Argan (AGX) 10-K 10 Apr 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jan. 31, 2019	Apr. 05, 2019	Jul. 31, 2018
Document And Entity Information
Entity Registrant Name	ARGAN INC
Entity Central Index Key	0000100591
Trading Symbol	AGX
Document Type	10-K
Document Period End Date	Jan. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		15,579,369
Entity Public Float			$ 404,824,000
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
CONSOLIDATED STATEMENTS OF EARNINGS
REVENUES	$ 482,153	$ 892,815	$ 675,047
Cost of revenues	399,715	743,490	528,336
GROSS PROFIT	82,438	149,325	146,711
Selling, general and administrative expenses	40,710	41,764	32,478
Impairment losses	1,491	584	1,979
INCOME FROM OPERATIONS	40,237	106,977	112,254
Other income, net	6,981	5,648	2,278
INCOME BEFORE INCOME TAXES	47,218	112,625	114,532
Income tax benefit (expense)	4,651	(40,279)	(37,106)
NET INCOME	51,869	72,346	77,426
Net (loss) income attributable to non-controlling interests	(167)	335	7,098
NET INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	52,036	72,011	70,328
Foreign currency translation adjustments	(1,768)	2,184	(197)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	$ 50,268	$ 74,195	$ 70,131
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Basic (in Dollars per share)	$ 3.34	$ 4.64	$ 4.67
Diluted (in Dollars per share)	$ 3.32	$ 4.56	$ 4.50
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic (in shares)	15,569	15,522	15,066
Diluted (in shares)	15,693	15,780	15,625
CASH DIVIDENDS PER SHARE (Note 15)	$ 1	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2019	Jan. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 164,318	$ 122,107
Short-term investments	132,213	311,908
Accounts receivable, net	36,174	26,287
Contract assets	58,357	13,847
Other current assets	25,286	10,878
TOTAL CURRENT ASSETS	416,348	485,027
Property, plant and equipment, net	19,778	15,299
Goodwill	32,838	34,329
Other purchased intangible assets, net	6,137	7,149
Deferred taxes	1,257	439
Other assets	290	426
TOTAL ASSETS	476,648	542,669
CURRENT LIABILITIES
Accounts payable	44,427	100,238
Accrued expenses	29,500	35,360
Contract liabilities	8,349	47,664
TOTAL CURRENT LIABILITIES	82,276	183,262
Deferred taxes		1,279
TOTAL LIABILITIES	82,276	184,541
COMMITMENTS AND CONTINGENCIES (Notes 10 and 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; 15,577,102 and 15,570,952 shares issued at January 31, 2019 and 2018, respectively; 15,573,869 and 15,567,719 shares outstanding at January 31, 2019 and 2018, respectively	2,337	2,336
Additional paid-in capital	144,961	143,215
Retained earnings	247,616	211,112
Accumulated other comprehensive (loss) income	(346)	1,422
TOTAL STOCKHOLDERS' EQUITY	394,568	358,085
Non-controlling interests	(196)	43
TOTAL EQUITY	394,372	358,128
TOTAL LIABILITIES AND EQUITY	$ 476,648	$ 542,669

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2019	Jan. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
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	15,577,102	15,570,952
Common stock, shares outstanding	15,573,869	15,567,719

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Gain	Non-controlling Interests	Total
Balances at Jan. 31, 2016	$ 2,226	$ 117,274	$ 99,581	$ (565)	$ 3,339	$ 221,855
Balances (in shares) at Jan. 31, 2016	14,836,469
Net income			70,328		7,098	77,426
Foreign currency translation gain (loss)				(197)		(197)
Stock compensation expense		2,344				2,344
Exercise of stock options	$ 93	15,808				$ 15,901
Exercise of stock options (in shares)	621,750					622,000
Cash distributions to joint venture partner					(9,500)	$ (9,500)
Cash dividends			(15,260)			(15,260)
Balances at Jan. 31, 2017	$ 2,319	135,426	154,649	(762)	937	292,569
Balances (in shares) at Jan. 31, 2017	15,458,219
Net income			72,011		335	72,346
Foreign currency translation gain (loss)				2,184		2,184
Stock compensation expense		4,651				4,651
Exercise of stock options	$ 17	3,138				$ 3,155
Exercise of stock options (in shares)	109,500					110,000
Cash distributions to joint venture partner					(1,229)	$ (1,229)
Cash dividends			(15,548)			(15,548)
Balances at Jan. 31, 2018	$ 2,336	143,215	211,112	1,422	43	358,128
Balances (in shares) at Jan. 31, 2018	15,567,719
Net income			52,036		(167)	51,869
Foreign currency translation gain (loss)				(1,768)		(1,768)
Stock compensation expense		1,645				1,645
Exercise of stock options	$ 1	101				$ 102
Exercise of stock options (in shares)	6,150					6,000
Cash distributions to joint venture partner					(72)	$ (72)
Cash dividends			(15,570)			(15,570)
Adoption of ASC Topic 606 | Impact of the Adoption of ASC Topic 606			38			38
Balances at Jan. 31, 2019	$ 2,337	$ 144,961	$ 247,616	$ (346)	$ (196)	$ 394,372
Balances (in shares) at Jan. 31, 2019	15,573,869

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 51,869	$ 72,346	$ 77,426
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Depreciation	3,422	2,779	2,043
Stock compensation expense	1,645	4,651	2,344
Impairment losses	1,491	584	1,979
Amortization of purchased intangible assets	1,012	1,032	1,163
Change in accrued interest on short-term investments	695	(1,112)	(698)
Deferred income tax (benefit) expense	(2,139)	(64)	1,237
Other (Note 11)	(996)	(136)	1,215
Changes in operating assets and liabilities
Accounts receivable	(10,200)	(5,687)	817
Other assets	(15,160)	(4,574)	(668)
Accounts payable and accrued expenses	(60,187)	(6,164)	59,522
Changes in contracts-in-progress, net (Note 4)	(83,774)	(136,448)	112,664
Net cash (used in) provided by operating activities	(112,322)	(72,793)	259,044
CASH FLOWS FROM INVESTING ACTIVITIES
Maturities of short-term investments	370,000	587,500	354,000
Purchases of short-term investments	(191,000)	(542,500)	(595,000)
Purchases of property, plant and equipment	(8,599)	(4,826)	(2,811)
Changes in notes receivable	225	(1,500)
Net cash provided by (used in) investing activities	170,626	38,674	(243,811)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid	(15,570)	(15,548)	(15,260)
Proceeds from the exercise of stock options	102	3,155	15,901
Distributions to joint venture partners	(72)	(1,229)	(9,500)
Net cash used in financing activities	(15,540)	(13,622)	(8,859)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH	(553)	2,650	(85)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	42,211	(45,091)	6,289
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	122,107	167,198	160,909
CASH AND CASH EQUIVALENTS, END OF YEAR	164,318	122,107	167,198
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes	3,900	$ 44,309	$ 36,861
Cash paid for interest (Note 11)	$ 659

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Jan. 31, 2019
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 Argan, Inc. (“Argan”) conducts operations through its wholly owned subsidiaries, Gemma Power Systems, LLC and affiliates (“GPS”), which provided 53%, 88% and 85% of consolidated revenues for the fiscal years ended January 31, 2019 (“Fiscal 2019”), 2018 (“Fiscal 2018”) and 2017 (“Fiscal 2017”), respectively; The Roberts Company, Inc. (“TRC”); Atlantic Projects Company Limited and affiliates (“APC”) and Southern Maryland Cable, Inc. (“SMC”). Argan and these consolidated subsidiaries are hereinafter collectively referred to as the “Company.” Through GPS and APC, the Company provides a full range of engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical and consulting services to the power generation and renewable energy markets. The wide range of customers includes independent power producers, public utilities, power plant equipment suppliers and global energy plant construction firms. Including consolidated joint ventures and variable interest entities (“VIEs”), GPS and APC represent the Company’s power industry services reportable segment. Through TRC, the industrial fabrication and field services reportable segment provides on-site services that support maintenance turnarounds, shutdowns and emergency mobilizations for industrial plants primarily located in the southern United States (the “US”) and that are based on its expertise in producing, delivering and installing fabricated steel components such as piping systems, pressure vessels and heat exchangers. Through SMC, which conducts business as SMC Infrastructure Solutions, 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 of the US. Basis of Presentation and Significant Accounting Policies The consolidated financial statements include the accounts of Argan, its wholly owned subsidiaries, its financially-controlled joint ventures and any variable interest entities for which the Company is deemed to be the primary beneficiary (see Note 3). All significant inter-company balances and transactions have been eliminated in consolidation. Certain comparative amounts in the consolidated balance sheet and the consolidated statements of cash flows were reclassified to conform to the current year presentation. 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. The Company’s fiscal year ends on January 31 of each year. Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, revenues, expenses, and certain financial statement disclosures. Management believes that the estimates, judgments and assumptions upon which it relies are reasonable based upon information available to it at the time that these estimates, judgments and assumptions are made. Estimates are used for, but are not limited to, the Company’s accounting for revenue recognition, the valuation of assets with long and indefinite lives including goodwill, the valuation of options to purchase shares of the Company’s common stock, the evaluation of contingent obligations and uncertain income tax return positions, the valuation of deferred taxes, and the determination of the allowance for doubtful accounts. Actual results could differ from these estimates. Property, Plant and Equipment – Property, plant and equipment are stated at cost less accumulated depreciation. Such assets acquired in a business combination are initially included in the Company’s consolidated balance sheet at fair values. The Company capitalizes the power plant project development costs incurred by its consolidated variable interest entities. Should these construction preparation efforts be unsuccessful, the costs would be written-off at that time. Depreciation amounts are determined using the straight-line method over the estimated useful lives of the assets, other than land, which are generally from five to thirty-nine years. Building and leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful life of the related asset or the lease term, as applicable. The costs of maintenance and repairs are expensed as incurred and major improvements are capitalized. When an asset is sold or retired, the cost and related accumulated depreciation amounts are removed from the accounts and the resulting gain or loss is included in earnings. Goodwill – At least annually, the Company reviews the carrying value of goodwill amounts for impairment. The goodwill impairment test is performed using the prescribed business valuation process unless the consideration of a possible goodwill impairment conducted pursuant to the permitted, simplified qualitative approach results in a conclusion that it is unlikely that an impairment has occurred. A reporting entity identifies a potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined using various market-based and income-based valuation techniques as applicable in the particular circumstances. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not deemed impaired. If the carrying amount of the reporting unit exceeds its fair value, a goodwill impairment loss is recorded in an amount equal to the excess of the unit’s carrying value over its fair value, not to exceed the amount of goodwill allocated to the reporting unit. Nonetheless, the Company evaluates any amounts of goodwill for impairment more frequently if events or changes in circumstances indicate that goodwill value may be impaired. The simplified method allows an entity to first assess qualitative factors to determine whether it is necessary to perform the more complex quantitative goodwill impairment test. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance includes discussions of the types of factors which the Company considers in conducting the qualitative assessment including macroeconomic, industry, market and entity-specific factors. Long-Lived Assets – Long-lived assets, consisting primarily of purchased intangible assets with definite lives, property, plant and equipment, are subject to review for impairment whenever events or changes in circumstances indicate that a carrying amount should be assessed. In such circumstances, the Company would compare the carrying value of the long-lived asset to the undiscounted future cash flows expected to result from the use of the asset. In the event that the Company would determine that the carrying value of the asset is not recoverable, a loss would be recognized based on the amount by which the carrying value exceeds the fair value of the asset. Fair value would be determined by using quoted market prices or valuation techniques such as the present value of expected future cash flows, appraisals, or other pricing models as appropriate. The useful lives and amortization of purchased intangible assets are described in Note 7. Revenue Recognition – Effective February 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers ,” and a series of amendments which together hereinafter are referred to as “ASC Topic 606”, using the permitted modified retrospective method. Accordingly, the new guidance was applied retrospectively to contracts that were not completed as of the adoption date. Financial results for the year ended January 31, 2019 have been presented under ASC Topic 606, while prior period operating result amounts have not been adjusted and are reported in accordance with previous guidance. See Note 4 for additional discussion about the adoption of ASC Topic 606 and its impact on the Company’s consolidated financial statements. The new standard outlines a single comprehensive model for entities to use in accounting for revenues arising from contracts with customers. Central to the new revenue recognition framework is a five-step revenue recognition model that requires reporting entities to: 1. Identify the contract, 2. Identify the performance obligations of the contract, 3. Determine the transaction price of the contract, 4. Allocate the transaction price to the performance obligations, and 5. Recognize revenue. The Company focuses on the transfer of the contractor’s control of the goods and/or services to the customer, as opposed to the transfer of risk and rewards. Major provisions of the new standard cover the determination of which goods and services are distinct and represent separate performance obligations, the appropriate treatments for variable consideration, and the evaluation of whether revenues should be recognized at a point in time or over time. Where a performance obligation is satisfied over time, the related revenues are also recognized over time. The transaction price for a contract represents the value of the contract awarded to the Company that is used to determine the amount of revenues recognized as of the balance sheet date. It may reflect amounts of variable consideration, which could be either increases or decreases to the transaction price. These adjustments can be made from time-to-time during the period of contract performance as circumstances evolve related to such items as variations in the scope and price of contracts, claims, incentives and liquidated damages. The Company includes the estimated amount of variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenues recognized on the particular contract will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s determination of the amount of variable consideration to be included in the transaction price of a particular contract is based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. The effect of any revisions to the transaction price on the amount of previously recognized revenues that is due to the addition or reduction of variable consideration is recorded currently as an adjustment to revenues on a cumulative catch-up basis. In the event that any amounts of variable consideration that are reflected in the transaction price of a contract are not resolved in the Company’s favor, there could be reductions in, or reversals of, previously recognized revenues. Most of the Company’s long-term contracts are considered to have a single performance obligation. Although multiple promises to transfer individual goods or services may exist, they are not typically distinct within the context of our contracts because our contract promises are interrelated or they require the Company to perform critical integration so that the customer receives a completed project. Warranties provided under the Company’s contracts with customers are assurance-type and are included as elements of the single performance obligations. Under previous revenue recognition guidance, the Company also generally accounted for its long-term contracts as single units of account (i.e., a single performance obligation). Most of the Company’s revenues are recognized primarily under various types of long-term construction contracts, including those for which revenues are based on either a fixed price, time and materials or cost-plus-fee basis, and primarily over time as performance obligations are satisfied due to the continuous transfer of control to the project owner or other customer. Significant contracts typically have durations of three months to three years. Revenues from fixed price contracts, including a portion of estimated profit, are recognized as services are provided, based on costs incurred and estimated total contract costs using the percentage-of-completion method. However, costs incurred on a particular contract that are related to materials or equipment items over which the corresponding project owner has yet to obtain control shall be excluded from the measurement of progress toward the satisfaction of the corresponding performance obligation determined as of the report date. If at any time, the estimate of contract profitability indicates an anticipated loss on a contract, the Company will recognize the total loss in the the reporting period that it is identified and an amount is estimable. Revenues from time and materials contracts are recognized when the related services are provided to the customer. Revenues from cost-plus-fee construction contracts are recognized on the basis of costs incurred during the period plus the fee earned, measured using the cost-to-cost method. The timing of when the Company bills its customers is generally dependent upon negotiated billing terms, the achievement of certain contract milestones, the completion of certain other phases of the work, or when services are provided or products are shipped. Projects with performance obligations satisfied over time will typically have revenues recognized to date in amounts different from the amounts of cumulative billings. As the rights and obligations in contracts are interdependent, the differences for each contract are combined with certain other asset and liability amounts related to the corresponding contracts in order to determine the net asset or net liability amounts, on a contract-by-contract basis. The amounts for each contract in a net asset position are totaled at the report date and presented in the corresponding consolidated balance sheet as contract assets. Likewise, the amounts for each contract in a net liability position are totaled at the report date and presented in the corresponding consolidated balance sheet as contract liabilities. Contract assets are defined in the new standard to include amounts that represent the rights to receive payment for goods or services that have been transferred to the project owner, with the rights conditional upon something other than the passage of time. Contract liabilities are defined in the new standard to include the amounts that reflect obligations to provide goods or services for which payment has been received. Accordingly, the amounts presented in prior consolidated balance sheets that were identified as “costs and estimated earnings in excess of billings” and “billings in excess of costs and estimated earnings” are now reflected in the line items entitled “contract assets” and “contract liabilities.” In addition, accounts receivable has been redefined to represent unconditional rights to receive payments which only require the passage of time. Billed amounts retained by project owners until a defined phase of a contract or project has been completed and accepted, which were historically included in accounts receivable, are now reflected in contract assets or contract liabilities depending on the net contract position of the particular contract. Retention amounts and the length of retention periods may vary. Retainage amounts related to active contracts are considered current regardless of the term of the applicable contract; such amounts are generally collected by the completion of the applicable contract. The proper accounting for certain costs that may be incurred to obtain contracts or costs that may be incurred to fulfill contracts but do not represent actual progress, has been altered by the new guidance. Such costs, when material, are capitalized, are treated as contract assets, and generally are amortized to contract costs over the corresponding contract performance period. Income Taxes – Deferred tax assets and liabilities are recognized using enacted tax rates for the effects of temporary differences between the book and tax bases of assets and liabilities. If management believes that it is more likely than not that some portion or all of a deferred tax asset will not be realized, the carrying value will be reduced by a valuation allowance. The Company accounts for uncertain tax positions in accordance with current accounting guidance which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on our consolidated tax return. Management evaluates and the Company records the effect of any uncertain tax position based on the amount that management deems is more likely than not (i.e., greater than a 50% probability) to be sustained upon examination and ultimate settlement with the tax authorities in the applicable tax jurisdiction (see Note 13). Interest incurred related to overdue income taxes is included in income tax expense; income tax penalties are included in selling, general and administrative expenses. Share-Based Payments – The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based upon fair value at the date of award using a fair value based option pricing model primarily. The compensation expense is recognized on a straight-line basis over the requisite service period. For each exercise of a stock option, the Company determines whether the difference between the deduction for income tax reporting purposes created at that time and the related compensation expense previously recorded for financial reporting purposes results in either an excess income tax benefit or an income tax deficiency which is recognized, accordingly, as income tax benefit or expense in the corresponding consolidated statement of earnings. Fair Values – Current professional accounting guidance applies to all assets and liabilities that are being measured and reported on a fair value basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The carrying value amounts presented in the consolidated balance sheets for the Company’s current assets, which primarily include cash and cash equivalents, short-term investments, accounts receivable and contract assets, and its current liabilities are reasonable estimates of their fair values due to the short-term nature of these items. The fair value amounts of reporting units (as needed for purposes of identifying goodwill impairment losses) are determined by averaging valuations that are calculated using market-based and income-based approaches deemed appropriate in the circumstances (see Note 7). Foreign Currency Translation – The accompanying consolidated financial statements are presented in US dollars. The effects of translating the financial statements of APC from its functional currency (Euros) into the Company’s reporting currency (US dollars) are recognized as translation adjustments in accumulated other comprehensive income (loss). There are no applicable income taxes. 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 translation of the statement of earnings amounts is made monthly at the average currency exchange rate for the month. Net foreign currency transaction gains and losses were included in the other income section of the Company’s consolidated statements of earnings for the years ended January 31, 2019, 2018 and 2017; such amounts were not material.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jan. 31, 2019
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	NOTE 2 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS There are no recently issued accounting pronouncements that have not yet been adopted that we consider material to the Company’s consolidated financial statements except for the professional guidance related to leases that is discussed below. In February 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-02, Leases, which amends the existing guidance and requires the recognition of operating leases in the balance sheet. For these leases, companies will record assets for the rights and liabilities for the obligations that are created by the leases. The pronouncement will require disclosures that provide qualitative and quantitative information for the lease assets and liabilities presented in the financial statements. The Company adopted this pronouncement on February 1, 2019 using the permitted modified retrospective approach. Accordingly, the Company will make the required balance sheet additions to consolidated assets and liabilities for operating leases existing on the adoption date. The new accounting for leases is not expected to have a material effect on the Company’s operating results in the future. Prior year consolidated financial statements will not be restated. The Company intends to make the election, as permitted by the new standard, not to apply the new accounting to those leases with terms of twelve (12) months or less and that do not include options to purchase the underlying assets that the Company is reasonably certain to exercise. The Company’s material operating leases, representing noncancelable arrangements with initial lease terms greater than one year, primarily cover office and manufacturing facilities. The Company estimates that the aggregate amount of both the right-to-use assets and the corresponding lease liabilities will range between $1.0 million to $2.0 million on February 1, 2019. Note 10 to the consolidated financial statements presents the table of the future lease payments under the Company’s operating leases as of January 31, 2019. The Company does not have any material capital leases as of January 31, 2019.

