Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Apr. 09, 2015 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Jan-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AGX | ||
Entity Registrant Name | ARGAN INC | ||
Entity Central Index Key | 100591 | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 14,631,451 | ||
Entity Public Float | $324,601,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $333,691,000 | $272,209,000 |
Accounts receivable, net of allowance for doubtful accounts | 27,330,000 | 23,687,000 |
Costs and estimated earnings in excess of billings | 455,000 | 527,000 |
Prepaid expenses | 1,092,000 | 1,754,000 |
Notes receivable and accrued interest | 1,786,000 | 204,000 |
Deferred income tax assets | 178,000 | |
TOTAL CURRENT ASSETS | 364,354,000 | 298,559,000 |
Property, plant and equipment, net of accumulated depreciation (including $2,658,000 in costs related to the variable interest entity as of January 31, 2015) | 6,518,000 | 4,183,000 |
Goodwill | 18,476,000 | 18,476,000 |
Intangible assets, net of accumulated amortization | 1,845,000 | 2,088,000 |
TOTAL ASSETS | 391,193,000 | 323,306,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 37,691,000 | 22,589,000 |
Accrued expenses | 15,976,000 | 7,912,000 |
Billings in excess of costs and estimated earnings | 161,564,000 | 134,736,000 |
Deferred income tax liabilities | 201,000 | |
TOTAL CURRENT LIABILITIES | 215,432,000 | 165,237,000 |
Deferred income tax liabilities | 809,000 | 292,000 |
TOTAL LIABILITIES | 216,241,000 | 165,529,000 |
COMMITMENTS AND CONTINGENCIES (see Notes 11 and 12) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, par value $0.10 per share - 500,000 shares authorized; no shares issued and outstanding | ||
Common stock, par value $0.15 per share - 30,000,000 shares authorized; 14,634,434 and 14,289,134 shares issued at January 31, 2015 and 2014, respectively; 14,631,201 and 14,285,901 shares outstanding at January 31, 2015 and 2014, respectively | 2,195,000 | 2,143,000 |
Additional paid-in capital | 109,696,000 | 100,863,000 |
Retained earnings | 73,614,000 | 53,335,000 |
Treasury stock at cost - 3,233 shares at January 31, 2015 and 2014 | -33,000 | -33,000 |
TOTAL STOCKHOLDERS' EQUITY | 185,472,000 | 156,308,000 |
Noncontrolling interests (Note 3) | -10,520,000 | 1,469,000 |
TOTAL EQUITY | 174,952,000 | 157,777,000 |
TOTAL LIABILITIES AND EQUITY | $391,193,000 | $323,306,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Property, plant and equipment, gross | $10,914,000 | $8,390,000 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.15 | $0.15 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 14,634,434 | 14,289,134 |
Common stock, shares outstanding | 14,631,201 | 14,285,901 |
Treasury stock, shares | 3,233 | 3,233 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Property, plant and equipment, gross | $2,658,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Revenues | $383,110,000 | $227,455,000 | $278,635,000 |
COST OF REVENUES | |||
Cost of revenues | 299,507,000 | 148,607,000 | 228,500,000 |
GROSS PROFIT | 83,603,000 | 78,848,000 | 50,135,000 |
Selling, general and administrative expenses | 19,470,000 | 12,918,000 | 14,755,000 |
INCOME FROM OPERATIONS | 64,133,000 | 65,930,000 | 35,380,000 |
Gains on the deconsolidation of variable interest entities | 2,444,000 | ||
Other income (expense), net | 234,000 | 961,000 | -43,000 |
INCOME BEFORE INCOME TAXES | 64,367,000 | 69,335,000 | 35,337,000 |
Income tax expense | 20,912,000 | 25,991,000 | 13,520,000 |
NET INCOME | 43,455,000 | 43,344,000 | 21,817,000 |
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 13,010,000 | 3,219,000 | -1,448,000 |
NET INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. | 30,445,000 | 40,125,000 | 23,265,000 |
EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. | |||
Basic | $2.11 | $2.85 | $1.69 |
Diluted | $2.05 | $2.78 | $1.65 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | |||
Basic | 14,433,000 | 14,072,000 | 13,784,000 |
Diluted | 14,823,000 | 14,427,000 | 14,116,000 |
CASH DIVIDENDS PER COMMON SHARE | $0.70 | $0.75 | $0.60 |
Power Industry Services [Member] | |||
Revenues | 376,676,000 | 218,649,000 | 261,327,000 |
COST OF REVENUES | |||
Cost of revenues | 294,643,000 | 141,807,000 | 214,817,000 |
Telecommunications Infrastructure Services [Member] | |||
Revenues | 6,434,000 | 8,806,000 | 17,308,000 |
COST OF REVENUES | |||
Cost of revenues | $4,864,000 | $6,800,000 | $13,683,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Warrants [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | Treasury Stock [Member] |
Beginning Balance at Jan. 31, 2012 | $100,963,000 | $2,049,000 | $590,000 | $89,714,000 | $8,944,000 | ($301,000) | ($33,000) |
Beginning Balance, Shares, Outstanding at Jan. 31, 2012 | 13,657,865 | ||||||
Net income | 21,817,000 | 23,265,000 | -1,448,000 | ||||
Exercise of stock options | 1,436,000 | 23,000 | 1,413,000 | ||||
Exercise of stock options, Shares | 153,962 | 153,962 | |||||
Conversion of stock warrants | 1,240,000 | 24,000 | -590,000 | 1,806,000 | |||
Conversion of stock warrants, Shares | 160,000 | ||||||
Stock option vesting | 1,316,000 | 1,316,000 | |||||
Release of restricted stock | 25,000 | 25,000 | |||||
Release of restricted stock, Shares | 2,500 | ||||||
Excess tax benefit on exercised stock options | 730,000 | 730,000 | |||||
Cash dividends | -8,359,000 | -8,359,000 | |||||
Ending Balance at Jan. 31, 2013 | 119,168,000 | 2,096,000 | 95,004,000 | 23,850,000 | -1,749,000 | -33,000 | |
Ending Balance, Shares, Outstanding at Jan. 31, 2013 | 13,974,327 | ||||||
Net income | 43,344,000 | 40,125,000 | 3,219,000 | ||||
Exercise of stock options | 3,768,000 | 46,000 | 3,722,000 | ||||
Exercise of stock options, Shares | 309,074 | 309,074 | |||||
Stock option vesting | 1,536,000 | 1,536,000 | |||||
Release of restricted stock | 26,000 | 1,000 | 25,000 | ||||
Release of restricted stock, Shares | 2,500 | ||||||
Excess tax benefit on exercised stock options | 576,000 | 576,000 | |||||
Cash dividends | -10,640,000 | -10,640,000 | |||||
Deconsolidation of VIEs | -1,000 | -1,000 | |||||
Ending Balance at Jan. 31, 2014 | 157,777,000 | 2,143,000 | 100,863,000 | 53,335,000 | 1,469,000 | -33,000 | |
Ending Balance, Shares, Outstanding at Jan. 31, 2014 | 14,285,901 | ||||||
Net income | 43,455,000 | 30,445,000 | 13,010,000 | ||||
