable and accrued expenses (including cash dividends payable) Less-deferred taxes and other liabilities Net assets acquired $ The amount of goodwill recognized with this transaction, included in the goodwill of the power industry services reportable segment, reflects the Company’s belief that APC’s trained and assembled workforce, unregistered trade name and other marketing related benefits which do not qualify for separate recognition have continuing value. The amounts allocated to customer contracts and customer relationships represent the fair value ascribed to APC’s contract backlog and continuing customer relationships at the Acquisition Date. The corresponding amounts are being amortized to expense over the terms of the corresponding contracts (less than 1 year) and the expected lives of the customer relationships (approximately 5 years) as applicable. The unaudited pro forma information for the nine months ended October 31, 2015 and 2014 included in Note 18 assumes that the purchase of APC had occurred on February 1, 2014. The pro forma net income amounts reflect the elimination of the acquisition-related costs ($457,000) incurred during the nine months ended October 31, 2015, and the adjustment of the amortization of purchased intangibles resulting in an increase to net income for 2015 and a decrease in net income for 2014 in the amounts of $43,000 and $171,000, respectively. The amounts of revenues attributable to APC and included in the condensed consolidated statements of earnings for the three and nine month periods ended October 31, 2015 were $6,880,000 and $10,295,000, respectively. The corresponding income before income tax expense for the corresponding periods were $275,000 and $125,000, respectively. The amounts of APC’s revenues related to overseas customers that were included in the Company’s consolidated revenues for the three and nine months ended October 31, 2015 were $5,270,000 and $8,231,000, respectively.

SPECIAL PURPOSE ENTITIES

SPECIAL PURPOSE ENTITIES	9 Months Ended
	Oct. 31, 2015
SPECIAL PURPOSE ENTITIES
SPECIAL PURPOSE ENTITIES	NOTE 3 — SPECIAL PURPOSE ENTITIES Construction Joint Ventures GPS has assigned its contracts for the engineering, procurement and construction of two natural gas-fired power plants (the “EPC Contracts”), known as Panda Liberty and Panda Patriot, to two separate joint ventures that were formed in order to perform the work for the applicable project and to spread the bonding risk of each project. The joint venture partner for both projects is a large, heavy civil contracting firm. GPS has no significant commitments under these arrangements beyond those related to the completion of the EPC Contracts. The joint venture partners are dedicating resources that are necessary to complete the projects and are being reimbursed for their costs. GPS is performing most of the activities of the EPC Contracts. The corresponding joint venture agreements, as amended, provide that GPS has the majority interest in any profits, losses, assets and liabilities that may result from the performance of the EPC Contracts. Due to the financial control of GPS, the accounts of the joint ventures have been included in the Company’s condensed consolidated financial statements since the commencement of contract activities near the end of the fiscal year ended January 31, 2014. The shares of the profits of the joint ventures, including the majority portion attributable to the stockholders of Argan, have been determined based on the percentages by which the Company believes profits will ultimately be shared by the joint venture partners. If the joint venture partner is unable to pay its share of any losses, GPS would be fully liable for those losses incurred under the EPC Contracts. In January 2015, the joint ventures made cash distributions including $25 million paid to the Company’s joint venture partner. Moxie Freedom LLC In August 2014, Gemma Power, Inc. (“GPI”), which is included in the group of companies identified above as “GPS” and is wholly owned by Argan, entered into a Development Loan Agreement (the “DLA”) with Moxie Freedom LLC (“Moxie Freedom”), a variable interest entity (“VIE”) wholly owned by Moxie Energy, LLC (“Moxie”), a power facility project development firm. GPI’s financial support has covered a significant portion of the costs of Moxie Freedom’s development of a large natural gas-fired power plant with nominal capacity of 1,000 MW. Under the DLA, GPI agreed to make development loans to Moxie Freedom of up to $6 million. As of October 31, 2015, the aggregate amount of the notes receivable and the related accrued interest was $4,866,000; such loans earned interest based on an annual rate of 20%. The loans and accrued interest should be repaid at the time of a financial closing, but shall mature no later than December 31, 2017. In connection with the DLA, GPI was provided security interests in various assets of Moxie Freedom and Moxie. Moxie Freedom has reimbursed GPS for certain project development support costs through additions to each monthly loan. At the time that Moxie Freedom is sold and repays all development loans and any outstanding obligations related to letters of credit, it shall pay, or cause to be paid, a development success fee to GPI. As additional consideration for the financial commitments made by GPI under the DLA, Moxie Freedom granted GPS the exclusive rights to provide engineering, procurement and construction (“EPC”) services for the project. In July 2015, the Company announced that it had entered into an EPC contract with Moxie Freedom and that it had received a limited notice to proceed with early project activities. Pursuant to a participation agreement, an equipment supplier to Moxie Freedom provided GPI with 40% of the funding for the development loans made to Moxie Freedom. As of October 31, 2015, GPI had received cash from the supplier of $1,703,000 in connection with this agreement. The supplier received an undivided fractional interest in all present and future loans from GPI and the related security. Accordingly, it earned interest on the cash provided to GPI based on an annual rate of 20% and it was entitled to receive from GPI 40% of any development success fee earned by GPI in connection with the permanent financing and/or sale of the project. Under current accounting guidance, the funding provided to GPI was treated as a secured borrowing which was included in the Company’s balance of accrued expenses as of October 31 and January 31, 2015. In early November 2015 (see Note 18), Moxie sold a substantial portion of its ownership interest in Moxie Freedom, GPI received full repayment of its development loans and accrued interest, GPI received its share of the development success fee, and GPS received a full notice-to-proceed with activities pursuant to the corresponding EPC contract. In addition, all amounts due under the participation agreement were paid. Through its arrangements with Moxie Freedom, the Company was previously deemed to be the primary beneficiary of this variable interest entity. However, Moxie Freedom substantially completed its project development efforts and financial support was thereafter provided substantially by the pending investor. As a result, the Company was no longer the primary beneficiary of the VIE and the deconsolidation of Moxie Freedom was reflected in the Company’s condensed consolidated financial statements as of July 1, 2015. The primary effects of the deconsolidation were the elimination of the capitalized project costs from the Company’s condensed consolidated balance sheet ($4,871,000) and the addition to the condensed consolidated balance sheet of the notes receivable from Moxie Freedom and the related accrued interest. For reporting periods prior to the deconsolidation, the amounts of GPI’s notes receivable from Moxie Freedom and the corresponding amounts of accrued interest and interest income were eliminated in consolidation. The deconsolidation resulted in a pre-tax gain which was included in the statements of earnings for the nine months ended October 31, 2015 in the amount of $349,000.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	9 Months Ended
	Oct. 31, 2015
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	NOTE 4 — CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS The Company considers all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. At October 31 and January 31, 2015, a significant portion of the balance of cash and cash equivalents was invested in money market funds with net assets invested in high-quality money market instruments. The funds are sponsored by an investment division of Bank of America (the “Bank”). Short-term investments as of October 31, 2015 consisted solely of certificates of deposit purchased with original maturities greater than 3 months but less than one year that are considered to be held-to-maturity securities. The total carrying value amount as of October 31, 2015 included accrued interest of $97,000. Interest income is recorded when earned and is included in other income, net. The amounts of cash, cash equivalents and short-term investments in the condensed consolidated balance sheet as of October 31, 2015 included amounts held by the consolidated joint venture entities that are discussed in Note 3 above. Such amounts, which included cash and cash equivalents that amounted to $45.7 million, and short-term investments that amounted to $21.0 million, will be used primarily to cover future construction costs incurred under the corresponding EPC contracts.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	9 Months Ended
	Oct. 31, 2015
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 5 — ACCOUNTS RECEIVABLE Amounts retained by project owners under construction contracts and included in accounts receivable at October 31 and January 31, 2015 were $35.0 million and $26.1 million, respectively. Such retainage amounts represent funds withheld by construction project owners until a defined phase of a contract or project has been completed and accepted by the project owner. Retention amounts and the lengths of retention periods may vary. Most of the amounts outstanding as of October 31, 2015 should be collected over the next two to three quarters. Retainage amounts related to active contracts are classified as current assets regardless of the term of the applicable contract and amounts are generally collected by the completion of the applicable contract. The amount of the allowance for doubtful accounts at January 31, 2015 was $5.5 million. In fiscal year 2010, the balance of the accounts receivable from the owner of a partially completed construction project was written down to $5.5 million, the amount of the net proceeds remaining from a public bankruptcy auction of the facility. At that time, the amount that the Company expected ultimately to receive in a distribution of the auction proceeds, if any, was not known and the accounts receivable balance was fully reserved. During the current fiscal year, the parties with claims on the auction proceeds agreed to a distribution plan pursuant to which the Company received a cash payment of $1,600,000 (see Note 11). The Company’s accounting for the resolution of this matter resulted in the elimination of the uncollectible accounts receivable balance and the corresponding allowance amount. The amount of the cash receipt was recorded in revenues during the first quarter of the current year. There were no provisions for accounts receivable losses recorded during the three and nine months ended October 31, 2015 and 2014.