SPECIAL PURPOSE ENTITIES

SPECIAL PURPOSE ENTITIES	12 Months Ended
	Jan. 31, 2019
SPECIAL PURPOSE ENTITIES
SPECIAL PURPOSE ENTITIES	NOTE 3 – SPECIAL PURPOSE ENTITIES Variable Interest Entity In January 2018, the Company was deemed to be the primary beneficiary of a VIE that is performing the project development activities for the construction of a new natural gas-fired power plant. Consideration for the Company’s engineering and financial support includes the right to build the power plant pursuant to a turnkey engineering, procurement and construction services (“EPC”) contract that has been negotiated and announced. The account balances of the VIE are included in the consolidated financial statements, including the development costs incurred during Fiscal 2019 in the amount of $1.9 million (see Note 8). To date, the VIE has been engaged in the lengthy process of obtaining interconnect privileges and operating permits, arranging the supply of fuel, completing an electricity supply contract, pursuing ownership for the completed plants and securing permanent financing for the projects. Construction Joint Ventures GPS assigned its EPC contracts for two natural gas-fired power plants, which were substantially completed during Fiscal 2018, 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. Both joint ventures were liquidated in October 2018 and final cash distributions in the amount of approximately $0.1 million were made to the Company’s joint venture partner. Due to the financial control of GPS, the accounts of the joint ventures were included in the Company’s consolidated financial statements.

REVENUES FROM CONTRACTS WITH CU

REVENUES FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
	Jan. 31, 2019
REVENUES FROM CONTRACTS WITH CUSTOMERS
REVENUES FROM CONTRACTS WITH CUSTOMERS	NOTE 4 – REVENUES FROM CONTRACTS WITH CUSTOMERS Impact of the Adoption of the New Accounting Standard The effect of the adoption of ASC Topic 606 on retained earnings as of February 1, 2018 was an income tax-effected increase of less than $0.1 million. The differences between the Company’s reported operating results for Fiscal 2019, which reflect the application of the new standard on the Company’s contracts, and the results that would have been reported if the accounting was performed pursuant to the accounting standards previously in effect, were not material. In accordance with the new standard, the Company has reported balances for contract assets and contract liabilities in its consolidated balance sheet as of January 31, 2019. Balances as of January 31, 2018 for the accounts identified below were recast in order to conform to the presentation as of January 31, 2019: Balances Impact of the Classification Reported Adoption of Under ASC Previously ASC Topic 606 Topic 606 Accounts receivable, net $ 95,971 $ (69,684) $ 26,287 Costs and estimated earnings in excess of billings 4,887 (4,887) — Contract assets — 13,847 13,847 Billings in excess of costs and estimated earnings 108,388 (108,388) — Contract liabilities — 47,664 47,664 The total of amounts retained by project owners under construction contracts at January 31, 2019 and 2018 were $15.3 million and $69.7 million, respectively. Such retainage amounts represent funds withheld by project owners until a defined phase of a contract or project has been completed and accepted by the project owner and do not reflect financing components. Retention amounts and the length of retention periods may vary. Retainage amounts related to active contracts are considered to be current assets regardless of the term of the applicable contract and amounts are generally collected by the completion of the applicable contract. The increase in contracts-in-progress, net, during Fiscal 2019 in the amount of $83.8 million was caused primarily by a decline of $99.7 million in billings in excess of costs and estimated earnings and an increase in costs and estimated earnings in excess of billings in the amount of $33.8 million, offset partially by a decrease in customer retainages in the amount of $54.4 million. Revenues recognized during Fiscal 2019 that were considered contract liabilities as of January 31, 2018 totaled $46.2 million. During Fiscal 2018, a decrease of $100.9 million in the amounts of billings in excess of costs and estimated earnings, an increase in customer retainages in the amount of $33.9 million, and an increase of $1.7 million in the amounts of costs incurred and estimated earnings recorded on certain contracts in excess of the amounts of billings on those contracts were the primary factors in the use of cash in the amount of $136.4 million related to contracts-in-progress. Variable Consideration Contract variations for which the Company has project-owner directive for additional work or other scope change, but not for the price associated with the corresponding additional effort, are included in the transaction price and are reflected in revenues when it is considered probable that the applicable costs will be recovered through a modification to the contract price. The aggregate amount of such contract variations included in the transaction prices that were used to determine project-to-date revenues at January 31, 2019 was $18.8 million. The effects of any revision to a transaction price can be determined at any time and they could be material. Actual costs related to any changes in the scope of the corresponding contract are expensed as they are incurred. Changes to total estimated contract costs and losses, if any, are reflected in operating results for the period in which they are determined. The Company may include in the corresponding transaction price a portion of the amount claimed in a dispute that it expects to receive from a project owner. Once a settlement of the dispute has been reached with the project owner, the transaction price may be revised again to reflect the final resolution. Variations related to the Company’s contracts typically represent modifications to the existing contracts and performance obligations, and do not represent new performance obligations. The Company’s long-term contracts typically have schedule dates and other performance objectives that if not achieved could subject the Company to liquidated damages. These contract requirements generally relate to specified activities that must be completed by an established date or by the achievement of a specified level of output or efficiency. Each applicable contract defines the conditions under which a project owner may be entitled to liquidated damages. At the outset of each of the Company’s contracts, the potential amounts of liquidated damages typically are not constrained, or subtracted, from the transaction price as the Company believes that it has included activities in its contract plan, and the associated costs, that will be effective in preventing such damages. Of course, circumstances may change as the Company executes the corresponding contract. The transaction price is reduced by an applicable amount when the Company no longer considers it probable that a future reversal of revenues will not occur when the matter is resolved. The Company considers potential liquidated damages, the costs of other related items and potential mitigating factors in determining the adequacy of its regularly updated estimates of the amounts of gross profit expected to be earned on active projects. In other cases, the Company may have the grounds to assert liquidated damages against subcontractors, suppliers, project owners or other parties related to a project. Such circumstances may arise when the Company’s activities and progress are adversely affected by delayed or damaged materials, challenges with equipment performance or other events out of the Company’s control where the Company has rights to recourse, typically in the form of liquidated damages. In general, the Company does not adjust the corresponding contract accounting until it is probable that the favorable cost relief will be realized. Such adjustments have been and could be material. The Company records adjustments in revenues and profits on contracts, including those associated with contract variations and estimated cost changes, using a cumulative catch-up method. Under this method, the impact of an adjustment to the amount of revenues recognized to date is recorded in the period that the adjustment is identified. Estimated variable consideration amounts are determined by the Company based primarily on the single most likely amount in the range of possible consideration amounts. Revenues and profits in future periods of contract performance are recognized using the adjusted amounts of transaction price and estimated contract costs. During Fiscal 2019, the net impact on revenues of changes that the Company made to transaction prices and to estimates of the costs-to-complete active contracts was an increase of approximately $32.6 million. Remaining Unsatisfied Performance Obligations (“RUPO”) The amount of the Company’s RUPO represents the unrecognized revenue value of active contracts with customers as determined under ASC Topic 606. Increases to RUPO during a reporting period represent the transaction prices associated with new contracts, as well as additions to the transaction prices of existing contracts. The amounts of such changes may vary significantly each reporting period based on the timing of major new contract awards and the occurrence and assessment of contract variations. At January 31, 2019, the Company had RUPO of $99.4 million, all of which is expected to be recognized as revenues during the year ending January 31, 2020. Although the amount of reported RUPO includes business that is considered to be firm, it is important to note that cancellations, deferrals or scope adjustments may occur. RUPO may be adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as applicable. Disaggregation of Revenues The following table presents consolidated revenues for Fiscal 2019, Fiscal 2018 and Fiscal 2017, disaggregated by the geographic area where the work was performed: 2019 2018 2017 United States $ 371,609 $ 870,029 $ 663,181 United Kingdom 81,319 12,244 201 Republic of Ireland 28,352 10,542 11,411 Other 873 — 254 Consolidated Revenues $ 482,153 $ 892,815 $ 675,047 The consolidated revenues are disaggregated by reportable segment in Note 17 to the consolidated financial statements. Prior period financial operating results have not been adjusted for the adoption of ASC Topic 606 under the Company’s application of the modified retrospective method.

CASH, CASH EQUIVALENTS AND SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	12 Months Ended
	Jan. 31, 2019
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	NOTE 5 – CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS At January 31, 2019 and 2018, a significant amount of cash and cash equivalents was invested in a money market fund with net assets invested in high-quality money market instruments. Such investments include US Treasury obligations; obligations of US Government agencies, authorities, instrumentalities or sponsored enterprises; and repurchase agreements secured by US Government obligations. The Company considers all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Short-term investments as of January 31, 2019 and 2018 consisted solely of certificates of deposit purchased from Bank of America (the “Bank”) with weighted average initial maturities of 250 days and 293 days, respectively (the “CDs”). The Company has the intent and ability to hold the CDs until they mature, and they are carried at cost plus accrued interest which approximates fair value. The total carrying value amounts as of January 31, 2019 and 2018 included accrued interest of $1.2 million and $1.9 million, respectively. Interest income is recorded when earned and is included in other income. As of January 31, 2019 and 2018, the weighted average annual interest rates of the CDs were 2.6% and 1.5%, respectively. The Company has cash on deposit in excess of federally insured limits at the Bank and has purchased CDs from the Bank. Management does not believe that maintaining substantially all such assets with the Bank or investing in a liquid mutual fund represent material risks. The Company does maintain additional amounts of cash on deposit in various foreign currencies to support the operations of APC.