Exercise of stock options | 5,388,000 | 52,000 | 5,336,000 | ||||
Exercise of stock options, Shares | 345,300 | 345,300 | |||||
Stock option vesting | 2,017,000 | 2,017,000 | |||||
Excess tax benefit on exercised stock options | 1,480,000 | 1,480,000 | |||||
Cash dividends | -10,166,000 | -10,166,000 | |||||
Cash distributions to joint venture partner | -25,000,000 | -25,000,000 | |||||
Formation of VIE | 1,000 | 1,000 | |||||
Ending Balance at Jan. 31, 2015 | $174,952,000 | $2,195,000 | $109,696,000 | $73,614,000 | ($10,520,000) | ($33,000) | |
Ending Balance, Shares, Outstanding at Jan. 31, 2015 | 14,631,201 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $43,455,000 | $43,344,000 | $21,817,000 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Gains on the deconsolidation of variable interest entities | -2,444,000 | ||
Non-cash stock compensation expense | 2,017,000 | 1,536,000 | 1,316,000 |
Depreciation | 551,000 | 549,000 | 522,000 |
Amortization of purchased intangible assets | 243,000 | 243,000 | 243,000 |
Deferred income tax expense (benefit) | 896,000 | 1,701,000 | -259,000 |
Changes in operating assets and liabilities | |||
Accounts receivable | -3,879,000 | 1,294,000 | -8,826,000 |
Costs and estimated earnings in excess of billings | 72,000 | 722,000 | 1,603,000 |
Prepaid expenses and other assets | 501,000 | 598,000 | 2,943,000 |
Accounts payable and accrued expenses | 22,645,000 | -10,513,000 | 6,086,000 |
Billings in excess of costs and estimated earnings | 26,828,000 | 61,377,000 | 5,389,000 |
Net cash provided by operating activities | 93,329,000 | 98,407,000 | 30,834,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of property and equipment, net | -2,936,000 | -1,136,000 | -7,263,000 |
Net cash used in investing activities | -2,936,000 | -1,136,000 | -7,263,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Cash distributions to joint venture partner | -25,000,000 | ||
Cash dividends | -10,166,000 | -10,640,000 | -8,359,000 |
Proceeds from the exercise of stock options and conversion of warrants | 5,389,000 | 3,794,000 | 2,676,000 |
Excess income tax benefits on exercised stock options and converted stock warrants | 1,480,000 | 576,000 | 730,000 |
Loans to project development entities | -614,000 | -2,450,000 | |
Payments received on loans made to deconsolidated variable interest entities | 8,915,000 | ||
Deconsolidation of the cash of variable interest entities | -399,000 | ||
Net cash used in financing activities | -28,911,000 | -204,000 | -4,953,000 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 61,482,000 | 97,067,000 | 18,618,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 272,209,000 | 175,142,000 | 156,524,000 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 333,691,000 | 272,209,000 | 175,142,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Cash paid for income taxes | $18,662,000 | $24,723,000 | $9,977,000 |
Description_of_the_Business
Description of the Business | 12 Months Ended |
Jan. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of the Business | NOTE 1 – DESCRIPTION OF THE BUSINESS |
Argan, Inc. (“Argan”) conducts continuing operations through its wholly owned subsidiaries, Gemma Power Systems, LLC and affiliates (“GPS”) which provided 98% of consolidated revenues for the year ended January 31, 2015, and Southern Maryland Cable, Inc. (“SMC”). Argan and these consolidated subsidiaries are hereinafter referred to as the “Company.” Through GPS, the Company provides a full range of engineering, procurement, construction, commissioning, operations management, maintenance, development and consulting services to the power generation and renewable energy markets for a wide range of customers including public utilities and independent power project owners. Including its consolidated joint ventures and variable interest entities (see Note 3), GPS represents our power industry services business segment. Through SMC, the telecommunications infrastructure services segment provides project management, construction, installation and maintenance services to commercial, local government and federal government customers primarily in the mid-Atlantic region. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Basis of Presentation – The consolidated financial statements include the accounts of Argan, its wholly-owned subsidiaries, its majority-controlled joint ventures and any variable interest entity for which the Company is deemed to be the primary beneficiary (see Note 3). The Company’s fiscal year ends on January 31. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 17, the Company has provided certain financial information relating to the operating results and assets of its industry segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. | |||||
Use of Estimates – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) 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 determination of the allowance for doubtful accounts, the valuation of assets with long and indefinite lives including goodwill, the evaluation of contingent obligations and the valuation of deferred taxes. Actual results could differ from these estimates. | |||||
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 requirements prescribe a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value. A Level 1 input includes a quoted market price in an active market or the price of an identical asset or liability. Level 2 inputs are market data other than Level 1 inputs that are observable either directly or indirectly including quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data. | |||||
The carrying value amounts of the Company’s cash and cash equivalents, accounts and notes receivable, accounts payable and all other current liabilities approximate their fair values due to the short-term nature of these instruments. The fair value of business segments (as needed for purposes of determining indications of impairment to the carrying value of goodwill) is determined using an average of valuations based on market multiples and discounted cash flows, and consideration of our market capitalization. | |||||
Property, Plant and Equipment – Property, plant and equipment are stated at cost. 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 assets are sold or retired, the cost and related accumulated depreciation 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 for impairment. The goodwill impairment test is performed using the two-step process. | |||||