COSTS, ESTIMATED EARNINGS AND B

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS	9 Months Ended
	Oct. 31, 2015
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS	NOTE 6 — COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS The tables below set forth the aggregate amount of costs incurred and earnings accrued on uncompleted contracts compared with the billings on those contracts through October 31 and January 31, 2015, and reconcile the net amounts of billings in excess of costs and estimated earnings to the amounts included in the condensed consolidated balance sheets at those dates. October 31, January 31, 2015 2015 Costs incurred on uncompleted contracts $ $ Estimated accrued earnings Less - Billings to date $ ) $ ) Costs and estimated earnings in excess of billings $ $ Less-Billings in excess of costs and estimated earnings $ ) $ )

NOTES RECEIVABLE AND ACCRUED IN

NOTES RECEIVABLE AND ACCRUED INTEREST	9 Months Ended
	Oct. 31, 2015
NOTES RECEIVABLE AND ACCRUED INTEREST
NOTES RECEIVABLE AND ACCRUED INTEREST	NOTE 7 — NOTES RECEIVABLE AND ACCRUED INTEREST Notes receivable relate primarily to the Company’s business development activities and the balance included in the condensed consolidated balance sheet as of October 31, 2015 reflects an allowance for doubtful amounts of $208,000. Such amounts are due from the developers or owners of power plants upon the successful completion of project development efforts, bear interest, and are typically secured by the assets of the corresponding development entity. The Company’s primary motivation for entering into these lending arrangements is to obtain the corresponding engineering, procurement and construction contracts (see the discussion of Moxie Freedom in Note 3) that would be awarded upon the completion of successful project development efforts. The aggregate amount of notes receivable and related accrued interest included in the condensed consolidated balance sheet as of October 31, 2015 included the amounts due from Moxie Freedom (see Note 18 for a discussion of the subsequent receipt of the amounts) and overdue amounts from the developer of a series of biomass-fired power plants.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Oct. 31, 2015
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 8 — PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following at October 31 and January 31, 2015: October 31, January 31, 2015 2015 Land and improvements $ $ Building and improvements Furniture, machinery and equipment Trucks and other vehicles Construction project costs of the variable interest entity — Less - accumulated depreciation Property, plant and equipment, net $ $ Depreciation expense amounts were $186,000 and $140,000 for the three months ended October 31, 2015 and 2014, respectively, and were $444,000 and $423,000 for the nine months ended October 31, 2015 and 2014, respectively. The costs of maintenance and repairs totaled $174,000 and $99,000 for the three months ended October 31, 2015 and 2014, respectively, and $445,000 and $218,000 for the nine months ended October 31, 2015 and 2014, respectively. The Company also uses equipment and occupies facilities under non-cancelable operating leases and other rental agreements. Rent included in the selling, general and administrative expenses was $84,000 and $48,000 for the three months ended October 31, 2015 and 2014, respectively, and was $182,000 and $146,000 for the nine months ended October 31, 2015 and 2014, respectively. Rent incurred on construction projects and included in the costs of revenues was $3,055,000 and $4,686,000 for the three months ended October 31, 2015 and 2014, respectively, and was $11,462,000 and $9,247,000 for the nine months ended October 31, 2015 and 2014, respectively.

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS	9 Months Ended
	Oct. 31, 2015
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS	NOTE 9 — OTHER INTANGIBLE ASSETS The Company’s intangible assets, other than goodwill, consisted of the following amounts at October 31 and January 31, 2015: October 31, 2015 January 31, Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Amount 2015 Net Amount Trade name - GPS 15 years $ $ $ $ Trade name - SMC Indefinite — Customer contracts - APC < 1 year — Customer relationships 5 years — Intangible assets, net $ $ $ $ Amortization expense was $119,000 and $61,000 for the three months ended October 31, 2015 and 2014, respectively, and was $283,000 and $182,000 for the nine months ended October 31, 2015 and 2014, respectively.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	9 Months Ended
	Oct. 31, 2015
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	NOTE 10 — FINANCING ARRANGEMENTS The Company maintains financing arrangements with the Bank that are described in a Replacement Credit Agreement, effective August 10, 2015 (the “Credit Agreement”). The Credit Agreement, which supersedes the Company’s prior arrangements with the Bank, provides a revolving loan with a maximum borrowing amount of $10.0 million that is available until May 31, 2018 with interest at LIBOR plus 2.00%. The Company may also use the borrowing ability to cover standby letters of credit issued by the Bank for the Company’s use in the ordinary course of business. There were no actual borrowings outstanding under the Bank financing arrangements as of October 31, 2015 or January 31, 2015. Borrowing availability in the total amount of $1.35 million has been designated to cover several letters of credit issued by the Bank, with expiration dates ranging from September 23, 2016 to November 5, 2016, in support of the project development activities of a potential power plant owner. The Company has pledged the majority of its assets to secure the financing arrangements. The Bank’s consent is not required for acquisitions, divestitures, cash dividends and significant investments as long as certain conditions are met. The Bank requires that the Company comply with certain financial covenants at its fiscal year-end and at each of its fiscal quarter-ends. As of October 31, 2015, the Company was in compliance with the financial covenants of the Credit Agreement. As of January 31, 2015, the Company was in compliance with the financial covenants of its superseded borrowing arrangements. Management believes that the Company will continue to comply with its financial covenants under the Credit Agreement.