ACCOUNTS AND NOTES RECEIVABLE

ACCOUNTS AND NOTES RECEIVABLE	12 Months Ended
	Jan. 31, 2019
ACCOUNTS AND NOTES RECEIVABLE
ACCOUNTS AND NOTES RECEIVABLE	NOTE 6 – ACCOUNTS AND NOTES RECEIVABLE The Company generally extends credit to a customer based on an evaluation of the customer’s financial condition without requiring collateral. Exposure to losses on accounts and notes receivable is expected to differ by customer due to the varying financial condition of each customer. The Company monitors its exposure to credit losses and maintains an allowance for anticipated losses considered necessary under the circumstances based on a review of each currently outstanding account and considers its historical experience with customers having overdue amounts. As of January 31, 2019, there were outstanding invoices, with balances included in accounts receivable and contract assets in the aggregate amount of $17.1 million, for which the collection time may be extended and depend on the resolution of the outstanding legal dispute between the parties. At January 31, 2019 and 2018, the balances of the Company’s allowance for uncollectible accounts were insignificant. The amounts of the provision for uncollectible accounts and notes receivable were $0.2 million, $0.3 million and $1.2 million for Fiscal 2019, 2018 and 2017, respectively, and were included in selling, general and administrative expenses for the corresponding year.

PURCHASED INTANGIBLE ASSETS

PURCHASED INTANGIBLE ASSETS	12 Months Ended
	Jan. 31, 2019
PURCHASED INTANGIBLE ASSETS
PURCHASED INTANGIBLE ASSETS	NOTE 7 – PURCHASED INTANGIBLE ASSETS At January 31, 2019, the goodwill balances related to the acquisitions of GPS, TRC and APC were $18.5 million, $12.3 million and $2.0 million, respectively. For income tax reporting purposes, goodwill related to acquisitions in the approximate amount of $16.4 million is being amortized on a straight-line basis over periods of 15 years. The other amounts of the Company’s goodwill are not amortizable for income tax reporting purposes. The Company performed a goodwill impairment assessment for TRC as of November 1, 2018 with the assistance of a professional business valuation firm. It was determined that the fair value of TRC was less than the corresponding carrying value and a goodwill impairment loss of approximately $1.5 million was recorded. The fair value amount for TRC determined as of November 1, 2018 reflected a weighting of results determined using various business valuation approaches. As in the past, the majority of the weighted average fair value was based on the result of modeling discounted future net-after-tax cash flows of the business. The discounted cash flows of TRC were based on a management forecast of operating results. The forecast reflects an average annual growth in revenues of 4.9% over the next seven years with forecasted annual earnings before interest and taxes increasing to 6.5% of revenues by the year ending January 31, 2026. Although the Company believes that the projected financial results are reasonable considering the improved operating results achieved by TRC for the nine months ended October 31, 2018 and the current business prospects, any future results that would compare unfavorably with the projected results could result in additional material goodwill impairment losses. No events related to TRC occurred during the fourth quarter of Fiscal 2019 that caused the Company to perform a subsequent impairment assessment. The forecasting of TRC’s future financial results as of November 1, 2017 by its management team presented a less favorable outlook for TRC at that time than in the past. With the forecast information and using various valuation analyses, including discounted net-after-tax cash flow estimates, management determined that the goodwill associated with this segment was impaired at that date. The corresponding impairment loss of $0.6 million was recorded and included in the consolidated statement of earnings for Fiscal 2018. Early in the year ended January 31, 2017, construction work was suspended on APC’s largest project at that time, which represented over 90% of project backlog, and APC was incurring operating losses. In addition, it was feared that the United Kingdom (the “UK”), considered APC’s most promising future market, would suffer unfavorable economic consequences of its vote to leave the European Economic Union (Brexit). Given these events, the Company performed a valuation of APC which indicated that the carrying value of the reporting unit exceeded its fair value at that time. As a result, APC recorded a goodwill impairment loss of approximately $2.0 million in Fiscal 2017. As the operating results and business prospects of APC have improved since then, despite the continuing uncertainties relating to Brexit and suspended capacity payments to power plant owners, no additional impairment of the goodwill of APC has occurred. The Company’s purchased intangible assets, other than goodwill, consisted of the following elements as of January 31, 2019. 2019 2018 Estimated Gross Accumulated Net Net Useful Life Amounts Amortization Amounts Amounts Trade names TRC 15 years $ 4,499 $ 950 $ 3,549 $ 3,849 GPS 15 years 3,643 2,949 694 936 SMC indefinite 181 — 181 181 Process certifications 7 years 1,897 858 1,039 1,310 Customer relationships 4 - 10 years 1,346 672 674 873 Totals $ 11,566 $ 5,429 $ 6,137 $ 7,149 The Company determined the fair values of the trade names using a relief-from-royalty methodology. The Company believes that the useful lives of the trade names for GPS and TRC represent the number of years that such intangibles are expected to contribute to future cash flows. In order to value the process certifications of TRC, the Company applied a new reproduction cost method that required the estimation of the costs to replace the assets with certifications that would have the same functionality or utility as the acquired assets. Other purchased intangible assets presented in the table above include primarily the fair values estimated for acquired project backlogs, other customer relationships and non-compete agreements. There were no additions to other purchased intangible assets during the years ended January 31, 2019 and 2018, nor were there any impairment losses related to the assets for those years. Amortization expense related to purchased intangible assets for Fiscal 2019, 2018 and 2017 were $1.0 million, $1.0 million and $1.2 million, respectively. The future amounts of amortization related to purchased intangibles are presented below for the years ending January 31,: 2020 $ 954 2021 905 2022 870 2023 617 2024 392 Thereafter 2,218 Total $ 5,956

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Jan. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 8 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following at January 31, 2019 and 2018: 2019 2018 Land and improvements $ 863 $ 863 Building and improvements 6,000 5,427 Furniture, machinery and equipment 17,779 13,531 Trucks and other vehicles 4,918 4,293 Project development costs 2,149 210 31,709 24,324 Less - accumulated depreciation 11,931 9,025 Property, plant and equipment, net $ 19,778 $ 15,299 Project development costs have been incurred by the Company’s consolidated variable interest entity (see Note 3) in preparation for building a new gas-fired power plant. Such costs include engineering costs, professional fees and permitting fees. Depreciation for property, plant and equipment was $3.4 million, $2.8 million and $2.0 million for Fiscal 2019, 2018 and 2017, respectively, which amounts were charged substantially to selling, general and administrative expenses in each year. The costs of maintenance and repairs were $3.1 million, $2.4 million and $2.3 million for Fiscal 2019, 2018 and 2017, respectively, which amounts were charged substantially to selling, general and administrative expenses each year as well.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	12 Months Ended
	Jan. 31, 2019
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	NOTE 9 – FINANCING ARRANGEMENTS The Company maintains financing arrangements with the Bank that are described in an Amended and Restated Replacement Credit Agreement (the “Credit Agreement”), dated May 15, 2017, which superseded the Company’s prior agreement with the Bank. The Credit Agreement provides a revolving loan with a maximum borrowing amount of $50.0 million that is available until May 31, 2021 with interest at the 30-day LIBOR plus 2.0%. The Company may also use the borrowing ability to cover other credit instruments issued by the Bank for the Company’s use in the ordinary course of business. As of January 31, 2019 and 2018, the Company had credit outstanding under the Credit Agreement, but no borrowings, in the approximate amounts of $15.2 million and $18.9 million, respectively. The Company has pledged the majority of its assets to secure its financing arrangements. The Bank’s consent is not required for acquisitions, divestitures, cash dividends or 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. The Credit Agreement includes other terms, covenants and events of default that are customary for a credit facility of its size and nature. As of January 31, 2019 and 2018, the Company was compliant with the financial covenants of the Credit Agreement.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Jan. 31, 2019
COMMITMENTS
COMMITMENTS	NOTE 10 – COMMITMENTS The Company leases certain office space, other facilities and certain equipment under non-cancelable operating leases expiring on various dates through May 2024. Certain leases contain renewal options. The future minimum lease payments presented below also include amounts due under a long-term lease covering the primary offices and plant for TRC with the founder and current chief executive officer of TRC at an annual rate of $0.3 million through April 30, 2020, as well as amounts due under a long-term lease covering the primary offices for APC with a group that includes several of its current and former executives at an annual rate of less than $0.1 million through January 1, 2024. None of the Company’s leases include significant amounts for incentives, rent holidays, penalties, or price escalations. Under certain lease agreements, the Company is obligated to pay property taxes, insurance, and maintenance costs. The following is a schedule of future minimum lease payments for the operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of January 31, 2019: 2020 $ 699 2021 355 2022 262 2023 212 2024 155 Thereafter 31 Total $ 1,714 The Company also uses equipment and occupies other facilities under cancelable or short-term rental agreements. Rent expense related to lease and rental arrangements incurred on construction projects and included in the costs of revenues was $11.4 million, $20.3 million and $13.2 million for Fiscal 2019, 2018 and 2017, respectively. Rent expense amounts included in selling, general and administrative expenses were $0.7 million, $0.7 million and $0.6 million for Fiscal 2019, 2018 and 2017, respectively.