The first step of the impairment test is to identify a potential impairment by comparing the fair value of the reporting unit with its carrying amount, including goodwill. The weighted average estimate of fair value of the reporting unit, generally a company’s operating segment, 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 and the second step of the impairment test is not performed. If the carrying amount of the reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any. | |||||
The second step of the impairment test compares the implied fair value of the reporting unit’s goodwill with the corresponding carrying amount. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. Accordingly, the fair value of the reporting unit is allocated to all of the assets and liabilities of that reporting unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. Nonetheless, the Company would evaluate any of these assets for impairment more frequently if events or changes in circumstances indicate that an asset value might be impaired. | |||||
Long-Lived Assets – The carrying amount of long-lived assets, consisting primarily of property, plant and equipment and purchased intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that a carrying amount should be assessed. The Company compares 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 the Company determines 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 is generally 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 with remaining carrying value are described in Note 9. | |||||
Revenue Recognition, Power Industry Services – Revenues are recognized under various construction agreements, including agreements for which revenues are based on either a fixed price, cost-plus-fee or time and materials basis, with typical durations of one to three years. Revenues from fixed price construction agreements, 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. Revenues from cost-plus-fee construction agreements are recognized on the basis of costs incurred during the period plus the fee earned, measured using the cost-to-cost method. Revenues from time and materials contracts are recognized when the related services are provided to the customer. Changes to total estimated contract costs or losses, if any, are recognized in the period in which they are determined. | |||||
Unapproved change orders, which represent contract variations for which the Company has project owner approval for scope changes but not for the price associated with the scope changes, are reflected in revenues when it is probable that the applicable costs will be recovered through a change in the contract price. As of January 31, 2015, there were no material unapproved change orders included in the total contract value amounts or reflected in the estimated total cost amounts of the contracts in progress. Disputed change orders that are unapproved in regard to both scope and price are considered claims. The Company recognizes revenues related to a claim only when an agreement on the amount has been reached with the project owner. Construction agreements may contain incentive fees that provide for increasing the Company’s total fee on a particular contract based on the actual amount of costs incurred in relation to an agreed upon target cost. The Company includes such fees in the determination of total estimated revenues when management believes that it is probable that such fees have been earned, which is typically near the end of the contract performance period. | |||||
The following schedule presents revenues for the two categories of power industry services provided during the year ended January 31, 2014. Core services represent primarily the ongoing activities conducted pursuant to engineering, construction and procurement contracts for energy plant project owners. The revenues associated with project development services include additional amounts earned upon the success of activities performed by project developers including the closing of permanent financing (see Note 3). No such revenues were earned in the years ended January 31, 2015 or January 31, 2013. | |||||
Category of Service | 2014 | ||||
Core services | $ | 191,597,000 | |||
Project development services | 27,052,000 | ||||
Revenues | $ | 218,649,000 | |||
Revenue Recognition, Telecommunications Infrastructure Services – This business segment generates revenues under various arrangements, including contracts for which revenues are based on either a fixed price or a time and materials basis. Revenues from time and materials contracts are recognized when the related services are provided to the customer. Revenues from fixed price contracts, including portions of estimated profit, are recognized as services are provided, based on costs incurred and estimated amounts of total contract costs using the percentage of completion method. Losses on contracts, if any, are recognized in the periods in which they become known. | |||||
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 recorded 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. We evaluate and record 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 jurisdictions. | |||||
Stock-Based Compensation – 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. The compensation expense is recognized over the requisite service period. | |||||
Recently Issued Accounting Pronouncements – On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) and the International Accounting Standards Board issued substantially converged final standards on revenue recognition in an effort to create a new, principles-based revenue recognition framework that may affect nearly every revenue-generating entity. Upon their effectiveness, the new standards will generally supersede and replace nearly all existing professional guidance included in US GAAP and the International Financial Reporting Standards (IFRS), including industry-specific guidance. The FASB’s new revenue recognition standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) will do the following: | |||||
1) | Establish a new control-based revenue recognition model, | ||||
2) | Change the basis for deciding when revenue is recognized over time or at a point in time, | ||||
3) | Provide new and more detailed guidance on specific aspects of revenue recognition, and | ||||