LEGAL CONTINGENCIES

LEGAL CONTINGENCIES	9 Months Ended
	Oct. 31, 2015
LEGAL CONTINGENCIES
LEGAL CONTINGENCIES	NOTE 11 — LEGAL CONTINGENCIES In the normal course of business, the Company may have pending claims and legal proceedings. It is the opinion of management, based on information available at this time, that there are no current claims and proceedings that could have a material effect on the Company’s condensed consolidated financial statements. The material amounts of any legal fees expected to be incurred in connection with legal matters are accrued when such amounts are estimable. GPS was the contractor for engineering, procurement and construction services related to an anhydrous ethanol plant in Carleton, Nebraska (the “Project”). The owner of the Project was ALTRA Nebraska, LLC (“Altra”). In November 2007, GPS and Altra agreed to a suspension of the Project while Altra sought to obtain financing to complete the Project. By March 2008, financing had not been arranged which terminated the construction contract prior to completion of the Project. In March 2008, GPS filed a mechanic’s lien against the Project in the approximate amount of $23.8 million, which amount included sums owed to subcontractors/suppliers of GPS and their subcontractors/suppliers. Several other claimants also filed mechanic’s liens against the Project. In August 2009, Altra filed for bankruptcy protection. Proceedings resulted in a court-ordered liquidation of Altra’s assets. The incomplete plant was sold at auction in October 2009. As of January 31, 2015, the remaining net proceeds of $5.5 million were being held by the bankruptcy court and had not been distributed to Altra’s creditors. During a mediation session that occurred in April 2015, the parties with lien claims being considered by the bankruptcy court executed a settlement agreement pursuant to which the Company received a payment of $1.6 million in May 2015 from the proceeds deposited with the bankruptcy court. The court was advised of the mediation result, and this matter was dismissed

CASH DIVIDENDS

CASH DIVIDENDS	9 Months Ended
	Oct. 31, 2015
CASH DIVIDENDS
CASH DIVIDENDS	NOTE 12 — CASH DIVIDENDS In September 2015, the Company’s board of directors declared a regular cash dividend of $0.70 per share of common stock, which was paid on November 5, 2015 to stockholders of record at the close of business on October 15, 2015. In September 2014, the Company’s board of directors declared a special cash dividend of $0.70 per share of common stock, which was paid on November 6, 2014 to stockholders of record on October 15, 2014.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Oct. 31, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 13 — STOCK-BASED COMPENSATION At the Company’s annual meeting held on June 24, 2015, the stockholders approved an amendment to the Company’s 2011 Stock Plan (the “Stock Plan”) in order to increase the total number of shares of common stock reserved for issuance thereunder by 750,000 shares. As a result, at October 31, 2015, there were 1,756,900 shares of the Company’s common stock reserved for issuance under the Company’s stock option plans, including approximately 743,000 shares of the Company’s common stock available for future awards under the Stock Plan. Summaries of activity under the Company’s stock option plans for the nine months ended October 31, 2015 and 2014 are presented below: Shares Weighted Average Exercise Price Weighted Average Remaining Term (years) Weighted Average Fair Value Outstanding, February 1, 2015 $ $ Granted $ Exercised ) $ Forfeited ) $ Outstanding, October 31, 2015 $ $ Exercisable, October 31, 2015 $ $ Shares Weighted Average Exercise Price Weighted Average Remaining Term (years) Weighted Average Fair Value Outstanding, February 1, 2014 $ $ Granted $ Exercised ) $ Outstanding, October 31, 2014 $ $ Exercisable, October 31, 2014 $ $ Summaries of the changes in the number of non-vested options to purchase shares of common stock for the nine months ended October 31, 2015 and 2014 are presented below: Shares Weighted Average Fair Value Nonvested, February 1, 2015 $ Granted $ Vested ) $ Nonvested, October 31, 2015 $ Shares Weighted Average Fair Value Nonvested, February 1, 2014 $ Granted $ Vested ) $ Nonvested, October 31, 2014 $ Compensation expense amounts related to stock options were $651,000 and $521,000 for the three months ended October 31, 2015 and 2014, respectively, and were $1,708,000 and $1,489,000 for the nine months ended October 31, 2015 and 2014, respectively. At October 31, 2015, there was $1,536,000 in unrecognized compensation cost related to outstanding stock options. The Company expects to recognize the compensation expense for these awards within the next year. The total intrinsic values of the stock options exercised during the nine months ended October 31, 2015 and 2014 were $1,901,000 and $3,897,000, respectively. At October 31, 2015, the aggregate market values of the shares of common stock subject to outstanding and exercisable stock options exceeded the aggregate exercise prices of such options by $11,076,000 and $10,355,000, respectively. The fair value of each stock option granted in the nine-month periods ended October 31, 2015 and 2014 was estimated on the corresponding date of award using the Black-Scholes option-pricing model based on the following weighted average assumptions. Nine Months Ended October 31, 2015 2014 Dividend yield % % Expected volatility % % Risk-free interest rate % % Expected life in years

INCOME TAXES

INCOME TAXES	9 Months Ended
	Oct. 31, 2015
INCOME TAXES
INCOME TAXES	NOTE 14 — INCOME TAXES The Company’s income tax expense amounts for the nine months ended October 31, 2015 and 2014 differed from the expected income tax expense amounts computed by applying the federal corporate income tax rate of 35% to income before income taxes for the periods as shown in the table below. Nine Months Ended October, 2015 2014 Computed expected income tax expense $ $ State income taxes, net of federal tax benefit Permanent differences, net ) ) Other, net $ $ For the nine months ended October 31, 2015 and 2014, the favorable income tax effects of permanent differences related primarily to the exclusion from taxable income of the income attributable to the noncontrolling interests in the consolidated joint ventures (which are considered partnerships for income tax reporting purposes) and the domestic manufacturing deduction. As of October 31, 2015, the amount presented in the condensed consolidated balance sheet for prepaid expenses and other assets included prepaid income taxes of $1,329,000. At January 31, 2015, the amount presented in the condensed consolidated balance sheet for accrued expenses included accrued income taxes of $176,000. The Company’s condensed consolidated balance sheets as of October 31 and January 31, 2015 included net deferred tax liabilities in the amounts of $2,190,000 and $1,010,000, respectively. As of October 31, 2015, the Company does not believe that it has any material uncertain income tax positions reflected in its accounts. The tax effects of temporary differences that gave rise to deferred tax assets and liabilities as of October 31 and January 31, 2015 are presented below: October 31, January 31, 2015 2015 Assets: Stock options $ $ Purchased intangibles Accrued liabilities and other Liabilities: Purchased intangibles $ ) $ ) Construction contracts ) ) Property, equipment and other ) ) ) ) Net deferred income tax liabilities $ ) $ ) The Company is subject to income taxes in the United States of America, the Republic of Ireland and in various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is no longer subject to federal, state and local income tax examinations by tax authorities for its fiscal years ended on or before January 31, 2012, except for a few exceptions including California and the Republic of Ireland where the open periods are one year longer.

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	9 Months Ended
	Oct. 31, 2015
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	NOTE 15 — EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. Basic earnings per share amounts were computed by dividing net income by the weighted average number of shares of common stock that were outstanding during the applicable period. Diluted earnings per share amounts for the three months ended October 31, 2015 and 2014 were computed by dividing the corresponding net income amounts by the weighted average number of outstanding common shares for the applicable period plus 257,000 shares and 325,000 shares representing the total dilutive effects of outstanding stock options during the periods, respectively. The diluted weighted average number of shares outstanding for the three months ended October 31, 2015 and 2014 excluded the anti-dilutive effects of options to purchase 105,000 and 40,000 shares of common stock, respectively, because such anti-dilutive common stock equivalents had exercise prices that were in excess of the average market price of the Company’s common stock during the corresponding periods. Diluted earnings per share amounts for the nine months ended October 31, 2015 and 2014 were computed by dividing the net income amounts by the weighted average number of outstanding common shares for the applicable period plus 271,000 shares and 371,000 shares representing the total dilutive effects of outstanding stock options during the corresponding periods, respectively. The diluted weighted average number of shares outstanding for the nine months ended October 31, 2015 and 2014 excluded the anti-dilutive effects of options to purchase 180,000 and 40,000 shares of common stock, respectively.