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Jan. 31, 2019
CONTINGENCIES
CONTINGENCIES	NOTE 11 – 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 adverse effect on the Company’s consolidated financial statements other than as described below. The material amounts of any legal fees expected to be incurred in connection with legal matters are accrued when such amounts are estimable. Legal Matters On February 1, 2016, TRC was sued in Person County, North Carolina, by a subcontractor, PPS Engineers, Inc. (“PPS”), in an attempt to force TRC to pay invoices for services rendered in the total amount of $2.3 million. In addition, PPS placed liens on the property of customers in several states where work was performed by PPS and it also filed a claim in Tennessee against the bond issued on behalf of TRC relating to one significant project located there. On March 4, 2016, TRC filed responses to the claims of PPS, asserting that PPS failed to deliver a number of items required by the applicable contract between the parties, that the invoices rendered by PPS covering the disputed services would not be paid until such deliverables were supplied, and that certain sums were owed to it by PPS for services, furniture, fixtures, equipment, and software that were supplied by TRC on behalf of PPS. The amounts invoiced by PPS were accrued by TRC and the corresponding liability amounts were included in accounts payable in the consolidated balance sheet as January 31, 2018. TRC did not record an account receivable for the amounts it believed were owed to it by PPS. A mediation effort was attempted in 2016 but it was unproductive in resolving the disputes. In December 2017, an amended complaint was filed by the plaintiff. TRC filed an amended counterclaim and the discovery process began. In July 2018, the parties agreed to a settlement of all claims made against each other with TRC agreeing to make a payment to PPS in the amount of $0.9 million. As the total of the previously accrued amounts exceeded the negotiated settlement amount, the Company recorded a gain on the settlement in the amount of $1.4 million that is included in other income for Fiscal 2019. GPS was in a dispute with a former subcontractor on one of its power plant construction projects that was settled pursuant to binding arbitration in June 2018. The arbitration panel awarded approximately $5.2 million, plus interest and arbitration fees, to the subcontractor. The substantial portion of the total amount, which was paid by GPS to the subcontractor in July 2018, was charged to cost of revenues. In connection with the settlement, the legal claims made by the parties against each other were dismissed with prejudice and without costs to the parties, all liens filed by the subcontractor related to the project were released, and each party provided the other with a release from future claims related to this matter. In January 2019, GPS filed a lawsuit against Exelon West Medway II, LLC and Exelon Generation Company, LLC (together referred to as “Exelon”) for Exelon’s breach of contract and failure to remedy various conditions which negatively impacted the schedule and the costs associated with the construction by GPS of a gas-fired power plant for Exelon in Massachusetts. As a result, Exelon has received the benefits of the construction without making payments to GPS for the value received. On March 7, 2019, Exelon provided GPS with a notice intending to terminate the EPC contract under which GPS had been providing services to Exelon. At that time, the construction project was nearly complete and both of the power generation units included in the plant successfully reached first fire. The completion of various prescribed performance tests and the clearance of punch-list items were the primary tasks necessary to be accomplished by GPS in order to achieve substantial completion of the power plant. Nevertheless and among other actions, Exelon has provided contractual notice requiring GPS to vacate the construction site, has made claims against GPS and has withheld payments from GPS on invoices rendered to Exelon in accordance with the terms of the EPC contract between the parties. With vigor, GPS intends to assert its rights under the EPC contract, to pursue the collection from Exelon of amounts owed under the contract and to defend itself against the allegations that GPS has not performed in accordance with the contract. Self-Insurance TRC has elected to retain portions of future losses, if any, through the loss retention features of certain insurance policies and the use of self-insurance for exposures related to worker’s compensation and certain employee health insurance claims. Liabilities in excess of contractually limited amounts are the responsibility of an insurance carrier. To the extent that the Company retains the risks for these exposures, including claims incurred but not reported, liabilities have been accrued based upon the Company’s best estimates, with input from legal and insurance advisors. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the near-term. Management believes that reasonably possible losses, if any, for these matters, to the extent not otherwise disclosed and net of recorded accruals, will not have a material adverse effect on the Company’s future results of operations, financial position or cash flow. At January 31, 2019 and 2018, the aggregate amounts established to cover self-insured and other retained losses were included in the balances of accrued expenses in the consolidated balance sheets. Beginning in calendar year 2017, the employee health benefits for the employees of TRC were fully insured. Warranty Costs Many of the Company’s construction contracts contain warranty provisions covering defects in equipment, materials, design or workmanship that typically run from nine to twenty-four months after the completion of construction. Because of the nature of the Company’s projects, including project owner inspections of the work both during construction and prior to substantial completion, the Company has not experienced material unexpected warranty costs. However, provision for estimated warranty costs, if any, is made in the period in which such costs become probable. The corresponding liabilities are periodically adjusted to reflect actual experience. Warranty costs are estimated based on the Company’s experience with the type of work and any known risks relative to each completed project. At January 31, 2019 and 2018, the amounts established to cover future warranty costs under completed EPC contracts were included as contract liabilities in the consolidated balance sheets. Performance Bonds In the ordinary course of business, customers may request that the Company obtain surety bonds in connection with construction contract performance obligations. The Company would be obligated to reimburse the issuer of such surety bonds for any payments made. Each of our commitments under performance bonds generally ends concurrently with the expiration of the related contractual obligation. From time to time, GPS arranges for bonding to be issued by the Company’s surety firm for the benefit of an owner of an energy project for which GPS is generally not providing construction services. GPS collects fees from the project owner as consideration for the use of the Company’s bonding capacity. As of January 31, 2019 and 2018, the amount of outstanding surety bonds issued under such arrangements was $11.1 million.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Jan. 31, 2019
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 12 – STOCK-BASED COMPENSATION The Company’s board of directors may make awards under the 2011 Stock Plan (the “Stock Plan”) to officers, directors and key employees. Awards may include incentive stock options (“ISOs”), nonqualified stock options (“NSOs”), and restricted or unrestricted stock. All stock options awarded under the Stock Plan shall have an exercise price per share at least equal to the common stock’s market value per share at the date of grant. ISOs shall have a term no longer than ten years; NSOs may have up to a ten-year term. In the past, stock options typically became exercisable one year from the date of award. Commencing in January 2018, stock options were awarded with three-year vesting schedules. As of January 31, 2019, there were approximately 1.8 million shares of the Company’s common stock reserved for issuance under the Company’s stock plans. This number includes 610,500 shares of the Company’s common stock available for future awards. Summaries of stock option activity under the Company’s stock option plans for Fiscal 2019, 2018 and 2017, along with corresponding weighted average per share amounts, are presented below (shares in thousands): Exercise Remaining Shares Price Term (years) Fair Value Outstanding, February 1, 2016 1,064 $ 26.38 6.36 $ 6.91 Granted 270 $ 57.88 Exercised (622) $ 25.57 Forfeited (5) $ 36.73 Outstanding, January 31, 2017 707 $ 39.04 7.82 $ 10.22 Granted 302 $ 53.49 Exercised (110) $ 28.81 Forfeited (10) $ 71.75 Outstanding, January 31, 2018 889 $ 44.83 7.91 $ 11.74 Granted 257 $ 40.54 Exercised (6) $ 17.19 Outstanding, January 31, 2019 1,140 $ 44.01 7.54 $ 11.22 Exercisable, January 31, 2019 765 $ 44.82 5.97 $ 11.79 The changes in the number of non-vested options to purchase shares of common stock for Fiscal 2019, 2018 and 2017, and the weighted average fair value per share for each number, are presented below (shares in thousands): Shares Fair Value Non-vested, February 1, 2016 300 $ 8.97 Granted 270 $ 14.93 Vested (300) $ 8.97 Non-vested, January 31, 2017 270 $ 14.93 Granted 302 $ 13.55 Vested (260) $ 15.31 Forfeitures (10) $ 19.14 Non-vested, January 31, 2018 302 $ 13.55 Granted 257 $ 9.31 Vested (184) $ 14.75 Non-vested, January 31, 2019 375 $ 10.05 In April 2018 and pursuant to terms of the Stock Plan, the Company awarded performance-based restricted stock units to two senior executives covering up to 36,000 shares of common stock plus a number of shares to be determined based on the amount of cash dividends deemed paid on shares earned pursuant to the awards. The release of the stock restrictions depends on the total shareholder return performance of the Company’s common stock measured against the performance of a peer-group of common stocks over a three-year period. Compensation expense related to stock awards was $1.6 million, $4.7 million, and $2.3 million for Fiscal 2019, 2018 and 2017, respectively. At January 31, 2019, there was $3.8 million in unrecognized compensation cost related to outstanding stock awards that the Company expects to expense over the next three years. The total intrinsic values for the stock options exercised during Fiscal 2019, 2018 and 2017 were $0.2 million, $3.6 million and $18.4 million, respectively. At January 31, 2019, the aggregate market value amounts of the shares of common stock subject to outstanding and exercisable stock options that were “in-the-money” exceeded the aggregate exercise prices of such options by $6.0 million and $5.5 million, respectively. The Company estimates the weighted average fair value of stock options on the date of award using a Black-Scholes option pricing model, which was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. T he Company believes that its past stock option exercise activity is sufficient to provide it with a reasonable basis upon which to estimate the expected life of newly awarded stock options. The risk-free interest rates and expected volatility factors used in the determinations of the fair value of stock options awarded during Fiscal 2019 ranged from 2.4% to 2.9% and from 33.0% to 36.0%, respectively. For stock options awarded during Fiscal 2018, the comparable ranges were 1.5% to 2.0% and from 36.0% to 38.3%, respectively. For stock options awarded during Fiscal 2017, the comparable ranges were 1.3% to 1.9% and 33.3% to 35.0%, respectively. The calculations of the expected volatility factors were based on the monthly closing prices of the Company’s common stock for the five-year periods preceding the dates of the corresponding awards. The fair value amounts of each stock option granted in Fiscal 2019, 2018 and 2017 were estimated on the corresponding date of award using the Black-Scholes option-pricing model based on the following weighted average assumptions: 2019 2018 2017 Dividend yield 2.5 % 1.7 % 1.4 % Expected volatility 34.5 % 37.3 % 34.6 % Risk-free interest rate 2.7 % 1.8 % 1.7 % Expected life (in years) 3.3 3.3 4.2 The Company maintains 401(k) savings plans pursuant to which the Company makes discretionary contributions for the eligible and participating employees. The Company’s expense amounts related to these defined contribution plans were approximately $2.4 million, $2.8 million and $1.9 million for Fiscal 2019, 2018 and 2017, respectively. The Company also maintains a nonqualified plan whereunder the payments of certain amounts of incentive compensation earned by key employees of GPS are deferred for periods of five to seven years; payments are conditioned on continuous employment.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jan. 31, 2019
INCOME TAXES
INCOME TAXES	NOTE 13 – INCOME TAXES Research and Development Tax Credits During Fiscal 2019, the Company completed a detailed review of the activities of its engineering staff on major EPC services projects in order to identify and quantify the amounts of research and development credits that may be available to reduce current and prior year income taxes. This study focused on project costs incurred during the three-year period ended January 31, 2018. Based on the results of the study, management identified and estimated significant amounts of income tax benefits that were not previously recognized in the Company’s operating results for any prior year reporting period. Income tax positions must meet a more-likely-than-not threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Management considers Fiscal 2019 as the initial reporting period in which it had sufficient data on which to make an evaluation and reach a conclusion on the amount of income tax credit benefits related to prior year project costs that, more likely than not, qualified as research and development costs under the rules and regulations of the Internal Revenue Code of 1986, as amended (the “IRC”), and certain states. The income tax benefits associated with research and development activities conducted in prior years in the total amount of $16.6 million have been recognized in income taxes for Fiscal 2019, and represented a favorable effect on dilutive earnings per share of $1.06 for the year. If the benefits had been recognized in the fiscal years during which the related research and development costs were incurred, the income tax amounts for Fiscal 2018, Fiscal 2017 and the fiscal year ended January 31, 2016 (“Fiscal 2016”) would have been favorably impacted by $5.2 million, $10.9 million and $0.5 million, respectively. The amount of income tax benefits related to qualifying research and development costs incurred during Fiscal 2019 was not significant. The amount of identified but unrecognized income tax benefits related to research and development credits as of January 31, 2019, for which the Company has established a liability for uncertain income tax return positions that is included in accrued expenses, is $5.1 million. If recognized in the years that the related costs were incurred, they would have favorably impacted income taxes for Fiscal 2018, 2017 and 2016 by $2.2 million, $2.6 million and $0.3 million, respectively. As of January 31, 2019, the Company does not believe that it has any other material uncertain income tax positions reflected in its accounts. As described below, during the extended term of a current examination, the Internal Revenue Service (the “IRS”) intends to review the research and development credit that will be included in the amendment of the Company’s consolidated federal income tax return for Fiscal 2016. The Company does not anticipate any significant changes to the income tax benefit amounts identified above within the next twelve months except for the addition of amounts related to research and development credits that may be available in Pennsylvania as it is an application-based state. However, such credit amounts could be material. In the future, if previously recognized tax positions no longer meet the more-likely-than-not threshold, the related benefits will be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Tax Cuts and Jobs Act (the “Tax Act”) The Tax Act was signed into law on December 22, 2017 and significantly changed tax law in the US by, among other items, reducing the federal corporate income tax rate from a maximum of 35% to 21% (effective January 1, 2018). The Tax Act embraces a territorial system for the taxation of future foreign earnings and modifies certain business deductions by, among other changes, repealing the domestic production activities deduction, further limiting the deductibility of certain executive compensation and increasing the limitation on the deductibility of certain meals and entertainment expenses. As a result of the net reduction in the corporate income tax rate, the Company revalued its deferred taxes as of December 22, 2017 and recognized an income tax benefit of $0.8 million for the year ended January 31, 2018. The Company did not record a liability as of January 31, 2018 related to the newly established transition tax as it did not have any unremitted foreign earnings. Its foreign operations had incurred a cumulative net operating loss since the acquisition of APC in May 2015. The Global Intangible Low-Taxed Income, or GILTI, provision of the Tax Act did not have a material impact on the Company’s operating results for Fiscal 2019. In the event that any new guidance related to the Tax Act is issued by the IRS or other regulatory or standard-setting bodies, the Company will conduct additional analysis and may make adjustments that could materially impact the Company’s income tax expense for the period in which such adjustments are made. Income Tax Expense Reconciliation The components of the amounts of income tax benefit (expense) for Fiscal 2019, 2018 and 2017 are presented below: 2019 2018 2017 Current: Federal $ 3,603 $ (32,490) $ (29,681) State (1,091) (7,853) (6,188) 2,512 (40,343) (35,869) Deferred: Federal 971 2 (1,277) State 1,168 62 40 2,139 64 (1,237) Income tax benefit (expense) $ 4,651 $ (40,279) $ (37,106) Foreign income tax expense amounts for Fiscal 2019, Fiscal 2018 and 2017 were not material. The amounts of interest and penalties related to income taxes that were incurred by the Company during Fiscal 2019, 2018 and 2017 were not material. The Company’s income tax amounts for Fiscal 2019, 2018 and 2017 differed from corresponding amounts computed by applying the federal corporate income tax rates of 21%, 34% and 35%, respectively, to income before income taxes for the periods as shown in the table below. 2019 2018 2017 Computed expected income tax expense $ (9,916) $ (38,078) $ (40,086) Difference resulting from: Federal research and development tax credits 13,866 — — State income taxes, net of federal tax effect 683 (5,042) (4,001) Net operating loss carryforwards 1,730 — — Stock options 32 962 4,969 Domestic production activities deduction — 3,204 2,906 Other permanent differences, net (1,585) (1,141) 551 Impact of the federal tax rate change on deferred taxes — 789 — Adjustments and other differences (159) (973) (1,445) Income tax benefit (expense) $ 4,651 $ (40,279) $ (37,106) The amount of state income tax benefit for Fiscal 2019 that is presented above reflects recognized research and development state tax credits of $2.8 million, net of federal tax-effect. For Fiscal 2018 and 2017, the income tax expense amounts reflect the unfavorable income tax effects of state income taxes, net of federal income tax benefit. The favorable income tax effects of permanent differences for Fiscal 2018 and 2017 related primarily to the domestic manufacturing deduction, which was eliminated by the Tax Act, and the the recognition of the excess income tax benefits associated with stock options exercised during the corresponding year. As of January 31, 2019, the balance of other current assets in the consolidated balance sheet included income tax refunds and prepaid income taxes in the total amount of approximately $19.5 million. The income tax refunds are amounts expected to be received after the filing of amended tax returns claiming research and development tax credits for prior years. At January 31, 2018, the consolidated balance sheet included prepaid income taxes in the amount of $7.9 million. The tax effects of temporary differences that are reflected in deferred tax assets and liabilities as of January 31, 2019 and 2018 included the following: 2019 2018 Assets: Net operating loss carryforwards $ 3,034 $ 2,635 Stock awards 2,188 2,042 Research and development credit carryforwards 631 — Purchased intangibles 604 864 Accrued expenses and other 758 862 7,215 6,403 Liabilities: Purchased intangibles (3,373) (3,664) Construction contracts (454) (1,896) Property and equipment and other (2,131) (1,683) (5,958) (7,243) Net deferred tax assets (liabilities) $ 1,257 $ (840) The Company acquired unused net operating losses (“NOLs”) for federal income tax reporting purposes from TRC that are subject to limitations imposed by Section 382 of the Internal Revenue Code of 1986, as amended. These losses are subject to annual limits that reduce the aggregate amount of NOLs available to the Company in the future to approximately $9.5 million. These NOLs are available to offset future taxable income and, if not utilized, begin expiring during 2032. The Company also has certain NOLs that will be available to the Company for state income tax reporting purposes that are substantially similar to the federal NOLs. Additionally, the Company has NOLs in the total amount of $3.0 million available to offset future taxable income in the Republic of Ireland and the UK, which may be carried forward indefinitely and which have a combined income tax benefit value of $0.4 million. The Company’s ability to realize deferred tax assets, including those related to the NOLs discussed above, depends primarily upon the generation of sufficient future taxable income to allow for the utilization of the Company’s deductible temporary differences and tax planning strategies. If such estimates and assumptions change in the future, the Company may be required to record valuation allowances against some or all of its deferred tax assets resulting in additional income tax expense in the future. At this time, based substantially on the strong earnings performance of the Company’s power industry services reporting segment, management believes that it is more likely than not that the Company will realize the benefit of significantly all of its deferred tax assets. The Company is subject to income taxes in the US, the Republic of Ireland, the UK and various other state and foreign jurisdictions. Tax treatments within each jurisdiction are subject to the interpretation of the related tax laws and regulations which require significant judgment to apply. The Company is no longer subject to income tax examinations by authorities for its fiscal years ended on or before January 31, 2015 except for several notable exceptions including the Republic of Ireland, the UK and several states where the open periods are one year longer. The IRS is conducting an examination of the Company’s federal consolidated tax return for Fiscal 2016. As a result of conclusions reached by the IRS examiner, the Company recorded a $1.7 million federal income tax benefit in Fiscal 2019 related to additional net operating losses of acquired companies that are available for the fiscal years ending January 31, 2016 through January 31, 2021. The IRS has represented to the Company that no other adjustment items were noted during the examination. However, the audit timeline has been extended which will enable the IRS to examine the amendment to the income tax return for Fiscal 2016, reflecting the research and development credit for the year, which the Company filed in January 2019.

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	12 Months Ended
	Jan. 31, 2019
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.	NOTE 14 – EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. Basic and diluted earnings per share are computed as follows (shares in thousands except in the footnote below): 2019 2018 2017 Net income attributable to the stockholders of Argan, Inc. $ 52,036 $ 72,011 $ 70,328 Weighted average number of shares outstanding – basic 15,569 15,522 15,066 Effect of stock awards (1) 124 258 559 Weighted average number of shares outstanding – diluted 15,693 15,780 15,625 Net income per share attributable to the stockholders of Argan, Inc. Basic $ 3.34 $ 4.64 $ 4.67 Diluted $ 3.32 $ 4.56 $ 4.50 (1) These numbers exclude the effects of antidilutive stock options which covered 646,500 shares, 260,000 shares and 165,000 shares which had exercise prices per share in excess of the average market prices per share for Fiscal 2019, 2018 and 2017, respectively.

CASH DIVIDENDS

CASH DIVIDENDS	12 Months Ended
	Jan. 31, 2019
CASH DIVIDENDS
CASH DIVIDENDS	NOTE 15 – CASH DIVIDENDS In April, July, October 2018 and January 2019 the Company made regular quarterly cash dividend payments based on a per share amount of $0.25. In September 2017, the Company’s board of directors declared a regular cash dividend of $1.00 per share of common stock, which was paid to stockholders in October 2017. In September 2016, the Company’s board of directors declared regular and special cash dividends of $0.70 and $0.30 per share of common stock, respectively, which were paid to stockholders in October 2016.