4) | Expand and improves disclosures about revenue. | ||||
In the United States, the new guidance is effective for public business entities, including the Company, for reporting periods beginning after December 15, 2016. In general, it appears that the Company will determine contract revenues by using an approach substantially similar to the “percentage-of-completion” method that the Company uses currently in order to determine substantial amounts of revenues earned on its construction contracts. However, pursuant to the new guidance, the ability to recognize revenues over time, and to satisfy the identified performance obligation(s) of a contract, will depend on whether the applicable contract transfers control of the good and/or service provided by the Company thereunder to the applicable project owner. The Company has not assessed the full impact of the new requirements on its consolidated financial statements including an evaluation of the alternative application approaches that are provided. Entities are permitted to apply the new revenue standard either retrospectively, subject to some practical expedients, or through an alternative transition method that requires a registrant to apply the guidance only to contracts that are uncompleted on the date of initial application. | |||||
On April 1, 2015, the FASB voted to propose a delay in the effective date of ASU 2014-09 that would postpone the effective date for public companies until December 15, 2017. The FASB expects to issue an exposure draft with the proposed new effective date provisions in the near future. | |||||
There are no other recently issued accounting pronouncements that have not yet been adopted that we consider material to the Company’s consolidated financial statements. |
Special_Purpose_Entities
Special Purpose Entities | 12 Months Ended |
Jan. 31, 2015 | |
Text Block [Abstract] | |
Special Purpose Entities | NOTE 3 – SPECIAL PURPOSE ENTITIES |
The Moxie Project Entities | |
Moxie Energy, LLC (“Moxie”), a Delaware limited liability company, formed a pair of wholly-owned limited liability companies in order to sponsor the development of two natural gas-fired power plant projects (the “Moxie Projects”). The Moxie Project entities, Moxie Liberty LLC (“Moxie Liberty”) and Moxie Patriot LLC (“Moxie Patriot”), together referred to as the “Moxie Project Entities,” were engaged in the lengthy process of planning, obtaining permits and arranging financing for the construction, ownership and operation of the power plants. Under a development agreement with Moxie, Gemma Power, Inc. (“GPI,” an affiliate included in the GPS group of companies and wholly owned by Argan) supported the development of these two projects with loans that were made in order to cover most of the costs of the development efforts. Pursuant to the development agreement, Moxie provided GPI with the right to receive development success fees and granted GPS the right to provide construction services for the two projects under engineering, procurement and construction contracts. | |
During March 2013 and May 2013, Moxie reached agreements for the purchase of its membership interests in Moxie Liberty and Moxie Patriot, respectively, by affiliates of Panda Power Funds (“Panda”). The consummation of the purchase of each Moxie Project Entity was contingent upon Panda securing permanent financing for the corresponding project. In addition, the Moxie Project Entities entered into separate engineering, procurement and construction contracts with GPS for the Liberty and Patriot Power Generation Stations (the “EPC Contracts”). | |
The Deconsolidation of the Moxie Project Entities | |
Because the Moxie Project Entities did not have sufficient equity investment to permit the entities to finance their activities without additional financial support, these entities were considered to be variable interest entities (“VIEs”). Despite not having an ownership interest in the Moxie Project Entities, GPI was the primary beneficiary of these VIEs. Accordingly, the Company included the accounts of these VIEs in its consolidated financial statements for the year ended January 31, 2013. With the completion of the agreements described above, Panda became the primary source of financial support for the projects. As a result, the Company ceased the consolidation of Moxie Liberty in the three-month period ended April 30, 2013 and Moxie Patriot in the three-month period ended July 31, 2013. | |
The losses (net of income tax benefit amounts) associated with the Moxie Project Entities incurred prior to the deconsolidation of the Moxie Project Entities and therefore included in the consolidated results of operations for the years ended January 31, 2014 and 2013 were approximately $77,000 and $1,448,000, respectively. | |
With the deconsolidation of the Moxie Project Entities, the elimination of their accounts from the Company’s consolidated financial statements, including their accumulated net losses, resulted in pre-tax gains recognized by GPI during the year ended January 31, 2014 in the total amount of $2,444,000. | |
The Purchases of the Moxie Project Entities | |
In August and December 2013, respectively, Panda completed the purchase of and permanent financing for Moxie Liberty and Moxie Patriot and renamed the project entities Panda Liberty LLC (“Panda Liberty”) and Panda Patriot LLC (“Panda Patriot”). Also, GPS received full notice-to-proceed under both EPC Contracts. From the dates of deconsolidation through the dates of purchase of the Moxie Project Entities by Panda, the interest income earned by GPI on its notes receivable was included in other income in the consolidated financial statements. The amount of interest income included in other income in the consolidated statement of operations for the year ended January 31, 2014 was approximately $952,000. | |
Construction Joint Ventures | |