MAJOR CUSTOMERS

MAJOR CUSTOMERS	9 Months Ended
	Oct. 31, 2015
MAJOR CUSTOMERS
MAJOR CUSTOMERS	NOTE 16 — MAJOR CUSTOMERS The Company’s significant customer relationships included two power industry service customers each of which accounted for 36% of consolidated revenues for the three months ended October 31, 2015, and they accounted for 42% and 41% of consolidated revenues for the nine months ended October 31, 2015. In addition, revenues associated with a new significant customer represented 10% of consolidated revenues for the three months ended October 31, 2015. The Company’s significant customer relationships last year included three power industry service customers which accounted for 44%, 44% and 10% of consolidated revenues for the three months ended October 31, 2014, and 45%, 39% and 14% of consolidated revenues for the nine months ended October 31, 2014. Accounts receivable from the two largest major customers for the current year represented 42% and 41% of the corresponding consolidated balance as of October 31, 2015, and they represented 50% and 45% of the corresponding consolidated balance as of January 31, 2015.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Oct. 31, 2015
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 17 — SEGMENT REPORTING Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s reportable segments are organized in separate business units with different management teams, customers, technologies and services and may include more than one operating segment. Presented below are summarized operating results and certain financial position data of the Company’s reportable segments for the three months ended October 31, 2015 and 2014. The “Other” columns include the Company’s corporate and unallocated expenses. Three Months Ended October 31, 2015 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ $ Goodwill $ $ — $ — $ Total assets $ $ $ $ Three Months Ended October 31, 2014 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ — $ Goodwill $ $ — $ — $ Total assets $ $ $ $ Presented below are summarized operating results of the Company’s reportable segments for the nine months ended October 31, 2015 and 2014. As above, the “Other” columns include the Company’s corporate and unallocated expenses. Nine Months Ended October 31, 2015 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ $ Nine Months Ended October 31, 2014 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ $

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Oct. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 18 — SUBSEQUENT EVENTS Moxie Freedom In November 2015, Moxie sold a significant interest in Moxie Freedom to an unaffiliated power plant investment firm and Moxie Freedom closed on financing for the completion of the project. At the closing, GPI received full payment on its notes receivable from Moxie Freedom and the related accrued interest. In addition, GPI received net cash proceeds of $2,555,000 which represents its 60% share of the corresponding development success fee. All amounts due to Moxie Freedom’s equipment supplier pursuant to the participation agreement discussed above in Note 3, including its 40% share of the development success fee, were paid in full. As a result of the closing, GPS received from Moxie Freedom the full notice-to-proceed with activities pursuant to the corresponding EPC contract. Acquisition of The Roberts Company On December 4, 2015, the Company acquired TRC Acquisition LLC which owns 100% of The Roberts Company Field Services, Inc. and The Roberts Company Fabrication Services, Inc. ( collectively “TRC”), both Delaware corporation s . This business combination was completed pursuant to the terms and conditions of a Membership Interest Purchase Agreement dated December 4, 2015. TRC, founded in 1977 and headquartered near Greenville, North Carolina, is principally an industrial fabricator and constructor serving both light and heavy industrial organizations primarily in the southern United States. Consideration included a $500,000 cash payment. In the event that certain performance conditions are met, Argan shall make an additional $500,000 cash payment to the former owners of TRC. In addition, the Company made cash payments totaling approximately $16 million in order to retire TRC’s outstanding bank debt and certain leases. The Company believes that the consideration is greater than the fair value of the net assets of TRC received on the closing date. However, the Company has not completed the allocation of the purchase price to the acquired assets which will be based, in large part, on evaluations that are being performed by independent asset and real estate appraisal firms. The following unaudited pro forma information for the nine months ended October 31, 2015 and 2014 assumes that the purchases of both TRC and APC (see Note 2) 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 transactions occurred on February 1, 2014, nor is it indicative of the Company’s future results. 2015 2014 Pro forma revenues $ $ Pro forma net income $ $ Pro forma net income attributable to the stockholders of Argan, Inc. $ $ Pro forma earnings per share attributable to the stockholders of Argan, Inc. Basic $ $ Diluted $ $

DESCRIPTION OF THE BUSINESS A24

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Oct. 31, 2015
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Description of the Business	Description of the Business The condensed consolidated financial statements include the accounts of Argan, Inc. (“Argan”), its wholly owned subsidiaries, its majority-controlled joint ventures and any variable interest entities for which Argan or one of its wholly-owned subsidiaries is deemed to be the primary beneficiary. Argan conducts operations through its wholly owned subsidiaries, Gemma Power Systems, LLC and affiliates (“GPS”), which provided 94% and 98% of consolidated revenues for the nine months ended October 31, 2015 and 2014, respectively; Atlantic Projects Company Limited and affiliates (“APC,” see Note 2) and Southern Maryland Cable, Inc. (“SMC”). Argan and these consolidated subsidiaries are hereinafter referred to as the “Company.” All significant inter-company balances and transactions have been eliminated in consolidation. The Company’s fiscal year ends on January 31 of each year. Through GPS and APC, the Company provides a full range of engineering, procurement, construction, commissioning, operations management, maintenance, development and consulting services to the power generation and renewable energy markets for a wide range of customers including independent power project owners, public utilities, power plant equipment suppliers and global energy plant construction firms. GPS, including its consolidated joint ventures and variable interest entities (see Note 3), and APC represent our power industry services reportable segment. Through SMC, the telecommunications infrastructure services segment provides project management, construction, installation and maintenance services to commercial, local government and federal government customers primarily in the Mid-Atlantic region. In Note 17, the Company has provided certain financial information relating to the operating results and assets of its reportable segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions.
Basis of Presentation	Basis of Presentation The condensed consolidated balance sheet as of October 31, 2015, the condensed consolidated statements of earnings for the three and nine months ended October 31, 2015 and 2014, and the condensed consolidated statements of cash flows for the nine months ended October 31, 2015 and 2014 are unaudited. The condensed consolidated balance sheet as of January 31, 2015 has been derived from audited financial statements. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, which are of a normal and recurring nature, considered necessary to present fairly the financial position of the Company as of October 31, 2015, and the results of its operations and its cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full fiscal year. These condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The accompanying condensed consolidated financial statements and notes should be read in conjunction with the consolidated financial statements, the notes thereto (including the summary of significant accounting policies), and the independent registered public accounting firm’s report thereon that are included in the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended January 31, 2015 on April 16, 2015.
Fair Values	Fair Values The carrying value amounts presented in the condensed consolidated balance sheets for the Company’s cash and cash equivalents, short-term investments, accounts receivable, notes receivable and accounts payable are reasonable estimates of their fair values due to the short-term nature of these instruments. The fair value amounts of operating segments (as needed for purposes of identifying indications of impairment to the carrying value of goodwill) are determined by averaging valuation amounts that are calculated using several market-based and income-based approaches deemed appropriate for the circumstances.
Foreign Currency	Foreign Currency The accompanying condensed consolidated financial statements are presented in US Dollars. The effects of translating the financial statements of APC (see Note 2) from its functional currency (Euros) into the Company’s reporting currency (US Dollars) are recognized as translation adjustments in accumulated other comprehensive income (loss) which is net of tax, where applicable. The translation of assets and liabilities to US Dollars is made at the exchange rate in effect at the consolidated balance sheet date, while equity accounts are translated at historical rates. The foreign currency translation adjustment balance included in accumulated other comprehensive loss for the nine months ended October 31, 2015 was $411,000. Net foreign currency transaction exchange gains and losses were included in the other income, net, section of the Company’s condensed consolidated statements of earnings for the three and nine months ended October 31, 2015; such amounts were net gains of $383,000 and $165,000, respectively.