CUSTOMER CONCENTRATIONS

CUSTOMER CONCENTRATIONS	12 Months Ended
	Jan. 31, 2019
CUSTOMER CONCENTRATIONS
CUSTOMER CONCENTRATIONS	NOTE 16 – CUSTOMER CONCENTRATIONS The majority of the Company’s consolidated revenues relate to performance by the power industry services segment which provided 76%, 91% and 87% of consolidated revenues for Fiscal 2019, 2018 and 2017, respectively. For Fiscal 2019, the Company’s most significant customer relationships included four power industry service customers which accounted for 16%, 14%, 12% and 10% of consolidated revenues, respectively. For Fiscal 2018, the Company’s most significant customer relationships included four power industry service customers which accounted for 29%, 26%, 15% and 14% of consolidated revenues, respectively. For Fiscal 2017, the Company’s most significant customer relationships included five power industry service customers which accounted for 20%, 18%, 17%, 14% and 10% of consolidated revenues, respectively. Amounts retained by five project owners were $5.8 million, $4.5 million, $1.6 million, $1.3 million and $1.0 million as of January 31, 2019, respectively, which in the aggregate represented 93% of the total customer retention amount at that date. Amounts retained by five project owners were $19.3 million, $18.7 million, $14.1 million, $13.4 million and $3.2 million as of January 31, 2018, respectively, which in the aggregate represented 99% of the total customer retention amount at that date. The accounts receivable balances from two major customers represented 25% and 15% of the corresponding consolidated balance as of January 31, 2019, and accounts receivable balances from two major customers each represented 17% of the corresponding consolidated balance as of January 31, 2018.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Jan. 31, 2019
SEGMENT REPORTING
SEGMENT REPORTING	NOTE 17 – SEGMENT REPORTING Segments represent components of an enterprise for which discrete financial information is available that is evaluated regularly by the Company’s chief executive officer, who is the chief operating decision maker, in determining how to allocate resources and in assessing performance. The Company’s reportable segments, identified below, recognize revenues and incur expenses, are organized in separate business units with different management teams, customers, talents and services, and may include more than one operating segment. Intersegment revenues and the related cost of revenues, are netted against the corresponding amounts of the segment receiving the intersegment services. For Fiscal 2019, 2018 and 2017, intersegment revenues totaled approximately $0.8 million, $2.2 million and $1.0 million, respectively. Intersegment revenues for the aforementioned periods primarily related to services provided between the industrial fabrication and field services segment and the power industry services segment and were based on prices negotiated by the parties. Summarized below are certain operating results and financial position data of the Company’s reportable business segments for Fiscal 2019, 2018 and 2017. The “Other” column in each summary includes the Company’s corporate expenses. Year Ended January 31, 2019 Power Industrial Telecom Services Services Services Other Totals Revenues $ 367,812 $ 101,673 $ 12,668 $ — $ 482,153 Cost of revenues 297,931 92,097 9,687 — 399,715 Gross profit 69,881 9,576 2,981 — 82,438 Selling, general and administrative expenses 23,741 7,904 1,788 7,277 40,710 Impairment loss — 1,491 — — 1,491 Income (loss) from operations 46,140 181 1,193 (7,277) 40,237 Other income, net 5,120 1,400 — 461 6,981 Income (loss) before income taxes $ 51,260 $ 1,581 $ 1,193 $ (6,816) 47,218 Income tax benefit 4,651 Net income $ 51,869 Depreciation $ 749 $ 2,293 $ 366 $ 14 $ 3,422 Amortization of intangibles 350 662 — — 1,012 Property, plant and equipment additions 3,156 4,750 690 3 8,599 Current assets $ 317,708 $ 28,878 $ 3,691 $ 66,071 $ 416,348 Current liabilities 67,045 13,384 879 968 82,276 Goodwill 20,548 12,290 — — 32,838 Total assets 347,189 57,168 5,272 67,019 476,648 Year Ended January 31, 2018 Power Industrial Telecom Services Services Services Other Totals Revenues $ 814,544 $ 65,303 $ 12,968 $ — $ 892,815 Cost of revenues 675,362 58,283 9,845 — 743,490 Gross profit 139,182 7,020 3,123 — 149,325 Selling, general and administrative expenses 23,356 7,401 1,395 9,612 41,764 Impairment loss — 584 — — 584 Income (loss) from operations 115,826 (965) 1,728 (9,612) 106,977 Other income, net 5,391 — — 257 5,648 Income (loss) before income taxes $ 121,217 $ (965) $ 1,728 $ (9,355) 112,625 Income tax expense (40,279) Net income $ 72,346 Depreciation $ 885 $ 1,607 $ 274 $ 13 $ 2,779 Amortization of intangibles 350 682 — — 1,032 Property, plant and equipment additions 1,362 2,837 625 2 4,826 Goodwill $ 20,548 $ 13,781 $ — $ — $ 34,329 Total assets 432,932 44,849 4,873 60,015 542,669 Year Ended January 31, 2017 Power Industrial Telecom Services Services Services Other Totals Revenues $ 586,628 $ 78,994 $ 9,425 $ — $ 675,047 Cost of revenues 452,599 68,354 7,383 — 528,336 Gross profit 134,029 10,640 2,042 — 146,711 Selling, general and administrative expenses 17,588 6,264 1,430 7,196 32,478 Impairment loss 1,979 — — — 1,979 Income (loss) from operations 114,462 4,376 612 (7,196) 112,254 Other income, net 2,145 — — 133 2,278 Income (loss) before income taxes $ 116,607 $ 4,376 $ 612 $ (7,063) 114,532 Income tax expense (37,106) Net income $ 77,426 Depreciation $ 665 $ 1,165 $ 201 $ 12 $ 2,043 Amortization of intangibles 350 813 — — 1,163 Property, plant and equipment additions 1,005 1,238 563 5 2,811 Goodwill $ 20,548 $ 14,365 $ — $ — $ 34,913 Total assets 488,431 47,316 4,318 104,423 644,488

QUARTERLY FINANCIAL INFORMATION

QUARTERLY FINANCIAL INFORMATION (unaudited)	12 Months Ended
	Jan. 31, 2019
QUARTERLY FINANCIAL INFORMATION (unaudited)
QUARTERLY FINANCIAL INFORMATION (unaudited)	NOTE 18 – QUARTERLY FINANCIAL INFORMATION (unaudited) Certain unaudited financial information reported for the quarterly periods ended April 30, July 31, October 31 and January 31 included in the years ended January 31, 2019 and 2018 is presented below: 2019 April 30 July 31 October 31 (1) January 31 (1) Full Year Revenues $ 141,366 $ 136,670 $ 116,459 $ 87,658 $ 482,153 Gross profit 15,452 30,708 29,532 6,746 82,438 Income (loss) from operations 5,815 20,330 18,385 (4,293) 40,237 Net income (loss) (2) 4,837 16,972 32,434 (2,207) 52,036 Earnings (loss) per share (2),(3) Basic $ 0.31 $ 1.09 $ 2.08 $ (0.14) $ 3.34 Diluted $ 0.31 $ 1.08 $ 2.07 $ (0.14) $ 3.32 2018 April 30 July 31 October 31 January 31 Full Year Revenues $ 230,489 $ 259,803 $ 232,945 $ 169,578 $ 892,815 Gross profit 40,096 51,407 37,718 20,104 149,325 Income from operations 30,607 40,608 27,599 8,163 106,977 Net income (2) 20,625 27,139 17,229 7,018 72,011 Earnings per share (2),(3) Basic $ 1.33 $ 1.75 $ 1.11 $ 0.45 $ 4.64 Diluted $ 1.31 $ 1.72 $ 1.09 $ 0.45 $ 4.56 (1) The net income reported by the Company for the quarterly periods ended October 31, 2018 and January 31, 2019 reflected favorable adjustments recorded to recognize research and development tax credits in the amounts of $16.5 million and $0.1 million, respectively (see Note 13). (2) The net income and earnings per share amounts are attributable to the stockholders of Argan, Inc. (3) Earnings per share amounts for the quarter periods may not cross-foot to the corresponding full-year amounts as the amounts for each quarter are calculated independently of the calculations for the full-year amounts.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	12 Months Ended
	Jan. 31, 2019
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION
Description of the Business	Description of the Business Argan, Inc. (“Argan”) conducts operations through its wholly owned subsidiaries, Gemma Power Systems, LLC and affiliates (“GPS”), which provided 53%, 88% and 85% of consolidated revenues for the fiscal years ended January 31, 2019 (“Fiscal 2019”), 2018 (“Fiscal 2018”) and 2017 (“Fiscal 2017”), respectively; The Roberts Company, Inc. (“TRC”); Atlantic Projects Company Limited and affiliates (“APC”) and Southern Maryland Cable, Inc. (“SMC”). Argan and these consolidated subsidiaries are hereinafter collectively referred to as the “Company.” Through GPS and APC, the Company provides a full range of engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical and consulting services to the power generation and renewable energy markets. The wide range of customers includes independent power producers, public utilities, power plant equipment suppliers and global energy plant construction firms. Including consolidated joint ventures and variable interest entities (“VIEs”), GPS and APC represent the Company’s power industry services reportable segment. Through TRC, the industrial fabrication and field services reportable segment provides on-site services that support maintenance turnarounds, shutdowns and emergency mobilizations for industrial plants primarily located in the southern United States (the “US”) and that are based on its expertise in producing, delivering and installing fabricated steel components such as piping systems, pressure vessels and heat exchangers. Through SMC, which conducts business as SMC Infrastructure Solutions, 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 of the US.
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The consolidated financial statements include the accounts of Argan, its wholly owned subsidiaries, its financially-controlled joint ventures and any variable interest entities for which the Company is deemed to be the primary beneficiary (see Note 3). All significant inter-company balances and transactions have been eliminated in consolidation. Certain comparative amounts in the consolidated balance sheet and the consolidated statements of cash flows were reclassified to conform to the current year presentation. 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. The Company’s fiscal year ends on January 31 of each year.
Use of Estimates	Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, revenues, expenses, and certain financial statement disclosures. Management believes that the estimates, judgments and assumptions upon which it relies are reasonable based upon information available to it at the time that these estimates, judgments and assumptions are made. Estimates are used for, but are not limited to, the Company’s accounting for revenue recognition, the valuation of assets with long and indefinite lives including goodwill, the valuation of options to purchase shares of the Company’s common stock, the evaluation of contingent obligations and uncertain income tax return positions, the valuation of deferred taxes, and the determination of the allowance for doubtful accounts. Actual results could differ from these estimates.
Property, Plant and Equipment	Property, Plant and Equipment – Property, plant and equipment are stated at cost less accumulated depreciation. Such assets acquired in a business combination are initially included in the Company’s consolidated balance sheet at fair values. The Company capitalizes the power plant project development costs incurred by its consolidated variable interest entities. Should these construction preparation efforts be unsuccessful, the costs would be written-off at that time. Depreciation amounts are determined using the straight-line method over the estimated useful lives of the assets, other than land, which are generally from five to thirty-nine years. Building and leasehold improvements are amortized on a straight-line basis over the shorter of the estimated useful life of the related asset or the lease term, as applicable. The costs of maintenance and repairs are expensed as incurred and major improvements are capitalized. When an asset is sold or retired, the cost and related accumulated depreciation amounts are removed from the accounts and the resulting gain or loss is included in earnings.
Goodwill	Goodwill – At least annually, the Company reviews the carrying value of goodwill amounts for impairment. The goodwill impairment test is performed using the prescribed business valuation process unless the consideration of a possible goodwill impairment conducted pursuant to the permitted, simplified qualitative approach results in a conclusion that it is unlikely that an impairment has occurred. A reporting entity identifies a potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The fair value of the reporting unit is determined using various market-based and income-based valuation techniques as applicable in the particular circumstances. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not deemed impaired. If the carrying amount of the reporting unit exceeds its fair value, a goodwill impairment loss is recorded in an amount equal to the excess of the unit’s carrying value over its fair value, not to exceed the amount of goodwill allocated to the reporting unit. Nonetheless, the Company evaluates any amounts of goodwill for impairment more frequently if events or changes in circumstances indicate that goodwill value may be impaired. The simplified method allows an entity to first assess qualitative factors to determine whether it is necessary to perform the more complex quantitative goodwill impairment test. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The guidance includes discussions of the types of factors which the Company considers in conducting the qualitative assessment including macroeconomic, industry, market and entity-specific factors.
Long-Lived Assets	Long-Lived Assets – Long-lived assets, consisting primarily of purchased intangible assets with definite lives, property, plant and equipment, are subject to review for impairment whenever events or changes in circumstances indicate that a carrying amount should be assessed. In such circumstances, the Company would compare the carrying value of the long-lived asset to the undiscounted future cash flows expected to result from the use of the asset. In the event that the Company would determine that the carrying value of the asset is not recoverable, a loss would be recognized based on the amount by which the carrying value exceeds the fair value of the asset. Fair value would be determined by using quoted market prices or valuation techniques such as the present value of expected future cash flows, appraisals, or other pricing models as appropriate. The useful lives and amortization of purchased intangible assets are described in Note 7.
Revenue Recognition	Revenue Recognition – Effective February 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers ,” and a series of amendments which together hereinafter are referred to as “ASC Topic 606”, using the permitted modified retrospective method. Accordingly, the new guidance was applied retrospectively to contracts that were not completed as of the adoption date. Financial results for the year ended January 31, 2019 have been presented under ASC Topic 606, while prior period operating result amounts have not been adjusted and are reported in accordance with previous guidance. See Note 4 for additional discussion about the adoption of ASC Topic 606 and its impact on the Company’s consolidated financial statements. The new standard outlines a single comprehensive model for entities to use in accounting for revenues arising from contracts with customers. Central to the new revenue recognition framework is a five-step revenue recognition model that requires reporting entities to: 1. Identify the contract, 2. Identify the performance obligations of the contract, 3. Determine the transaction price of the contract, 4. Allocate the transaction price to the performance obligations, and 5. Recognize revenue. The Company focuses on the transfer of the contractor’s control of the goods and/or services to the customer, as opposed to the transfer of risk and rewards. Major provisions of the new standard cover the determination of which goods and services are distinct and represent separate performance obligations, the appropriate treatments for variable consideration, and the evaluation of whether revenues should be recognized at a point in time or over time. Where a performance obligation is satisfied over time, the related revenues are also recognized over time. The transaction price for a contract represents the value of the contract awarded to the Company that is used to determine the amount of revenues recognized as of the balance sheet date. It may reflect amounts of variable consideration, which could be either increases or decreases to the transaction price. These adjustments can be made from time-to-time during the period of contract performance as circumstances evolve related to such items as variations in the scope and price of contracts, claims, incentives and liquidated damages. The Company includes the estimated amount of variable consideration in the transaction price to the extent it is probable that a significant reversal of cumulative revenues recognized on the particular contract will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s determination of the amount of variable consideration to be included in the transaction price of a particular contract is based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available. The effect of any revisions to the transaction price on the amount of previously recognized revenues that is due to the addition or reduction of variable consideration is recorded currently as an adjustment to revenues on a cumulative catch-up basis. In the event that any amounts of variable consideration that are reflected in the transaction price of a contract are not resolved in the Company’s favor, there could be reductions in, or reversals of, previously recognized revenues. Most of the Company’s long-term contracts are considered to have a single performance obligation. Although multiple promises to transfer individual goods or services may exist, they are not typically distinct within the context of our contracts because our contract promises are interrelated or they require the Company to perform critical integration so that the customer receives a completed project. Warranties provided under the Company’s contracts with customers are assurance-type and are included as elements of the single performance obligations. Under previous revenue recognition guidance, the Company also generally accounted for its long-term contracts as single units of account (i.e., a single performance obligation). Most of the Company’s revenues are recognized primarily under various types of long-term construction contracts, including those for which revenues are based on either a fixed price, time and materials or cost-plus-fee basis, and primarily over time as performance obligations are satisfied due to the continuous transfer of control to the project owner or other customer. Significant contracts typically have durations of three months to three years. Revenues from fixed price contracts, including a portion of estimated profit, are recognized as services are provided, based on costs incurred and estimated total contract costs using the percentage-of-completion method. However, costs incurred on a particular contract that are related to materials or equipment items over which the corresponding project owner has yet to obtain control shall be excluded from the measurement of progress toward the satisfaction of the corresponding performance obligation determined as of the report date. If at any time, the estimate of contract profitability indicates an anticipated loss on a contract, the Company will recognize the total loss in the the reporting period that it is identified and an amount is estimable. Revenues from time and materials contracts are recognized when the related services are provided to the customer. Revenues from cost-plus-fee construction contracts are recognized on the basis of costs incurred during the period plus the fee earned, measured using the cost-to-cost method. The timing of when the Company bills its customers is generally dependent upon negotiated billing terms, the achievement of certain contract milestones, the completion of certain other phases of the work, or when services are provided or products are shipped. Projects with performance obligations satisfied over time will typically have revenues recognized to date in amounts different from the amounts of cumulative billings. As the rights and obligations in contracts are interdependent, the differences for each contract are combined with certain other asset and liability amounts related to the corresponding contracts in order to determine the net asset or net liability amounts, on a contract-by-contract basis. The amounts for each contract in a net asset position are totaled at the report date and presented in the corresponding consolidated balance sheet as contract assets. Likewise, the amounts for each contract in a net liability position are totaled at the report date and presented in the corresponding consolidated balance sheet as contract liabilities. Contract assets are defined in the new standard to include amounts that represent the rights to receive payment for goods or services that have been transferred to the project owner, with the rights conditional upon something other than the passage of time. Contract liabilities are defined in the new standard to include the amounts that reflect obligations to provide goods or services for which payment has been received. Accordingly, the amounts presented in prior consolidated balance sheets that were identified as “costs and estimated earnings in excess of billings” and “billings in excess of costs and estimated earnings” are now reflected in the line items entitled “contract assets” and “contract liabilities.” In addition, accounts receivable has been redefined to represent unconditional rights to receive payments which only require the passage of time. Billed amounts retained by project owners until a defined phase of a contract or project has been completed and accepted, which were historically included in accounts receivable, are now reflected in contract assets or contract liabilities depending on the net contract position of the particular contract. Retention amounts and the length of retention periods may vary. Retainage amounts related to active contracts are considered current regardless of the term of the applicable contract; such amounts are generally collected by the completion of the applicable contract. The proper accounting for certain costs that may be incurred to obtain contracts or costs that may be incurred to fulfill contracts but do not represent actual progress, has been altered by the new guidance. Such costs, when material, are capitalized, are treated as contract assets, and generally are amortized to contract costs over the corresponding contract performance period.
Income Taxes	Income Taxes – Deferred tax assets and liabilities are recognized using enacted tax rates for the effects of temporary differences between the book and tax bases of assets and liabilities. If management believes that it is more likely than not that some portion or all of a deferred tax asset will not be realized, the carrying value will be reduced by a valuation allowance. The Company accounts for uncertain tax positions in accordance with current accounting guidance which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on our consolidated tax return. Management evaluates and the Company records the effect of any uncertain tax position based on the amount that management deems is more likely than not (i.e., greater than a 50% probability) to be sustained upon examination and ultimate settlement with the tax authorities in the applicable tax jurisdiction (see Note 13). Interest incurred related to overdue income taxes is included in income tax expense; income tax penalties are included in selling, general and administrative expenses.
Share-Based Payments	Share-Based Payments – The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based upon fair value at the date of award using a fair value based option pricing model primarily. The compensation expense is recognized on a straight-line basis over the requisite service period. For each exercise of a stock option, the Company determines whether the difference between the deduction for income tax reporting purposes created at that time and the related compensation expense previously recorded for financial reporting purposes results in either an excess income tax benefit or an income tax deficiency which is recognized, accordingly, as income tax benefit or expense in the corresponding consolidated statement of earnings.
Fair Values	Fair Values – Current professional accounting guidance applies to all assets and liabilities that are being measured and reported on a fair value basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The carrying value amounts presented in the consolidated balance sheets for the Company’s current assets, which primarily include cash and cash equivalents, short-term investments, accounts receivable and contract assets, and its current liabilities are reasonable estimates of their fair values due to the short-term nature of these items. The fair value amounts of reporting units (as needed for purposes of identifying goodwill impairment losses) are determined by averaging valuations that are calculated using market-based and income-based approaches deemed appropriate in the circumstances (see Note 7).
Foreign Currency Translation	Foreign Currency Translation – The accompanying consolidated financial statements are presented in US dollars. The effects of translating the financial statements of APC from its functional currency (Euros) into the Company’s reporting currency (US dollars) are recognized as translation adjustments in accumulated other comprehensive income (loss). There are no applicable income taxes. 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 translation of the statement of earnings amounts is made monthly at the average currency exchange rate for the month. Net foreign currency transaction gains and losses were included in the other income section of the Company’s consolidated statements of earnings for the years ended January 31, 2019, 2018 and 2017; such amounts were not material.