During the year ended January 31, 2014, GPS assigned the EPC Contracts to two separate joint ventures that were formed in order to perform the work for the applicable project and to spread the bonding risk of each project. The joint venture partner for both projects is a large, heavy civil contracting firm. GPS has no significant commitments under these arrangements beyond those related to the completion of the EPC Contracts. The joint venture partners are dedicating resources that are necessary to complete the projects and are being reimbursed for their costs. GPS is performing most of the activities of the EPC Contracts. The corresponding joint venture agreements, as amended, provide that GPS has the majority interest in any profits, losses, assets and liabilities that may result from the performance of the EPC Contracts. Due to the financial control of GPS, the accounts of the joint ventures were included in the consolidated balance sheets as of January 31, 2015 and 2014, and the results of their operations were included in the consolidated statements of operations for the years ended January 31, 2015 and 2014. The shares of the profits of the joint ventures attributable to the stockholders of Argan have been determined based on the percentages by which the Company believes profits will ultimately be shared by the joint venture partners. If the joint venture partner is unable to pay its share of any losses, GPS would be fully liable for those losses incurred under the EPC Contracts. In January 2015, the joint ventures made cash distributions including $25 million paid to the Company’s joint venture partner. | |
Moxie Freedom LLC | |
In August 2014, GPI entered into a Development Loan Agreement (the “DLA”) with another wholly-owned subsidiary of Moxie, Moxie Freedom LLC (“Moxie Freedom”), relating to Moxie Freedom’s development of a large natural gas-fired power plant with nominal capacity of 1,000 MW. The current development plan estimates that a financial closing on a long-term construction and working capital credit facility, along with any related equity investment, will occur by mid-to-late calendar year 2016. | |
Under the DLA, GPI has agreed to make development loans to Moxie Freedom of up to $6 million in order to cover certain anticipated costs of the project development effort. As of January 31, 2015, the total amount of the notes receivable and accrued interest was $2,113,000; such loans earn interest based on an annual rate of 20% and shall mature no later than December 31, 2017. The amounts of the notes, accrued interest and interest income are eliminated in consolidation. In connection with the DLA, GPI has been provided a first priority lien and security interest in all of the assets of Moxie Freedom and a first priority lien on Moxie’s membership interest in Moxie Freedom. Moxie Freedom reimburses GPS for certain project development support costs through additions to each monthly loan. Included in accrued expenses as of January 31, 2015 was the amount owed by Moxie Freedom to Moxie for financial support provided by Moxie (without recourse to GPI) prior to the DLA in the approximate amount of $275,000. | |
At the time that Moxie Freedom secures construction and working capital financing and repays all development loans and any outstanding obligations related to letters of credit, it shall pay, or cause to be paid, a development success fee to GPI in an amount that could be as much as $6 million. As additional consideration for the financial commitments made by GPI under the DLA, Moxie Freedom has granted GPS the exclusive rights to provide engineering, procurement and construction services for the project in accordance with basic terms that are outlined in the DLA. | |
Moxie Freedom represents a VIE due to the current lack of sufficient equity capital for it to complete the contemplated project development activities. The development loans being made by GPI to Moxie Freedom represent variable interests in the entity. The consolidated financial statements for the year ended January 31, 2015 include the accounts of Moxie Freedom as the Company’s variable interests in Moxie Freedom currently provide the Company with financial control of the VIE. Through its current arrangements with Moxie Freedom, the Company is deemed to have the power to direct the activities of the VIE that most significantly affect its economic performance, and the Company possesses the rights to receive benefits from the VIE that could be significant to the VIE. Therefore, the Company is the primary beneficiary of the VIE. | |
Pursuant to a participation agreement, an equipment supplier to Moxie Freedom has agreed to provide GPI with 40% of the funding for the development loans made to Moxie Freedom; as of January 31, 2015, GPI had received cash from the supplier of approximately $755,000 in connection this agreement. The supplier received an undivided fractional interest in all present and future loans from GPI. Accordingly, it will earn interest on the cash provided to GPI based on an annual rate of 20% and it will be entitled to receive from GPI 40% of any development success fee earned by GPI in connection with the permanent financing and/or sale of the project. Under current accounting guidance the funding provided to GPI is treated as a secured borrowing which was included in the Company’s balance of accrued expenses as of January 31, 2015. |
Payment_of_Special_Cash_Divide
Payment of Special Cash Dividends | 12 Months Ended |
Jan. 31, 2015 | |
Equity [Abstract] | |
Payment of Special Cash Dividends | NOTE 4 – PAYMENT OF SPECIAL CASH DIVIDENDS |
In November 2014, the Company paid a special cash dividend of $0.70 per share of common stock to each stockholder of record at the close of business on October 15, 2014. During the years ended January 31, 2014 and 2013, the Company declared and paid special cash dividends of $0.75 and $0.60 per share of common stock, respectively. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jan. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | NOTE 5 – CASH AND CASH EQUIVALENTS |
The Company considers all liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. At January 31, 2015, a significant portion of the balance of cash and cash equivalents was invested in money market funds with net assets invested in high-quality money market instruments. At least 80% of such investments include U.S. Treasury obligations; obligations of U.S. Government agencies, authorities, instrumentalities or sponsored enterprises; and repurchase agreements secured by U.S. Government obligations. The funds are sponsored by an investment division of Bank of America (the “Bank”). | |
The Company holds cash on deposit in excess of federally insured limits and has liquid mutual fund investments at the Bank. Management does not believe that the risks associated with keeping deposits in excess of federal deposit limits or holding investments in liquid mutual funds represent material risks. | |