PURCHASE OF ATLANTIC PROJECTS25

PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED (Tables) - Atlantic Projects Company Limited [Member]	9 Months Ended
	Oct. 31, 2015
Schedule of net cash used in the acquisition of APC	Net assets acquired $ Less-shares of common stock issued Less-escrow liability Less-cash acquired Net cash used $
Schedule of fair values of assets and liabilities of APC	Cash $ Accounts receivable Costs and estimated earnings in excess of billings Prepaid expenses and other assets Property, plant and equipment Intangible assets (defined lives) Goodwill Less-accounts payable and accrued expenses (including cash dividends payable) Less-deferred taxes and other liabilities Net assets acquired $

COSTS, ESTIMATED EARNINGS AND26

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS (Tables)	9 Months Ended
	Oct. 31, 2015
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS
Aggregate Amount of Costs Incurred and Earnings Accrued on Uncompleted Contracts Compared with Billings on Contracts	October 31, January 31, 2015 2015 Costs incurred on uncompleted contracts $ $ Estimated accrued earnings Less - Billings to date $ ) $ ) Costs and estimated earnings in excess of billings $ $ Less-Billings in excess of costs and estimated earnings $ ) $ )

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Oct. 31, 2015
PROPERTY, PLANT AND EQUIPMENT
Summary of Property, Plant and Equipment	October 31, January 31, 2015 2015 Land and improvements $ $ Building and improvements Furniture, machinery and equipment Trucks and other vehicles Construction project costs of the variable interest entity — Less - accumulated depreciation Property, plant and equipment, net $ $

OTHER INTANGIBLE ASSETS (Tables

OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Oct. 31, 2015
OTHER INTANGIBLE ASSETS
Schedule of intangible Assets	October 31, 2015 January 31, Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Amount 2015 Net Amount Trade name - GPS 15 years $ $ $ $ Trade name - SMC Indefinite — Customer contracts - APC < 1 year — Customer relationships 5 years — Intangible assets, net $ $ $ $

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Oct. 31, 2015
STOCK-BASED COMPENSATION
Summary of Activity under Company's Stock Option Plans	Shares Weighted Average Exercise Price Weighted Average Remaining Term (years) Weighted Average Fair Value Outstanding, February 1, 2015 $ $ Granted $ Exercised ) $ Forfeited ) $ Outstanding, October 31, 2015 $ $ Exercisable, October 31, 2015 $ $ Shares Weighted Average Exercise Price Weighted Average Remaining Term (years) Weighted Average Fair Value Outstanding, February 1, 2014 $ $ Granted $ Exercised ) $ Outstanding, October 31, 2014 $ $ Exercisable, October 31, 2014 $ $
Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock	Shares Weighted Average Fair Value Nonvested, February 1, 2015 $ Granted $ Vested ) $ Nonvested, October 31, 2015 $ Shares Weighted Average Fair Value Nonvested, February 1, 2014 $ Granted $ Vested ) $ Nonvested, October 31, 2014 $
Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted	Nine Months Ended October 31, 2015 2014 Dividend yield % % Expected volatility % % Risk-free interest rate % % Expected life in years

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Oct. 31, 2015
INCOME TAXES
Company's Income Tax Expense	Nine Months Ended October, 2015 2014 Computed expected income tax expense $ $ State income taxes, net of federal tax benefit Permanent differences, net ) ) Other, net $ $
Schedule of Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities	October 31, January 31, 2015 2015 Assets: Stock options $ $ Purchased intangibles Accrued liabilities and other Liabilities: Purchased intangibles $ ) $ ) Construction contracts ) ) Property, equipment and other ) ) ) ) Net deferred income tax liabilities $ ) $ )

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Oct. 31, 2015
SEGMENT REPORTING
Summarized Operating Results and Certain Financial Position Data of Company's Reportable Business Segments	Three Months Ended October 31, 2015 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ $ Goodwill $ $ — $ — $ Total assets $ $ $ $ Three Months Ended October 31, 2014 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ — $ Goodwill $ $ — $ — $ Total assets $ $ $ $ Nine Months Ended October 31, 2015 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ $ Nine Months Ended October 31, 2014 Power Industry Services Telecom Infrastructure Services Other Consolidated Revenues $ $ $ — $ Cost of revenues — Gross profit — Selling, general and administrative expenses Income (loss) from operations ) Other income, net — Income (loss) before income taxes $ $ $ ) Income tax expense Net income $ Amortization of purchased intangibles $ $ — $ — $ Depreciation $ $ $ $ Property, plant and equipment additions $ $ $ $

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Oct. 31, 2015
Roberts Company And Atlantic Projects Company Limited Member
Summary of Pro Forma Information	2015 2014 Pro forma revenues $ $ Pro forma net income $ $ Pro forma net income attributable to the stockholders of Argan, Inc. $ $ Pro forma earnings per share attributable to the stockholders of Argan, Inc. Basic $ $ Diluted $ $

DESCRIPTION OF THE BUSINESS A33

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2015	Oct. 31, 2014
Foreign Currency
Foreign currency translation losses	$ 411,000	$ 411,000
Other income (expense)
Foreign Currency
Foreign currency gains	$ 383,000	$ 165,000
GPS [Member]
Schedule Of Description Of Business [Line Items]
Consolidated revenues by subsidiaries		94.00%	98.00%

PURCHASE OF ATLANTIC PROJECTS34

PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED - Additional information (Details) - Atlantic Projects Company Limited [Member]	May. 29, 2015USD ($)countryitemshares
Business Acquisition [Line Items]
Acquisition date	May 29, 2015
Percentage of capital stock acquired	100.00%
Acquisition related Share Purchase Agreement date	May 11, 2015
Number of continents in which entity operates | item	6
Acquisition, purchase price Consideration	$ 11,101,000
Cash paid at closing	6,484,000
Liability representing cash held back	$ 1,081,000
Escrow period	12 months
Common stock value issued	$ 3,536,000
Dividends declared by APC prior to acquisition	$ 3,311,000
Minimum [Member]
Business Acquisition [Line Items]
Number of countries in which entity operates | country	30
Common Stock [Member]
Business Acquisition [Line Items]
Acquisition, number of shares Consideration | shares	99,000
Common stock value issued	$ 3,536,000