REVENUES FROM CONTRACT WITH CUS

REVENUES FROM CONTRACT WITH CUSTOMERS (Tables)	12 Months Ended
	Jan. 31, 2019
Recently issued accounting pronouncements
Schedule of consolidated revenues disaggregated by geographical area	2019 2018 2017 United States $ 371,609 $ 870,029 $ 663,181 United Kingdom 81,319 12,244 201 Republic of Ireland 28,352 10,542 11,411 Other 873 — 254 Consolidated Revenues $ 482,153 $ 892,815 $ 675,047
Impact of the Adoption of ASC Topic 606
Recently issued accounting pronouncements
Schedule of accounts identified below were recast in order to conform to the current year presentation	Balances as of January 31, 2018 for the accounts identified below were recast in order to conform to the presentation as of January 31, 2019: Balances Impact of the Classification Reported Adoption of Under ASC Previously ASC Topic 606 Topic 606 Accounts receivable, net $ 95,971 $ (69,684) $ 26,287 Costs and estimated earnings in excess of billings 4,887 (4,887) — Contract assets — 13,847 13,847 Billings in excess of costs and estimated earnings 108,388 (108,388) — Contract liabilities — 47,664 47,664

PURCHASED INTANGIBLE ASSETS (Ta

PURCHASED INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jan. 31, 2019
PURCHASED INTANGIBLE ASSETS
Schedule of Company's purchased intangible assets, Other than goodwill	2019 2018 Estimated Gross Accumulated Net Net Useful Life Amounts Amortization Amounts Amounts Trade names TRC 15 years $ 4,499 $ 950 $ 3,549 $ 3,849 GPS 15 years 3,643 2,949 694 936 SMC indefinite 181 — 181 181 Process certifications 7 years 1,897 858 1,039 1,310 Customer relationships 4 - 10 years 1,346 672 674 873 Totals $ 11,566 $ 5,429 $ 6,137 $ 7,149
Schedule of expected amortization expense	The future amounts of amortization related to purchased intangibles are presented below for the years ending January 31,: 2020 $ 954 2021 905 2022 870 2023 617 2024 392 Thereafter 2,218 Total $ 5,956

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Jan. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
Summary of property, plant and equipment	2019 2018 Land and improvements $ 863 $ 863 Building and improvements 6,000 5,427 Furniture, machinery and equipment 17,779 13,531 Trucks and other vehicles 4,918 4,293 Project development costs 2,149 210 31,709 24,324 Less - accumulated depreciation 11,931 9,025 Property, plant and equipment, net $ 19,778 $ 15,299

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Jan. 31, 2019
COMMITMENTS
Schedule of future minimum lease payments for the operating leases of continuing operations	The following is a schedule of future minimum lease payments for the operating leases that had initial or remaining non-cancelable lease terms in excess of one year as of January 31, 2019: 2020 $ 699 2021 355 2022 262 2023 212 2024 155 Thereafter 31 Total $ 1,714

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Jan. 31, 2019
STOCK-BASED COMPENSATION
Schedule of stock option activity under the Company's stock plans	Summaries of stock option activity under the Company’s stock option plans for Fiscal 2019, 2018 and 2017, along with corresponding weighted average per share amounts, are presented below (shares in thousands): Exercise Remaining Shares Price Term (years) Fair Value Outstanding, February 1, 2016 1,064 $ 26.38 6.36 $ 6.91 Granted 270 $ 57.88 Exercised (622) $ 25.57 Forfeited (5) $ 36.73 Outstanding, January 31, 2017 707 $ 39.04 7.82 $ 10.22 Granted 302 $ 53.49 Exercised (110) $ 28.81 Forfeited (10) $ 71.75 Outstanding, January 31, 2018 889 $ 44.83 7.91 $ 11.74 Granted 257 $ 40.54 Exercised (6) $ 17.19 Outstanding, January 31, 2019 1,140 $ 44.01 7.54 $ 11.22 Exercisable, January 31, 2019 765 $ 44.82 5.97 $ 11.79
Schedule of changes in the number of non-vested options to purchase shares of common stock	The changes in the number of non-vested options to purchase shares of common stock for Fiscal 2019, 2018 and 2017, and the weighted average fair value per share for each number, are presented below (shares in thousands): Shares Fair Value Non-vested, February 1, 2016 300 $ 8.97 Granted 270 $ 14.93 Vested (300) $ 8.97 Non-vested, January 31, 2017 270 $ 14.93 Granted 302 $ 13.55 Vested (260) $ 15.31 Forfeitures (10) $ 19.14 Non-vested, January 31, 2018 302 $ 13.55 Granted 257 $ 9.31 Vested (184) $ 14.75 Non-vested, January 31, 2019 375 $ 10.05
Summary of assumptions used to estimate fair value of stock options granted	2019 2018 2017 Dividend yield 2.5 % 1.7 % 1.4 % Expected volatility 34.5 % 37.3 % 34.6 % Risk-free interest rate 2.7 % 1.8 % 1.7 % Expected life (in years) 3.3 3.3 4.2

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jan. 31, 2019
INCOME TAXES
Schedule of components of company's income tax expense (benefit)	2019 2018 2017 Current: Federal $ 3,603 $ (32,490) $ (29,681) State (1,091) (7,853) (6,188) 2,512 (40,343) (35,869) Deferred: Federal 971 2 (1,277) State 1,168 62 40 2,139 64 (1,237) Income tax benefit (expense) $ 4,651 $ (40,279) $ (37,106)
Schedule of actual income tax expense amounts	2019 2018 2017 Computed expected income tax expense $ (9,916) $ (38,078) $ (40,086) Difference resulting from: Federal research and development tax credits 13,866 — — State income taxes, net of federal tax effect 683 (5,042) (4,001) Net operating loss carryforwards 1,730 — — Stock options 32 962 4,969 Domestic production activities deduction — 3,204 2,906 Other permanent differences, net (1,585) (1,141) 551 Impact of the federal tax rate change on deferred taxes — 789 — Adjustments and other differences (159) (973) (1,445) Income tax benefit (expense) $ 4,651 $ (40,279) $ (37,106)
Schedule of tax effects of temporary differences that gave rise to deferred tax assets and liabilities	2019 2018 Assets: Net operating loss carryforwards $ 3,034 $ 2,635 Stock awards 2,188 2,042 Research and development credit carryforwards 631 — Purchased intangibles 604 864 Accrued expenses and other 758 862 7,215 6,403 Liabilities: Purchased intangibles (3,373) (3,664) Construction contracts (454) (1,896) Property and equipment and other (2,131) (1,683) (5,958) (7,243) Net deferred tax assets (liabilities) $ 1,257 $ (840)

EARNINGS PER SHARE ATTRIBUTAB_2

EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. (Tables)	12 Months Ended
	Jan. 31, 2019
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Schedule of computations of basic and diluted earnings per share	Basic and diluted earnings per share are computed as follows (shares in thousands except in the footnote below): 2019 2018 2017 Net income attributable to the stockholders of Argan, Inc. $ 52,036 $ 72,011 $ 70,328 Weighted average number of shares outstanding – basic 15,569 15,522 15,066 Effect of stock awards (1) 124 258 559 Weighted average number of shares outstanding – diluted 15,693 15,780 15,625 Net income per share attributable to the stockholders of Argan, Inc. Basic $ 3.34 $ 4.64 $ 4.67 Diluted $ 3.32 $ 4.56 $ 4.50 (1) These numbers exclude the effects of antidilutive stock options which covered 646,500 shares, 260,000 shares and 165,000 shares which had exercise prices per share in excess of the average market prices per share for Fiscal 2019, 2018 and 2017, respectively.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Jan. 31, 2019
SEGMENT REPORTING
Schedule of operating results and certain financial position data of the Company's reportable business segments	Summarized below are certain operating results and financial position data of the Company’s reportable business segments for Fiscal 2019, 2018 and 2017. The “Other” column in each summary includes the Company’s corporate expenses. Year Ended January 31, 2019 Power Industrial Telecom Services Services Services Other Totals Revenues $ 367,812 $ 101,673 $ 12,668 $ — $ 482,153 Cost of revenues 297,931 92,097 9,687 — 399,715 Gross profit 69,881 9,576 2,981 — 82,438 Selling, general and administrative expenses 23,741 7,904 1,788 7,277 40,710 Impairment loss — 1,491 — — 1,491 Income (loss) from operations 46,140 181 1,193 (7,277) 40,237 Other income, net 5,120 1,400 — 461 6,981 Income (loss) before income taxes $ 51,260 $ 1,581 $ 1,193 $ (6,816) 47,218 Income tax benefit 4,651 Net income $ 51,869 Depreciation $ 749 $ 2,293 $ 366 $ 14 $ 3,422 Amortization of intangibles 350 662 — — 1,012 Property, plant and equipment additions 3,156 4,750 690 3 8,599 Current assets $ 317,708 $ 28,878 $ 3,691 $ 66,071 $ 416,348 Current liabilities 67,045 13,384 879 968 82,276 Goodwill 20,548 12,290 — — 32,838 Total assets 347,189 57,168 5,272 67,019 476,648 Year Ended January 31, 2018 Power Industrial Telecom Services Services Services Other Totals Revenues $ 814,544 $ 65,303 $ 12,968 $ — $ 892,815 Cost of revenues 675,362 58,283 9,845 — 743,490 Gross profit 139,182 7,020 3,123 — 149,325 Selling, general and administrative expenses 23,356 7,401 1,395 9,612 41,764 Impairment loss — 584 — — 584 Income (loss) from operations 115,826 (965) 1,728 (9,612) 106,977 Other income, net 5,391 — — 257 5,648 Income (loss) before income taxes $ 121,217 $ (965) $ 1,728 $ (9,355) 112,625 Income tax expense (40,279) Net income $ 72,346 Depreciation $ 885 $ 1,607 $ 274 $ 13 $ 2,779 Amortization of intangibles 350 682 — — 1,032 Property, plant and equipment additions 1,362 2,837 625 2 4,826 Goodwill $ 20,548 $ 13,781 $ — $ — $ 34,329 Total assets 432,932 44,849 4,873 60,015 542,669 Year Ended January 31, 2017 Power Industrial Telecom Services Services Services Other Totals Revenues $ 586,628 $ 78,994 $ 9,425 $ — $ 675,047 Cost of revenues 452,599 68,354 7,383 — 528,336 Gross profit 134,029 10,640 2,042 — 146,711 Selling, general and administrative expenses 17,588 6,264 1,430 7,196 32,478 Impairment loss 1,979 — — — 1,979 Income (loss) from operations 114,462 4,376 612 (7,196) 112,254 Other income, net 2,145 — — 133 2,278 Income (loss) before income taxes $ 116,607 $ 4,376 $ 612 $ (7,063) 114,532 Income tax expense (37,106) Net income $ 77,426 Depreciation $ 665 $ 1,165 $ 201 $ 12 $ 2,043 Amortization of intangibles 350 813 — — 1,163 Property, plant and equipment additions 1,005 1,238 563 5 2,811 Goodwill $ 20,548 $ 14,365 $ — $ — $ 34,913 Total assets 488,431 47,316 4,318 104,423 644,488