The amount of cash and cash equivalents in the consolidated balance sheet as of January 31, 2015 included cash held within the consolidated joint venture entities that are discussed in Note 3. Such cash, which amounted to approximately $123.6 million as of January 31, 2015, will be used to cover future construction costs incurred under the EPC Contracts. | |
Accounts_Receivable
Accounts Receivable | 12 Months Ended |
Jan. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable | NOTE 6 – ACCOUNTS RECEIVABLE |
Amounts retained by project owners under construction contracts and included in accounts receivable at January 31, 2015 and 2014 were approximately $26.1 million and $22.7 million, respectively. Such retainage amounts represent funds withheld by construction project owners until a defined phase of a contract or project has been completed and accepted by the project owner. Retention amounts and the lengths of retention periods may vary. Amounts outstanding as of January 31, 2015 should be collected over the next two years. Retainage amounts related to active contracts are classified as current assets regardless of the term of the applicable contract and amounts are generally collected by the completion of the applicable contract. | |
The Company conducts business and may extend credit to customers based on an evaluation of the customers’ financial condition, generally without requiring collateral. Exposure to losses on accounts 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 historical experience with uncollected accounts and a review of its currently outstanding accounts receivable. | |
The amount of the allowance for doubtful accounts at both January 31, 2015 and 2014 was approximately $5.5 million. In fiscal year 2010, the balance of the accounts receivable from the owner of a partially completed construction project was written down to $5.5 million, the amount of the net proceeds remaining from a public auction of the facility. As the amount that the Company may ultimately receive in a distribution of the auction proceeds, if any, is not known at this time, the accounts receivable balance was and remains fully reserved (see Note 12 for additional information regarding this matter). There were no provisions for accounts receivable losses recorded during the year ended January 31, 2015. The amounts of the provision for accounts receivable losses for the years ended January 31, 2014 and 2013 were not material. |
Costs_Estimated_Earnings_and_B
Costs, Estimated Earnings and Billings on Uncompleted Contracts | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Contractors [Abstract] | |||||||||
Costs, Estimated Earnings and Billings on Uncompleted Contracts | NOTE 7 – COSTS, ESTIMATED EARNINGS AND BILLINGS ON UNCOMPLETED CONTRACTS | ||||||||
The Company’s billing practices are governed primarily by the contract terms of each project based on the achievement of milestones, pre-agreed schedules or progress towards completion approved by the project owner. Billings do not necessarily correlate with revenues recognized under the percentage-of-completion method of accounting. | |||||||||
The tables below set forth the aggregate amount of costs incurred and earnings accrued on uncompleted contracts compared with the billings on those contracts through January 31, 2015 and 2014, and reconcile the net amounts of billings in excess of costs and estimated earnings to the amounts included in the consolidated balance sheets at those dates. | |||||||||
2015 | 2014 | ||||||||
Costs incurred on uncompleted contracts | $ | 324,839,000 | $ | 162,137,000 | |||||
Estimated accrued earnings | 60,809,000 | 21,961,000 | |||||||
385,648,000 | 184,098,000 | ||||||||
Less – Billings to date | 546,757,000 | 318,307,000 | |||||||
$ | (161,109,000 | ) | $ | (134,209,000 | ) | ||||
Costs and estimated earnings in excess of billings | $ | 455,000 | $ | 527,000 | |||||
Billings in excess of costs and estimated earnings | 161,564,000 | 134,736,000 | |||||||
$ | (161,109,000 | ) | $ | (134,209,000 | ) | ||||
Contract costs include all direct costs, such as material and labor, and those indirect costs related to contract performance such as payroll taxes, insurance, job supervision and equipment charges. The amounts of costs and estimated earnings in excess of billings are expected to be billed and collected in the normal course of business. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | NOTE 8 – PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment consisted of the following at January 31, 2015 and 2014: | |||||||||
2015 | 2014 | ||||||||
Land and improvements | $ | 473,000 | $ | 473,000 | |||||
Building and improvements | 2,800,000 | 2,779,000 | |||||||
Furniture, machinery and equipment | 3,546,000 | 3,560,000 | |||||||
Trucks and other vehicles | 1,437,000 | 1,578,000 | |||||||
Construction project costs of variable interest entity | 2,658,000 | — | |||||||
10,914,000 | 8,390,000 | ||||||||
Less – accumulated depreciation | 4,396,000 | 4,207,000 | |||||||
Property, plant and equipment, net | $ | 6,518,000 | $ | 4,183,000 | |||||
Depreciation for property, plant and equipment was $551,000, $549,000 and $522,000 for the years ended January 31, 2015, 2014 and 2013, respectively. The costs of maintenance and repairs were $304,000, $250,000 and $325,000 for the years ended January 31, 2015, 2014 and 2013, respectively, including amounts charged to costs of revenues in each year. |
Purchased_Intangible_Assets
Purchased Intangible Assets | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Purchased Intangible Assets | NOTE 9 – PURCHASED INTANGIBLE ASSETS | ||||||||
In connection with the acquisitions of GPS and SMC, the Company recorded substantial amounts of goodwill and other purchased intangible assets including trade names and non-compete agreements. The goodwill included in the balance sheets at January 31, 2015 and 2014 in the amount of $18,476,000 relates entirely to the acquisition of GPS. For income tax reporting purposes, goodwill allocated to GPS in the approximate amount of $12.3 million is being amortized on a straight-line basis over periods of 15 years. The excess amount of the Company’s goodwill is not amortizable for income tax reporting purposes. | |||||||||