PURCHASE OF ATLANTIC PROJECTS35

PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED - Amount of net cash used in acquisition (Details 2) - Atlantic Projects Company Limited [Member] - USD ($)	May. 29, 2015	Oct. 31, 2015
Business Combination, Consideration Transferred [Abstract]
Net assets acquired	$ 11,101,000
Less-shares of common stock issued	3,536,000
Less-escrow liability	1,081,000
Less-cash acquired	2,274,000
Net cash used	$ 4,210,000
acquisition related costs		$ (457,000)
Selling, General and Administrative Expenses [Member]
Business Combination, Consideration Transferred [Abstract]
acquisition related costs		$ 457,000

PURCHASE OF ATLANTIC PROJECTS36

PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED - fair value of assets and liabilities acquired (Details 3) - USD ($)	May. 29, 2014	Oct. 31, 2015	May. 29, 2015	Jan. 31, 2015	Oct. 31, 2014
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill		$ 22,525,000		$ 18,476,000	$ 18,476,000
Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Useful life		5 years
Atlantic Projects Company Limited [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash			$ 2,274,000
Accounts receivable			5,735,000
Costs and estimated earnings in excess of billings			3,177,000
Prepaid expenses and other assets			592,000
Property, plant and equipment			1,303,000
Intangible assets (defined lives)			543,000
Goodwill			4,051,000
Less - accounts payable and accrued expenses (including cash dividends payable)			5,830,000
Less - deferred taxes and other liabilities			744,000
Net assets acquired			$ 11,101,000
Atlantic Projects Company Limited [Member] | Customer Contracts [Member] | Maximum [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Useful life	1 year
Atlantic Projects Company Limited [Member] | Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Useful life	5 years

PURCHASE OF ATLANTIC PROJECTS37

PURCHASE OF ATLANTIC PROJECTS COMPANY LIMITED - Proforma information (Details 4) - Atlantic Projects Company Limited [Member] - USD ($)	3 Months Ended	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2015	Oct. 31, 2014
Business Acquisition, Pro Forma Information [Abstract]
Adjustment to net income for amortization of purchased intangibles		$ 43,000	$ 171,000
acquisition related costs		(457,000)
Revenue since acquisition	$ 6,880,000	10,295,000
Income before income taxes since acquisition	275,000	125,000
Revenues from overseas customers since acquisition	$ 5,270,000	$ 8,231,000

SPECIAL PURPOSE ENTITIES - Addi

SPECIAL PURPOSE ENTITIES - Additional Information (Details) - GPS [Member] $ in Millions	1 Months Ended	9 Months Ended
	Jan. 31, 2015USD ($)	Oct. 31, 2015itemproject
Variable Interest Entity [Line Items]
Number of natural gas-fired power plants | project		2
Number of joint ventures | item		2
Cash distributions to joint venture partner | $	$ 25

SPECIAL PURPOSE ENTITIES - Ad39

SPECIAL PURPOSE ENTITIES - Additional Information (Details 2)	1 Months Ended	9 Months Ended
	Aug. 31, 2014USD ($)MW	Oct. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Gain on the deconsolidation of a variable interest entity		$ 349,000
Variable Interest Entity [Member]
Variable Interest Entity [Line Items]
Nominal capacity of natural gas-fired power plant | MW	1,000
Variable Interest Entity [Member] | Maximum [Member]
Variable Interest Entity [Line Items]
Development loans to Moxie Freedom	$ 6,000,000
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Notes receivable and accrued interest		$ 4,866,000
Interest rate on loan receivable		20.00%
Capitalized project costs		$ 4,871,000
Gain on the deconsolidation of a variable interest entity		$ 349,000
Loan approved percentage		40.00%
Cash received pursuant to participation agreement		$ 1,703,000
Interest rate on cash received		20.00%
Percentage of development success fee to be shared with equipment seller, not yet earned		40.00%

CASH, CASH EQUIVALENTS AND SH40

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS - Additional Information (Details) - USD ($)	9 Months Ended
	Oct. 31, 2015	Jan. 31, 2015	Oct. 31, 2014	Jan. 31, 2014
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents	$ 176,838,000	$ 333,691,000	$ 361,021,000	$ 272,209,000
Joint Venture [Member]
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents	45,700,000
Short-term investments	21,000,000
Held-to-maturity Securities [Member]
Cash and Cash Equivalents [Line Items]
Accrued interest on held-to-maturity securities	$ 97,000
Held-to-maturity Securities [Member] | Minimum [Member]
Cash and Cash Equivalents [Line Items]
Maturity period	3 months
Held-to-maturity Securities [Member] | Maximum [Member]
Cash and Cash Equivalents [Line Items]
Maturity period	1 year

ACCOUNTS RECEIVABLE - Additiona

ACCOUNTS RECEIVABLE - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	May. 31, 2015	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Jan. 31, 2015	Jan. 31, 2010
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract payment amounts retained by project owners		$ 35,000,000		$ 35,000,000		$ 26,100,000
Allowance for doubtful accounts						$ 5,500,000
Cash received	$ 1,600,000
Provision for accounts receivable loss		$ 0	$ 0	$ 0	$ 0
Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Length of retention period of amount given to project owners				6 months
Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Length of retention period of amount given to project owners				9 months
Altra Nebraska, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable from the owner of a partially completed construction project							$ 5,500,000

COSTS, ESTIMATED EARNINGS AND42

COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS - Aggregate Amount of Costs Incurred and Earnings Accrued on Uncompleted Contracts Compared with Billings on Contracts (Details) - USD ($)	Oct. 31, 2015	Jan. 31, 2015
COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS
Costs incurred on uncompleted contracts	$ 578,335,000	$ 324,839,000
Estimated accrued earnings	121,079,000	60,809,000
Contracts Receivables, Gross	699,414,000	385,648,000
Less - Billings to date	780,883,000	546,757,000
Billings in excess of costs and estimated earnings on uncompleted contracts, net	(81,469,000)	(161,109,000)
Costs and estimated earnings in excess of billings	3,565,000	455,000
Less - Billings in excess of costs and estimated earnings	$ 85,034,000	$ 161,564,000

NOTES RECEIVABLE AND ACCRUED 43

NOTES RECEIVABLE AND ACCRUED INTEREST - Additional Information (Details)	Oct. 31, 2015USD ($)
NOTES RECEIVABLE AND ACCRUED INTEREST
Notes receivable allowance for uncollectible amounts	$ 208,000

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($)	Oct. 31, 2015	Jan. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,947,000	$ 10,914,000
Less - accumulated depreciation	4,770,000	4,396,000
Property, plant and equipment, net	5,177,000	6,518,000
Variable Interest Entity [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		2,658,000
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	473,000	473,000
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,691,000	2,800,000
Furniture, Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,212,000	3,546,000
Trucks and Other Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,571,000	1,437,000
Construction in Progress [Member] | Variable Interest Entity [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 2,658,000

PROPERTY, PLANT AND EQUIPMENT45

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 186,000	$ 140,000	$ 444,000	$ 423,000
Costs of maintenance and repairs	174,000	99,000	445,000	218,000
Selling, General and Administrative Expenses [Member]
Property, Plant and Equipment [Line Items]
Rent expense	84,000	48,000	182,000	146,000
Costs of Revenues [Member]
Property, Plant and Equipment [Line Items]
Rent expense	$ 3,055,000	$ 4,686,000	$ 11,462,000	$ 9,247,000