QUARTERLY FINANCIAL INFORMATI_2

QUARTERLY FINANCIAL INFORMATION (unaudited) (Tables)	12 Months Ended
	Jan. 31, 2018
QUARTERLY FINANCIAL INFORMATION (unaudited)
Schedule of quarterly financial information	2019 April 30 July 31 October 31 (1) January 31 (1) Full Year Revenues $ 141,366 $ 136,670 $ 116,459 $ 87,658 $ 482,153 Gross profit 15,452 30,708 29,532 6,746 82,438 Income (loss) from operations 5,815 20,330 18,385 (4,293) 40,237 Net income (loss) (2) 4,837 16,972 32,434 (2,207) 52,036 Earnings (loss) per share (2),(3) Basic $ 0.31 $ 1.09 $ 2.08 $ (0.14) $ 3.34 Diluted $ 0.31 $ 1.08 $ 2.07 $ (0.14) $ 3.32 2018 April 30 July 31 October 31 January 31 Full Year Revenues $ 230,489 $ 259,803 $ 232,945 $ 169,578 $ 892,815 Gross profit 40,096 51,407 37,718 20,104 149,325 Income from operations 30,607 40,608 27,599 8,163 106,977 Net income (2) 20,625 27,139 17,229 7,018 72,011 Earnings per share (2),(3) Basic $ 1.33 $ 1.75 $ 1.11 $ 0.45 $ 4.64 Diluted $ 1.31 $ 1.72 $ 1.09 $ 0.45 $ 4.56 (1) The net income reported by the Company for the quarterly periods ended October 31, 2018 and January 31, 2019 reflected favorable adjustments recorded to recognize research and development tax credits in the amounts of $16.5 million and $0.1 million, respectively (see Note 13). (2) The net income and earnings per share amounts are attributable to the stockholders of Argan, Inc. (3) Earnings per share amounts for the quarter periods may not cross-foot to the corresponding full-year amounts as the amounts for each quarter are calculated independently of the calculations for the full-year amounts.

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
GPS
Description of the Business
Consolidated revenues by subsidiaries	53.00%	88.00%	85.00%
Power Services | Minimum
Description of the Business
Revenue Recognition Period	3 months
Power Services | Maximum
Description of the Business
Revenue Recognition Period	3 years

RECENTLY ISSUED ACCOUNTING PR_2

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - Accounting Standards Update 2016-02 - Forecast $ in Millions	Feb. 01, 2019USD ($)
Minimum
Recently issued accounting pronouncements
Right-to-use assets	$ 1
Lease liabilities	1
Maximum
Recently issued accounting pronouncements
Right-to-use assets	2
Lease liabilities	$ 2

SPECIAL PURPOSE ENTITIES (Detai

SPECIAL PURPOSE ENTITIES (Details) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2018USD ($)	Jan. 31, 2019USD ($)itemproject
GPS
Variable Interest Entity
Number of natural gas-fired power plants | project		2
Number of joint ventures | item		2
Final cash distributions to joint ventures	$ 0.1
VIE
Variable Interest Entity
Development costs incurred		$ 1.9

REVENUES FROM CONTRACTS WITH _2

REVENUES FROM CONTRACTS WITH CUSTOMERS - Impact of the Adoption of the New Accounting Standard (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017	Feb. 01, 2018
Impact of the Adoption of the New Accounting Standard
Accounts receivable, net	$ 36,174	$ 26,287
Contract assets	58,357	13,847
Contract liabilities	8,349	47,664
Retained earnings	247,616	211,112
Retained amounts by project owners		69,700
Change in contracts in progress, net	83,774	136,448	$ (112,664)
Balances Reported Previously
Impact of the Adoption of the New Accounting Standard
Accounts receivable, net		95,971
Costs and estimated earnings in excess of billings		4,887
Billings in excess of costs and estimated earnings		108,388
Impact of the Adoption of ASC Topic 606
Impact of the Adoption of the New Accounting Standard
Accounts receivable, net		(69,684)
Costs and estimated earnings in excess of billings		(4,887)
Contract assets		13,847
Billings in excess of costs and estimated earnings		(108,388)
Contract liabilities		47,664
Retained amounts by project owners	15,300
Change in contracts in progress, net	83,800	136,400
Decline in the amounts of billings in excess of costs and estimated earnings	99,700	100,900
Increase in costs and estimated earnings in excess of billings	33,800	1,700
Increase (decrease) in customer retainages	54,400	$ 33,900
Revenues recognized that was included in contract liabilities	$ 46,200
Impact of the Adoption of ASC Topic 606 | Maximum
Impact of the Adoption of the New Accounting Standard
Retained earnings				$ 100

REVENUES FROM CONTRACTS WITH _3

REVENUES FROM CONTRACTS WITH CUSTOMERS - Variable Consideration (Details) $ in Millions	12 Months Ended
	Jan. 31, 2019USD ($)
REVENUES FROM CONTRACTS WITH CUSTOMERS
Amounts of unpriced change orders included in transaction prices	$ 18.8
Impact on revenues, changes in estimates of the costs-to-complete active contracts	$ 32.6

REVENUES FROM CONTRACTS WITH _4

REVENUES FROM CONTRACTS WITH CUSTOMERS - Remaining Unsatisfied Performance Obligations (Details) $ in Millions	Jan. 31, 2019USD ($)
REVENUES FROM CONTRACTS WITH CUSTOMERS
Contract backlog amount	$ 99.4

REVENUES FROM CONTRACTS WITH _5

REVENUES FROM CONTRACTS WITH CUSTOMERS - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Disaggregation of Revenues
Consolidated Revenues	$ 87,658	$ 116,459	$ 136,670	$ 141,366	$ 169,578	$ 232,945	$ 259,803	$ 230,489	$ 482,153	$ 892,815	$ 675,047
United States
Disaggregation of Revenues
Consolidated Revenues									371,609	870,029	663,181
United Kingdom
Disaggregation of Revenues
Consolidated Revenues									81,319	12,244	201
Republic of Ireland
Disaggregation of Revenues
Consolidated Revenues									28,352	$ 10,542	11,411
Other
Disaggregation of Revenues
Consolidated Revenues									$ 873		$ 254

CASH, CASH EQUIVALENTS AND SH_2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) - Held-to-maturity Securities - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Cash and Cash Equivalents
Maturity period	250 days	293 days
Accrued interest on held-to-maturity securities	$ 1.2	$ 1.9
Weighted average annual interest rates of CDs (as a percent)	2.60%	1.50%

ACCOUNTS AND NOTES RECEIVABLE (

ACCOUNTS AND NOTES RECEIVABLE (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
ACCOUNTS AND NOTES RECEIVABLE
Outstanding balances of accounts receivable and contract assets	$ 17.1
Provision for uncollectible accounts and notes receivable	$ 0.2	$ 0.3	$ 1.2

PURCHASED INTANGIBLE ASSETS - G

PURCHASED INTANGIBLE ASSETS - Goodwill and Finite Lived Intangible Assets (Details) $ in Thousands	Nov. 01, 2018USD ($)	Jan. 31, 2019USD ($)	Jan. 31, 2019USD ($)	Jan. 31, 2018USD ($)	Jan. 31, 2017USD ($)
Finite-Lived Intangible Assets
Percentage of contract backlog suspended					90.00%
Intangible Assets - Gross Carrying Amount		$ 11,566	$ 11,566
Accumulated Amortization		5,429	5,429
Finite Lived Intangible Assets - Net Amount		5,956	5,956
Other intangible assets, net		6,137	6,137	$ 7,149
Additions to other intangible assets			0	0
Additions to impairment losses			0	0
Amortization of purchased intangible assets			1,012	1,032	$ 1,163
Indefinite-Lived Intangible Assets
Goodwill		32,838	32,838	34,329	34,913
Goodwill allocated for income tax reporting purposes		$ 16,400	16,400
Period of amortization of goodwill for income tax purpose		15 years
Impairment loss			1,491	584	1,979
APC
Indefinite-Lived Intangible Assets
Impairment loss			0		$ 2,000
TRC
Finite-Lived Intangible Assets
Percentage of average annual growth in revenues over the next seven years	4.9
Expected annual growth in revenues period	7 years
Percentage of average annual growth in earnings before interest and taxes	6.5
Indefinite-Lived Intangible Assets
Goodwill Impairment Loss	$ 1,500			600
GPS
Indefinite-Lived Intangible Assets
Goodwill		$ 18,500	18,500
TRC
Indefinite-Lived Intangible Assets
Goodwill		12,300	12,300
APC
Indefinite-Lived Intangible Assets
Goodwill		2,000	$ 2,000
Trade names | GPS
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			15 years
Finite Lived Intangible Assets - Gross Carrying Amount		3,643	$ 3,643
Accumulated Amortization		2,949	2,949
Finite Lived Intangible Assets - Net Amount		694	$ 694	936
Trade names | TRC
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			15 years
Finite Lived Intangible Assets - Gross Carrying Amount		4,499	$ 4,499
Accumulated Amortization		950	950
Finite Lived Intangible Assets - Net Amount		3,549	$ 3,549	3,849
Process certifications
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			7 years
Finite Lived Intangible Assets - Gross Carrying Amount		1,897	$ 1,897
Accumulated Amortization		858	858
Finite Lived Intangible Assets - Net Amount		1,039	1,039	1,310
Customer relationships
Finite-Lived Intangible Assets
Finite Lived Intangible Assets - Gross Carrying Amount		1,346	1,346
Accumulated Amortization		672	672
Finite Lived Intangible Assets - Net Amount		$ 674	$ 674	$ 873
Customer relationships | Maximum
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			10 years
Customer relationships | Minimum
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets - Estimated Useful Life			4 years

PURCHASED INTANGIBLE ASSETS - I

PURCHASED INTANGIBLE ASSETS - Indefinite Lived Intangible Assets - Trade Name (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jan. 31, 2018
Trade names | SMC
Indefinite-Lived Intangible Assets
Indefinite-lived Intangible Assets	$ 181	$ 181

PURCHASED INTANGIBLE ASSETS - F

PURCHASED INTANGIBLE ASSETS - Finite Lived Intangible Future Amortization Schedule (Details) $ in Thousands	Jan. 31, 2019USD ($)
PURCHASED INTANGIBLE ASSETS
2020	$ 954
2021	905
2022	870
2023	617
2024	392
Thereafter	2,218
Total	$ 5,956

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Jan. 31, 2018
Property, plant and equipment
Property and equipment, gross	$ 31,709	$ 24,324
Less - accumulated depreciation	11,931	9,025
Property, plant and equipment, net	19,778	15,299
Land and improvements
Property, plant and equipment
Property and equipment, gross	863	863
Building and improvements
Property, plant and equipment
Property and equipment, gross	6,000	5,427
Furniture, machinery and equipment
Property, plant and equipment
Property and equipment, gross	17,779	13,531
Trucks and other vehicles
Property, plant and equipment
Property and equipment, gross	4,918	4,293
Project development costs
Property, plant and equipment
Property and equipment, gross	$ 2,149	$ 210

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Depreciation Expense and Cost of Maintenance and Repairs (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
PROPERTY, PLANT AND EQUIPMENT
Depreciation expense	$ 3,422	$ 2,779	$ 2,043
Costs of maintenance and repairs	$ 3,100	$ 2,400	$ 2,300

FINANCING ARRANGEMENTS (Details

FINANCING ARRANGEMENTS (Details) - USD ($) $ in Millions	May 15, 2017	Jan. 31, 2019	Jan. 31, 2018
Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Financing Arrangements
Variable rate	30-day LIBOR
Interest rate margin on referred rate	2.00%
Revolving Credit Facility | Expires on May 31, 2021
Financing Arrangements
Borrowing available under financing arrangements	$ 50
Letter of Credit
Financing Arrangements
Borrowings outstanding under Bank financing arrangements		$ 0
Letters of credit outstanding amount		$ 15.2	$ 18.9

COMMITMENTS - General Informati

COMMITMENTS - General Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Costs of Revenues
Commitments
Rent incurred on construction projects included in the costs of revenues	$ 11.4	$ 20.3	$ 13.2
Selling, General and Administrative Expenses
Commitments
Rent expense included in selling, general and administrative expenses of continuing operations	0.7	$ 0.7	$ 0.6
TRC
Commitments
Annual lease amount for primary offices and plant	0.3
APC
Commitments
Annual lease amount for primary offices and plant	$ 0.1

COMMITMENTS - Maturity Schedule

COMMITMENTS - Maturity Schedule (Details) $ in Thousands	Jan. 31, 2019USD ($)
COMMITMENTS
2020	$ 699
2021	355
2022	262
2023	212
2024	155
Thereafter	31
Total	$ 1,714

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Millions	Feb. 01, 2016USD ($)project	Jul. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Jan. 31, 2019USD ($)	Jan. 31, 2018USD ($)
GPS
Loss Contingencies
Outstanding surety bonds				$ 11.1	$ 11.1
Minimum
Loss Contingencies
Warranty period				9 months
Maximum
Loss Contingencies
Warranty period				24 months
PPS Engineers, Inc. claims lawsuit
Loss Contingencies
Amount paid on settlement		$ 0.9
Gain on settlement				$ 1.4
Former subcontractor | GPS
Loss Contingencies
Amount of arbitration panel awarded			$ 5.2
Pending Litigation | PPS Engineers, Inc. claims lawsuit
Loss Contingencies
Amount of damages sought by plaintiff	$ 2.3
Number of significant project locations involved in the lawsuit | project	1

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2018personshares	Jan. 31, 2019USD ($)shares	Jan. 31, 2018USD ($)	Jan. 31, 2017USD ($)	Jan. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock reserved for issuance | shares					1.8
Stock compensation expense		$ 1,645	$ 4,651	$ 2,344
Unrecognized compensation cost		3,800
Intrinsic value of outstanding stock options		6,000
Intrinsic value of exercisable stock options		$ 5,500
Period used for calculations		5 years
Company's expense for defined contribution savings plans		$ 2,400	2,800	1,900
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Deferred period		5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Deferred period		7 years
Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock available for award | shares		610,500
Stock Options Plans
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares of common stock available for award | shares		1,800,000
Compensation expense recognize, period		3 years
Intrinsic value of the stock options exercised		$ 200	$ 3,600	$ 18,400
Risk-free interest rate, minimum		2.40%	1.50%	1.30%
Risk-free interest rate, maximum		2.90%	2.00%	1.90%
Volatility rate, minimum		33.00%	36.00%	33.30%
Volatility rate, maximum		36.00%	38.30%	35.00%
Stock Options Plans | Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Period to become exercisable		3 years		1 year
ISOs | Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Incentive stock option award maximum expiration period		10 years
NSOs | Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Incentive stock option award maximum expiration period		10 years
Senior executives | Performance-based restricted stock units | Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of executives | person	2
Period to become exercisable	3 years
Senior executives | Performance-based restricted stock units | Stock Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares awarded | shares	36,000