The Company’s other purchased intangible assets consisted of the following elements. The Company determined the fair values of the GPS and SMC trade names using a relief-from-royalty methodology. The Company also considered recognition by potential customers of a trade name such as GPS. The Company believes that the useful life of the GPS trade name is fifteen years, the period over which the trade name is expected to contribute to future cash flows. Management concluded that the useful life of the SMC trade name was indefinite since it is expected to contribute directly to future cash flows in perpetuity. The net carrying amounts of the Company’s intangible assets, other than goodwill, consisted of the following at January 31, 2015 and 2014: | |||||||||
2015 | 2014 | ||||||||
Trade name - GPS | $ | 1,664,000 | $ | 1,907,000 | |||||
Trade name - SMC | 181,000 | 181,000 | |||||||
Totals | $ | 1,845,000 | $ | 2,088,000 | |||||
As of January 31, 2015 and 2014, the amounts of accumulated amortization associated with the trade name of GPS were $1,979,000 and $1,736,000, respectively. Amortization expense was $243,000 for each of the three years in the period ended January 31, 2015. No impairment losses have been recorded related to the intangible assets associated with the acquisition of GPS that occurred in December 2006. | |||||||||
The estimated future amounts of amortization expense related to the trade name of GPS are presented below: | |||||||||
2016 | $ | 243,000 | |||||||
2017 | 243,000 | ||||||||
2018 | 243,000 | ||||||||
2019 | 243,000 | ||||||||
2020 | 243,000 | ||||||||
Thereafter | 449,000 | ||||||||
Total | $ | 1,664,000 | |||||||
Financing_Arrangements
Financing Arrangements | 12 Months Ended |
Jan. 31, 2015 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | NOTE 10 – FINANCING ARRANGEMENTS |
The Company maintains financing arrangements with the Bank. The financing arrangements, as amended, provide a revolving loan with a maximum borrowing amount of $4.25 million that is available until May 31, 2015, with interest at LIBOR plus 2.25%. Borrowing availability in the total amount of $1.35 million has been designated to cover letters of credit issued by the Bank, with expiration dates ranging from September 23, 2015 to November 5, 2015, in support of the project development activities of a potential power plant owner. The Company may obtain standby letters of credit from the Bank for use in the ordinary course of business not to exceed $10.0 million. There were no actual borrowings outstanding under the Bank financing arrangements as of January 31, 2015 or January 31, 2014. | |
The Company has pledged the majority of its assets to secure the financing arrangements. The Bank’s consent is required for acquisitions, divestitures, cash dividends and significant investments. The Bank requires that the Company comply with certain financial covenants at its fiscal year-end and at each of its fiscal quarter-ends. As of January 31, 2015 and 2014, the Company was in compliance with the financial covenants of its amended financing arrangements. Management believes that the Company will continue to comply with its financial covenants under the financing arrangements. |
Commitments
Commitments | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments | NOTE 11 – COMMITMENTS | ||||
The Company leases certain office space and other facilities under non-cancelable operating leases expiring on various dates through February 2017. Certain leases contain renewal options. As it is management’s intention to continue to occupy the headquarters facility of SMC, the future minimum lease payment amounts presented below include the payment amounts associated with three remaining two-year option terms. 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 amounts of rent included in selling, general and administrative expenses were $195,000, $171,000 and $390,000 for the years ended January 31, 2015, 2014 and 2013, respectively. The amounts of rent incurred on construction projects and included in the costs of revenues were $14,413,000, $3,612,000 and $7,567,000 for the years ended January 31, 2015, 2014 and 2013, respectively. 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, 2015: | |||||
2016 | $ | 196,000 | |||
2017 | 196,000 | ||||
2018 | 180,000 | ||||
2019 | 180,000 | ||||
2020 | 89,000 | ||||
Thereafter | — | ||||
Total | $ | 841,000 | |||
Legal_Contingencies
Legal Contingencies | 12 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 12 – LEGAL CONTINGENCIES |
In the normal course of business, the Company has pending claims and legal proceedings. It is the opinion of management, based on information available at this time, that none of the current claims and proceedings could have a material effect on the Company’s consolidated financial statements other than the matters discussed below. The material amounts of any legal fees expected to be incurred in connection with these matters are accrued when such amounts are estimable. | |
Altra Matters | |
GPS was the contractor for engineering, procurement and construction services related to an anhydrous ethanol plant in Carleton, Nebraska (the “Project”). The Project owner was ALTRA Nebraska, LLC (“Altra”). In November 2007, GPS and Altra agreed to a suspension of the Project while Altra sought to obtain financing to complete the Project. By March 2008, financing had not been arranged which terminated the construction contract prior to completion of the Project. In March 2008, GPS filed a mechanic’s lien against the Project in the approximate amount of $23.8 million, which amount included sums owed to subcontractors/suppliers of GPS and their subcontractors/suppliers. Several other claimants also filed mechanic’s liens against the Project. | |
In August 2009, Altra filed for bankruptcy protection. Proceedings resulted in a court-ordered liquidation of Altra’s assets. The incomplete plant was sold at auction in October 2009. Remaining net proceeds of approximately $5.5 million are being held by the bankruptcy court and have not been distributed to Altra’s creditors. The court separated the lien action into two phases relating to the priority of the claims first and the validity and amount of each party’s lien claim second. In November 2011, the court held that the claim of the project lender is superior to the lien claim of GPS. Fact discovery related to the second phase was completed in January 2012. After a court-imposed delay, summary judgement motions were submitted by the parties in April 2015. During a mediation session that occurred in April 2015, the parties with lien claims being considered by the bankruptcy court executed a memorandum of understanding including the terms of a settlement. Per its terms, the parties will execute a final written settlement agreement. Once that is completed, the Company should receive a payment of $1.6 million from the proceeds deposited with the bankruptcy court. The court was advised of the mediation result and the scheduled summary judgment hearings were cancelled. | |