OTHER INTANGIBLE ASSETS - Intan

OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)	9 Months Ended
	Oct. 31, 2015	Jan. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets - Accumulated Amortization	$ 2,262,000
Trade Name [Member] | GPS [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets - Estimated Useful Life	15 years
Finite Lived Intangible Assets - Gross Carrying Amount	$ 3,643,000
Finite Lived Intangible Assets - Accumulated Amortization	2,161,000
Finite Lived Intangible Assets - Net Amount	1,482,000	$ 1,664,000
Customer Contracts [Member] | Atlantic Projects Company Limited [Member]
Finite-Lived Intangible Assets [Line Items]
Finite Lived Intangible Assets - Gross Carrying Amount	113,000
Finite Lived Intangible Assets - Accumulated Amortization	69,000
Finite Lived Intangible Assets - Net Amount	$ 44,000
Customer Contracts [Member] | Atlantic Projects Company Limited [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets - Estimated Useful Life	1 year
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets - Estimated Useful Life	5 years
Finite Lived Intangible Assets - Gross Carrying Amount	$ 430,000
Finite Lived Intangible Assets - Accumulated Amortization	32,000
Finite Lived Intangible Assets - Net Amount	$ 398,000

OTHER INTANGIBLE ASSETS - Addit

OTHER INTANGIBLE ASSETS - Additional Information (Details 2) - USD ($)	Oct. 31, 2015	Jan. 31, 2015
Trade Name [Member] | SMC [Member]
Indefinite-lived Intangible Assets [Line Items]
Trade name - SMC, Net Amount	$ 181,000	$ 181,000

OTHER INTANGIBLE ASSETS - Add48

OTHER INTANGIBLE ASSETS - Additional Information (Details 3) - USD ($)	Oct. 31, 2015	Jan. 31, 2015
OTHER INTANGIBLE ASSETS
Intangible Assets Gross Excluding Goodwill	$ 4,367,000
Finite Lived Intangible Assets, Accumulated Amortization	2,262,000
Intangible assets, Net Amount	$ 2,105,000	$ 1,845,000

OTHER INTANGIBLE ASSETS - Add49

OTHER INTANGIBLE ASSETS - Additional Information (Details 4) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
OTHER INTANGIBLE ASSETS
Amortization expense	$ 119,000	$ 61,000	$ 283,000	$ 182,000

FINANCING ARRANGEMENTS - Additi

FINANCING ARRANGEMENTS - Additional Information (Details) - Revolving Credit Facility [Member] - USD ($)	9 Months Ended
	Oct. 31, 2015	Jan. 31, 2015
Line of Credit Facility [Line Items]
Borrowing available under financing arrangements	$ 10,000,000
Borrowing amount designated to cover letters of credit issued by Bank in support of project development activities	1,350,000
Borrowings outstanding under Bank financing arrangements	$ 0	$ 0
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Variable rate	LIBOR
Interest rate margin on referred rate	2.00%

LEGAL CONTINGENCIES - Additiona

LEGAL CONTINGENCIES - Additional Information (Details) - USD ($)	1 Months Ended
	May. 31, 2015	Mar. 31, 2008	Jan. 31, 2015
Loss Contingencies [Line Items]
Payment received from proceeds deposited with bankruptcy court	$ 1,600,000
GPS [Member]
Loss Contingencies [Line Items]
GPS mechanics lien against Nebraska project		$ 23,800,000
Net proceeds held by the bankruptcy court			$ 5,500,000
Payment received from proceeds deposited with bankruptcy court	$ 1,600,000

CASH DIVIDENDS - Additional Inf

CASH DIVIDENDS - Additional Information (Details) - $ / shares	Nov. 05, 2015	Nov. 06, 2014	Sep. 30, 2015	Sep. 30, 2014	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
CASH DIVIDENDS
Dividend record date			Oct. 15, 2015	Oct. 15, 2014
Cash dividend declared per common share			$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.70
Cash dividend paid per common share	$ 0.70	$ 0.70

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 1,536,000		$ 1,536,000
Intrinsic value of outstanding stock options		11,076,000		11,076,000
Intrinsic value of exercisable stock options		$ 10,355,000		$ 10,355,000
Stock Options Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance		1,756,900		1,756,900
Compensation expense		$ 651,000	$ 521,000	$ 1,708,000	$ 1,489,000
Compensation expense recognize, period				1 year
Intrinsic value of the stock options exercised				$ 1,901,000	$ 3,897,000
Method used for fair value assumption				Black-Scholes option-pricing model	Black-Scholes option-pricing model
Stock Options Plans [Member] | Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares of common stock reserved for issuance	750,000
Number of shares of common stock available for award		743,000		743,000

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Activity under Company's Stock Option Plans (Details 2) - $ / shares	9 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	876,350	916,150	916,150
Shares, Granted	240,000	220,500
Shares, Exercised	(96,450)	(243,300)
Shares, Forfeited	(6,000)
Shares, Outstanding, Ending balance	1,013,900	893,350	876,350	916,150
Shares, Exercisable	668,900	597,850
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 22.34	$ 17.36	$ 17.36
Weighted Average Exercise Price, Granted	35.76	28.84
Weighted Average Exercise Price, Exercised	17.31	15.96
Weighted Average Exercise Price, Forfeited	17.33
Weighted Average Exercise Price, Outstanding, Ending balance	26.03	20.57	$ 22.34	$ 17.36
Weighted Average Exercise Price, Exercisable	$ 21.92	$ 16.73
Weighted Average Remaining Term, Outstanding	6 years 11 months 23 days	6 years 6 months 7 days	7 years 29 days	6 years 15 days
Weighted Average Remaining Term, Exercisable	6 years 4 months 2 days	5 years 9 months 7 days
Weighted Average Fair Value, Outstanding	$ 6.82	$ 5.87	$ 6.01	$ 5.58
Weighted Average Fair Value, Exercisable	$ 5.81	$ 5.58

STOCK-BASED COMPENSATION - Su55

STOCK-BASED COMPENSATION - Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock (Details 3) - $ / shares	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
STOCK-BASED COMPENSATION
Shares, Nonvested, Beginning balance	305,500	303,000
Shares, Granted	240,000	220,500
Shares, Vested	(220,500)	(228,000)
Shares, Nonvested, Ending balance	325,000	295,500
Weighted Average Fair Value, Nonvested, Beginning balance	$ 7.14	$ 4.40
Weighted Average Fair Value, Granted	9.13	6.60
Weighted Average Fair Value, Vested	6.60	3.85
Weighted Average Fair Value, Nonvested, Ending balance	$ 8.97	$ 6.47

STOCK-BASED COMPENSATION - Su56

STOCK-BASED COMPENSATION - Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted (Details 4) - Stock Options Plans [Member]	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	1.97%	2.61%
Expected volatility	34.72%	33.49%
Risk-free interest rate	1.26%	1.20%
Expected life in years	4 years 8 months 9 days	4 years 8 months 1 day

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Jan. 31, 2015
INCOME TAXES
Federal corporate income tax rate	35.00%	35.00%
Prepaid income taxes included in prepaid expenses and other assets	$ 1,329,000
Accrued income taxes included in accrued expenses			$ 176,000
Net deferred tax liabilities	$ 2,190,000		$ 1,010,000