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Activity under Company's Stock Option Plans (Details) - $ / shares shares in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2016
STOCK-BASED COMPENSATION
Shares, Outstanding, Beginning balance	889	707	1,064
Shares, Granted	257	302	270
Shares, Exercised	(6)	(110)	(622)
Shares, Forfeited		(10)	(5)
Shares, Outstanding, Ending balance	1,140	889	707	1,064
Shares, Exercisable	765
Weighted Average Exercise Price, Outstanding, Beginning balance	$ 44.83	$ 39.04	$ 26.38
Weighted Average Exercise Price, Granted	40.54	53.49	57.88
Weighted Average Exercise Price, Exercised	17.19	28.81	25.57
Weighted Average Exercise Price, Forfeited		71.75	36.73
Weighted Average Exercise Price, Outstanding, Ending balance	44.01	$ 44.83	$ 39.04	$ 26.38
Weighted Average Exercise Price, Exercisable	$ 44.82
Weighted Average Remaining Term (Years), Outstanding	7 years 6 months 15 days	7 years 10 months 28 days	7 years 9 months 26 days	6 years 4 months 10 days
Weighted Average Remaining Term (Years), Exercisable	5 years 11 months 19 days
Weighted Average Fair Value, Outstanding	$ 11.22	$ 11.74	$ 10.22	$ 6.91
Weighted Average Fair Value, Exercisable	$ 11.79

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock (Details) - $ / shares shares in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
STOCK-BASED COMPENSATION
Shares, Non-vested, Beginning balance	302	270	300
Shares, Granted	257	302	270
Shares, Vested	(184)	(260)	(300)
Shares, Forfeitures		(10)
Shares, Non-vested, Ending balance	375	302	270
Weighted Average Fair Value, Non-vested, Beginning balance	$ 13.55	$ 14.93	$ 8.97
Weighted Average Fair Value, Granted	9.31	13.55	14.93
Weighted Average Fair Value, Vested	14.75	15.31	8.97
Weighted Average Fair Value, Forfeitures		19.14
Weighted Average Fair Value, Non-vested, Ending balance	$ 10.05	$ 13.55	$ 14.93

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted (Details) - Stock Options Plans	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award
Method used for fair value assumption	Black-Scholes option-pricing model	Black-Scholes option-pricing model	Black-Scholes option-pricing model
Dividend yield	2.50%	1.70%	1.40%
Expected volatility	34.50%	37.30%	34.60%
Risk-free interest rate	2.70%	1.80%	1.70%
Expected life (in years)	3 years 3 months 18 days	3 years 3 months 18 days	4 years 2 months 12 days

INCOME TAXES - Research and Dev

INCOME TAXES - Research and Development Tax Credits (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2016
INCOME TAXES
Period for identify and quantify the amounts of research and development credits	3 years
Income tax expense (benefits) associated with research and development activities	$ 16.6	$ 5.2	$ 10.9	$ 0.5
Effects on dilutive earnings per share, research and development activities	$ 1.06
Unrecognized income tax benefits related to research and development credits	$ 5.1
Unrecognized tax benefits related to research and development credits that would impact effective tax rate, if recognized	$ 2.2	$ 2.6	$ 0.3

INCOME TAXES - The Tax Cuts and

INCOME TAXES - The Tax Cuts and Jobs Act (the "Tax Act") (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
INCOME TAXES
Federal corporate income tax rate (as percent)	21.00%	34.00%	35.00%
Income tax benefit		$ 0.8

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Federal corporate income tax rate	21.00%	34.00%	35.00%
Maximum
Federal corporate income tax rate		35.00%

INCOME TAXES - Components of Co

INCOME TAXES - Components of Company's Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Current:
Federal	$ 3,603	$ (32,490)	$ (29,681)
State	(1,091)	(7,853)	(6,188)
Total	2,512	(40,343)	(35,869)
Deferred:
Federal	971	2	(1,277)
State	1,168	62	40
Total	2,139	64	(1,237)
Income tax benefit (expense)	$ 4,651	$ (40,279)	$ (37,106)

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
INCOME TAXES
Computed expected income tax expense	$ (9,916)	$ (38,078)	$ (40,086)
Federal research and development tax credits	13,866
State income taxes, net of federal tax effect	683	(5,042)	(4,001)
Net operating loss carryforwards	1,730
Stock options	32	962	4,969
Domestic production activities deduction		3,204	2,906
Other permanent differences, net	(1,585)	(1,141)	551
Impact of the federal tax rate change on deferred taxes		789
Adjustments and other differences	(159)	(973)	(1,445)
Income tax benefit (expense)	4,651	(40,279)	$ (37,106)
Research and development state tax credit	2,800
Income tax refunds and prepaid income taxes	19,500
Prepaid income taxes		$ 7,900
Income tax benefit recorded related to additional net operating losses of acquired companies	$ 1,700

INCOME TAXES - Schedule of Tax

INCOME TAXES - Schedule of Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Assets:
Net operating loss carryforwards	$ 3,034	$ 2,635
Stock awards	2,188	2,042
Research and development credit carryforwards	631
Purchased intangibles	604	864
Accrued expenses and other	758	862
Total Assets	7,215	6,403
Liabilities:
Purchased intangibles	(3,373)	(3,664)
Construction contracts	(454)	(1,896)
Property and equipment and other	(2,131)	(1,683)
Total Liabilities	(5,958)	(7,243)
Net deferred tax assets	1,257
Net deferred tax liabilities		(840)
Net operating losses	9,500
Income tax benefit (expense)	4,651	$ (40,279)	$ (37,106)
Republic of Ireland
Liabilities:
Net operating losses	3,000
Income tax benefit (expense)	$ 400

EARNINGS PER SHARE ATTRIBUTAB_3

EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Net income attributable to the stockholders of Argan, Inc.	$ (2,207)	$ 32,434	$ 16,972	$ 4,837	$ 7,018	$ 17,229	$ 27,139	$ 20,625	$ 52,036	$ 72,011	$ 70,328
Weighted average number of shares outstanding - basic									15,569	15,522	15,066
Effect of stock awards									124	258	559
Weighted average number of shares outstanding - diluted									15,693	15,780	15,625
Basic (in Dollars per share)	$ (0.14)	$ 2.08	$ 1.09	$ 0.31	$ 0.45	$ 1.11	$ 1.75	$ 1.33	$ 3.34	$ 4.64	$ 4.67
Diluted (in Dollars per share)	$ (0.14)	$ 2.07	$ 1.08	$ 0.31	$ 0.45	$ 1.09	$ 1.72	$ 1.31	$ 3.32	$ 4.56	$ 4.50

EARNINGS PER SHARE ATTRIBUTAB_4

EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. - Antidilutive Shares (Details) - shares	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC.
Antidilutive stock options	646,500	260,000	165,000

CASH DIVIDENDS (Details)

CASH DIVIDENDS (Details) - $ / shares	1 Months Ended						12 Months Ended
	Sep. 30, 2018	Jul. 31, 2018	Apr. 30, 2018	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
CASH DIVIDENDS
Regular cash dividend declared per common stock					$ 1	$ 0.70	$ 1	$ 1	$ 1
Regular cash dividend paid per common stock	$ 0.25	$ 0.25	$ 0.25	$ 1
Special Cash dividend declared per common stock						$ 0.30

CUSTOMER CONCENTRATIONS (Detail

CUSTOMER CONCENTRATIONS (Details) $ in Millions	12 Months Ended
	Jan. 31, 2019USD ($)Ownercustomer	Jan. 31, 2018USD ($)Ownercustomer	Jan. 31, 2017customer
Customer Concentrations
Amounts retained by project owners		$ 69.7
Percentage of amounts retained by project owners	93.00%	99.00%
Accounts Receivable
Customer Concentrations
Number of project owners | Owner	5	5
Major Customer One
Customer Concentrations
Amounts retained by project owners	$ 5.8	$ 19.3
Major Customer One | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer	25.00%	17.00%
Major Customer Two
Customer Concentrations
Amounts retained by project owners	$ 4.5	$ 18.7
Major Customer Two | Accounts Receivable
Customer Concentrations
Percentage of consolidated accounts receivable accounted by major customer	15.00%	17.00%
Major Customer Three
Customer Concentrations
Amounts retained by project owners	$ 1.6	$ 14.1
Major Customer Four
Customer Concentrations
Amounts retained by project owners	1.3	13.4
Major Customer Five
Customer Concentrations
Amounts retained by project owners	$ 1	$ 3.2
Power Services | Revenue
Customer Concentrations
Percentage of major customers or segments	76.00%	91.00%	87.00%
Number of major power industry service customers | customer	4	4	5
Power Services | Major Customer One | Revenue
Customer Concentrations
Percentage of major customers or segments	16.00%	29.00%	20.00%
Power Services | Major Customer Two | Revenue
Customer Concentrations
Percentage of major customers or segments	14.00%	26.00%	18.00%
Power Services | Major Customer Three | Revenue
Customer Concentrations
Percentage of major customers or segments	12.00%	15.00%	17.00%
Power Services | Major Customer Four | Revenue
Customer Concentrations
Percentage of major customers or segments	10.00%	14.00%	14.00%
Power Services | Major Customer Five | Revenue
Customer Concentrations
Percentage of major customers or segments			10.00%

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 31, 2019USD ($)	Oct. 31, 2018USD ($)	Jul. 31, 2018USD ($)	Apr. 30, 2018USD ($)	Jan. 31, 2018USD ($)	Oct. 31, 2017USD ($)	Jul. 31, 2017USD ($)	Apr. 30, 2017USD ($)	Jan. 31, 2019USD ($)item	Jan. 31, 2018USD ($)	Jan. 31, 2017USD ($)
Segment Reporting Information
Operating segment | item									1
Revenues	$ 87,658	$ 116,459	$ 136,670	$ 141,366	$ 169,578	$ 232,945	$ 259,803	$ 230,489	$ 482,153	$ 892,815	$ 675,047
Cost of revenues									399,715	743,490	528,336
Gross profit	6,746	29,532	30,708	15,452	20,104	37,718	51,407	40,096	82,438	149,325	146,711
Selling, general and administrative expenses									40,710	41,764	32,478
Impairment loss									1,491	584	1,979
Income (loss) from operations	(4,293)	$ 18,385	$ 20,330	$ 5,815	8,163	$ 27,599	$ 40,608	$ 30,607	40,237	106,977	112,254
Other income, net									6,981	5,648	2,278
Income (loss) before income taxes									47,218	112,625	114,532
Income tax benefit (expense)									4,651	(40,279)	(37,106)
Net income									51,869	72,346	77,426
Amortization of purchased intangible assets									1,012	1,032	1,163
Depreciation									3,422	2,779	2,043
Property, plant and equipment additions									8,599	4,826	2,811
Current assets	416,348				485,027				416,348	485,027
Current liabilities	82,276				183,262				82,276	183,262
Goodwill	32,838				34,329				32,838	34,329	34,913
Total assets	476,648				542,669				476,648	542,669	644,488
Power Services
Segment Reporting Information
Revenues									367,812	814,544	586,628
Cost of revenues									297,931	675,362	452,599
Gross profit									69,881	139,182	134,029
Selling, general and administrative expenses									23,741	23,356	17,588
Impairment loss											1,979
Income (loss) from operations									46,140	115,826	114,462
Other income, net									5,120	5,391	2,145
Income (loss) before income taxes									51,260	121,217	116,607
Amortization of purchased intangible assets									350	350	350
Depreciation									749	885	665
Property, plant and equipment additions									3,156	1,362	1,005
Current assets	317,708								317,708
Current liabilities	67,045								67,045
Goodwill	20,548				20,548				20,548	20,548	20,548
Total assets	347,189				432,932				347,189	432,932	488,431
Industrial Services
Segment Reporting Information
Revenues									101,673	65,303	78,994
Cost of revenues									92,097	58,283	68,354
Gross profit									9,576	7,020	10,640
Selling, general and administrative expenses									7,904	7,401	6,264
Impairment loss									1,491	584
Income (loss) from operations									181	(965)	4,376
Other income, net									1,400
Income (loss) before income taxes									1,581	(965)	4,376
Amortization of purchased intangible assets									662	682	813
Depreciation									2,293	1,607	1,165
Property, plant and equipment additions									4,750	2,837	1,238
Current assets	28,878								28,878
Current liabilities	13,384								13,384
Goodwill	12,290				13,781				12,290	13,781	14,365
Total assets	57,168				44,849				57,168	44,849	47,316
Telecom Services
Segment Reporting Information
Revenues									12,668	12,968	9,425
Cost of revenues									9,687	9,845	7,383
Gross profit									2,981	3,123	2,042
Selling, general and administrative expenses									1,788	1,395	1,430
Income (loss) from operations									1,193	1,728	612
Income (loss) before income taxes									1,193	1,728	612
Depreciation									366	274	201
Property, plant and equipment additions									690	625	563
Current assets	3,691								3,691
Current liabilities	879								879
Total assets	5,272				4,873				5,272	4,873	4,318
Other
Segment Reporting Information
Selling, general and administrative expenses									7,277	9,612	7,196
Income (loss) from operations									(7,277)	(9,612)	(7,196)
Other income, net									461	257	133
Income (loss) before income taxes									(6,816)	(9,355)	(7,063)
Depreciation									14	13	12
Property, plant and equipment additions									3	2	5
Current assets	66,071								66,071
Current liabilities	968								968
Total assets	$ 67,019				$ 60,015				67,019	60,015	104,423
Intercompany Eliminations
Segment Reporting Information
Revenues									$ 800	$ 2,200	$ 1,000

QUARTERLY FINANCIAL INFORMATI_3

QUARTERLY FINANCIAL INFORMATION (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
QUARTERLY FINANCIAL INFORMATION (unaudited)
Revenues	$ 87,658	$ 116,459	$ 136,670	$ 141,366	$ 169,578	$ 232,945	$ 259,803	$ 230,489	$ 482,153	$ 892,815	$ 675,047
Gross profit	6,746	29,532	30,708	15,452	20,104	37,718	51,407	40,096	82,438	149,325	146,711
Income from operations	(4,293)	18,385	20,330	5,815	8,163	27,599	40,608	30,607	40,237	106,977	112,254
Net income (loss)	$ (2,207)	$ 32,434	$ 16,972	$ 4,837	$ 7,018	$ 17,229	$ 27,139	$ 20,625	$ 52,036	$ 72,011	$ 70,328
Earnings per share
Basic (in Dollars per share)	$ (0.14)	$ 2.08	$ 1.09	$ 0.31	$ 0.45	$ 1.11	$ 1.75	$ 1.33	$ 3.34	$ 4.64	$ 4.67
Diluted (in Dollars per share)	$ (0.14)	$ 2.07	$ 1.08	$ 0.31	$ 0.45	$ 1.09	$ 1.72	$ 1.31	$ 3.32	$ 4.56	$ 4.50

QUARTERLY FINANCIAL INFORMATI_4

QUARTERLY FINANCIAL INFORMATION (unaudited) (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2019	Oct. 31, 2018
QUARTERLY FINANCIAL INFORMATION (unaudited)
Adjustment for research and development tax credit	$ 0.1	$ 16.5