INCOME TAXES - Company's Income

INCOME TAXES - Company's Income Tax Expense (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
INCOME TAXES
Computed expected income tax expense			$ 21,311,000	$ 17,065,000
State income taxes, net of federal tax benefit			2,997,000	2,325,000
Permanent differences, net			(4,794,000)	(4,323,000)
Other, net			331,000	110,000
Income tax expense	$ 7,045,000	$ 8,180,000	$ 19,845,000	$ 15,177,000

INCOME TAXES - Schedule of Tax

INCOME TAXES - Schedule of Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities (Details 3) - USD ($)	Oct. 31, 2015	Jan. 31, 2015
Assets:
Stock options	$ 2,117,000	$ 1,649,000
Purchased intangibles	1,009,000	1,132,000
Accrued liabilities and other	462,000	535,000
Total Assets	3,588,000	3,316,000
Liabilities:
Purchased intangibles	(3,227,000)	(2,931,000)
Construction contracts	(1,932,000)	(830,000)
Property, equipment and other	(619,000)	(565,000)
Total Liabilities	(5,778,000)	(4,326,000)
Net deferred tax liabilities	$ (2,190,000)	$ (1,010,000)

EARNINGS PER SHARE ATTRIBUTAB60

EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Additional shares included in the calculation of diluted EPS	257,000	325,000	271,000	371,000
Shares covered by antidilutive stock options	105,000	40,000	180,000	40,000

MAJOR CUSTOMERS - Additional In

MAJOR CUSTOMERS - Additional Information (Details) - Customer Concentration Risk [Member] - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Jan. 31, 2015
Revenue [Member]
Concentration Risk [Line Items]
Number of major power industry service customers	2	3	2	3
Accounts Receivable [Member]
Concentration Risk [Line Items]
Number of major power industry service customers			2		2
Major Customer One [Member] | Revenue [Member]
Concentration Risk [Line Items]
Percentage of consolidated net revenues accounted by major customers or segments	36.00%	44.00%	42.00%	45.00%
Major Customer One [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Percentage of consolidated accounts receivable accounted by major customer			42.00%		50.00%
Major Customer Two [Member] | Revenue [Member]
Concentration Risk [Line Items]
Percentage of consolidated net revenues accounted by major customers or segments	36.00%	44.00%	41.00%	39.00%
Major Customer Two [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Percentage of consolidated accounts receivable accounted by major customer			41.00%		45.00%
Major Customer Three [Member] | Revenue [Member]
Concentration Risk [Line Items]
Percentage of consolidated net revenues accounted by major customers or segments	10.00%	10.00%		14.00%

SEGMENT REPORTING - Summarized

SEGMENT REPORTING - Summarized Operating Results and Certain Financial Position Data of Company's Reportable Business Segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Jan. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 113,967,000	$ 127,564,000	$ 296,888,000	$ 280,785,000
Cost of revenues	87,705,000	97,251,000	220,966,000	218,858,000
Gross profit	26,262,000	30,313,000	75,922,000	61,927,000
Selling, general and administrative expenses	5,590,000	5,473,000	15,977,000	13,332,000
Income (loss) from operations	20,672,000	24,840,000	59,945,000	48,595,000
Other income, net	732,000	99,000	944,000	162,000
INCOME BEFORE INCOME TAXES	21,404,000	24,939,000	60,889,000	48,757,000
Income tax expense	7,045,000	8,180,000	19,845,000	15,177,000
Net income	14,359,000	16,759,000	41,044,000	33,580,000
Amortization of purchased intangibles	119,000	61,000	283,000	182,000
Depreciation	186,000	140,000	444,000	423,000
Property, plant and equipment additions	158,000	1,643,000	2,671,000	1,842,000
Goodwill	22,525,000	18,476,000	22,525,000	18,476,000	$ 18,476,000
Total assets	365,263,000	414,378,000	365,263,000	414,378,000	$ 391,193,000
Power Industry Services [Member]
Segment Reporting Information [Line Items]
Revenues	111,592,000	125,660,000	287,947,000	275,902,000
Cost of revenues	86,103,000	95,863,000	214,618,000	215,174,000
Gross profit	25,489,000	29,797,000	73,329,000	60,728,000
Selling, general and administrative expenses	3,240,000	3,486,000	9,671,000	8,042,000
Income (loss) from operations	22,249,000	26,311,000	63,658,000	52,686,000
Other income, net	304,000	98,000	683,000	160,000
INCOME BEFORE INCOME TAXES	22,553,000	26,409,000	64,341,000	52,846,000
Amortization of purchased intangibles	119,000	61,000	283,000	182,000
Depreciation	143,000	94,000	312,000	286,000
Property, plant and equipment additions	146,000	1,629,000	2,566,000	1,718,000
Goodwill	22,525,000	18,476,000	22,525,000	18,476,000
Total assets	288,988,000	350,289,000	288,988,000	350,289,000
Telecommunications Infrastructure Services [Member]
Segment Reporting Information [Line Items]
Revenues	2,375,000	1,904,000	8,941,000	4,883,000
Cost of revenues	1,602,000	1,388,000	6,348,000	3,684,000
Gross profit	773,000	516,000	2,593,000	1,199,000
Selling, general and administrative expenses	303,000	311,000	1,022,000	971,000
Income (loss) from operations	470,000	205,000	1,571,000	228,000
INCOME BEFORE INCOME TAXES	470,000	205,000	1,571,000	228,000
Depreciation	40,000	43,000	123,000	129,000
Property, plant and equipment additions	9,000	14,000	100,000	74,000
Total assets	2,694,000	2,833,000	2,694,000	2,833,000
Other [Member]
Segment Reporting Information [Line Items]
Selling, general and administrative expenses	2,047,000	1,676,000	5,284,000	4,319,000
Income (loss) from operations	(2,047,000)	(1,676,000)	(5,284,000)	(4,319,000)
Other income, net	428,000	1,000	261,000	2,000
INCOME BEFORE INCOME TAXES	(1,619,000)	(1,675,000)	(5,023,000)	(4,317,000)
Depreciation	3,000	3,000	9,000	8,000
Property, plant and equipment additions	3,000		5,000	50,000
Total assets	$ 73,581,000	$ 61,256,000	$ 73,581,000	$ 61,256,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Dec. 04, 2015	Nov. 30, 2015	Oct. 31, 2015	Oct. 31, 2014
Roberts Company And Atlantic Projects Company Limited Member
Business Acquisition, Pro Forma Information [Abstract]
Pro forma revenues			$ 452,474,000	$ 379,869,000
Pro forma net income			31,763,000	34,456,000
Pro forma net income attributable to the stockholders of Argan, Inc.			$ 20,336,000	$ 25,323,000
Earnings Per Share, Pro Forma [Abstract]
Basic (in dollars per share)			$ 1.38	$ 1.75
Diluted (in dollars per share)			$ 1.35	$ 1.72
Subsequent Event [Member] | Variable Interest Entity [Member]
Subsequent Event [Line Items]
Proceeds from sale of business		$ 2,555,000
Percentage of development success fee received		60.00%
Percentage of development success fee paid to Moxie Freedom's equipment supplier		40.00%
Subsequent Event [Member] | The Roberts Company Member
Subsequent Event [Line Items]
Cash paid at closing	$ 500,000
Potential additional cash payments for achievement of performance conditions	500,000
Cash payments to retire outstanding debt and certain leases	$ 16,000,000
Subsequent Event [Member] | The Roberts Company Member | TRC Acquisition LLC Member
Subsequent Event [Line Items]
Ownership interest (as a percent)	100.00%