In January 2009, GPS and Delta-T Corporation (“Delta T”), a major subcontractor to GPS on the Project, executed a Project Close-Out Agreement which settled all contract claims between the parties and included a payment in the amount of $3.5 million that GPS made to Delta-T. Pursuant to this agreement, Delta-T assigned its lien rights related to the Project to GPS which advised the parties that it would be pursuing only the assigned lien rights of Delta-T, amounting to approximately $21.2 million, for the remainder of this action. | |
In April 2009, a subcontractor to Delta-T (“DCR”) received an arbitration award in its favor against Delta-T in the amount of approximately $6.8 million that was confirmed in federal district court in Florida in December 2009. In April 2009, DCR also filed suit in the District Court of Thayer County, Nebraska, in order to recover its claimed amount of $6.8 million, as amended, from a payment bond issued to Altra on behalf of GPS. In December 2011, DCR filed a separate lawsuit against GPS relating to the Project in the District Court of Thayer County; its complaint sought damages in the amount of $6.1 million plus interest, costs and attorney fees. | |
In August 2012, the applicable parties executed settlement agreements that resulted in the dismissal of the claims against GPS and its surety company, with prejudice, and the assignment of DCR’s mechanic’s lien claim against the escrowed Altra Project sales proceeds to GPS. In connection with these settlements, GPS made cash payments to DCR in August 2012 that totaled $1,875,000. Subsequent to the execution of the settlement agreements and the payments made by GPS, DCR’s former counsel filed notice of a charging lien, claiming that DCR was indebted to counsel in excess of $1.8 million in fees and costs. In addition, a subcontractor to DCR on the Altra Project filed a motion asking the court to set aside the dismissals or, in the alternative, to reconsider them. In October 2012, the court vacated the prior orders of dismissal and permitted DCR’s former counsel and former subcontractor to file complaints. A trial for the charging lien and subcontractor claims was held in April 2013. On September 30, 2014, the court dismissed the complaints of the plaintiffs against GPS and its surety company, and subsequently issued orders of dismissal with prejudice bringing these actions to a close. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | NOTE 13 – STOCK-BASED COMPENSATION | ||||||||||||||||
In June 2013, the stockholders approved the amendment of the 2011 Stock Plan (the “Stock Plan”) in order to increase the number of shares of the Company’s common stock authorized for issuance thereunder by 750,000 shares to a total of 1,250,000 shares. The Stock Plan, which will expire in July 2021, was established in order to succeed the Argan, Inc. 2001 Stock Option Plan (the “Option Plan”) which expired in July 2011. As was the case under the Option Plan, the Company’s Board of Directors may make awards under the Stock Plan to officers, directors and key employees. | |||||||||||||||||
Awards may include incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”), and restricted or unrestricted stock. ISOs granted 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, shall have a term no longer than ten years, and typically become fully exercisable one year from the date of grant. NSOs may be granted at an exercise price per share that differs from the common stock’s market value per share at the date of grant, may have up to a ten-year term, and typically become exercisable one year from the date of award. | |||||||||||||||||
At January 31, 2015, there were 1,103,350 shares of the Company’s common stock reserved for issuance under the two plans, including approximately 227,000 shares of the Company’s common stock available for awards under the Stock Plan. | |||||||||||||||||
A summary of activity under the Option and Stock Plans for the three years ended January 31, 2015 is presented below: | |||||||||||||||||
Shares | Weighted | Weighted | Weighted | ||||||||||||||
Average | Average | Average | |||||||||||||||
Exercise | Remaining | Fair Value | |||||||||||||||
Price | Term (years) | ||||||||||||||||
Outstanding, February 1, 2012 | 817,186 | $ | 12.1 | 4.94 | $ | 5.68 | |||||||||||
Granted | 293,000 | $ | 17.36 | ||||||||||||||
Exercised | (153,962 | ) | $ | 9.33 | |||||||||||||
Forfeited | (30,000 | ) | $ | 8.66 | |||||||||||||
Outstanding, January 31, 2013 | 926,224 | $ | 14.34 | 5.39 | $ | 5.93 | |||||||||||
Granted | 303,000 | $ | 21.32 | ||||||||||||||
Exercised | (309,074 | ) | $ | 12.2 | |||||||||||||
Forfeited | (4,000 | ) | $ | 17.33 | |||||||||||||
Outstanding, January 31, 2014 | 916,150 | $ | 17.36 | 6.04 | $ | 5.58 | |||||||||||
Granted | 305,500 | $ | 21.09 | ||||||||||||||
Exercised | (345,300 | ) | $ | 15.61 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding, January 31, 2015 | 876,350 | $ | 22.34 | 7.08 | $ | 6.01 | |||||||||||
Exercisable, January 31, 2015 | 570,850 | $ | 18.42 | 6.46 | $ | 5.41 | |||||||||||
The total intrinsic values for the stock options exercised during the years ended January 31, 2015, 2014 and 2013 were $5,708,000, $3,158,000 and $1,242,000, respectively. At January 31, 2015, the aggregate intrinsic value amounts for outstanding and exercisable stock options were $7,071,000 and $6,845,000, respectively. | |||||||||||||||||
A summary of the change in the number of shares of common stock subject to non-vested options to purchase such shares for the three years ended January 31, 2015 is presented below: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested, February 1, 2012 | 212,500 | $ | 5.09 | ||||||||||||||
Granted | 293,000 | $ | 5.65 | ||||||||||||||
Vested | (112,000 | ) | $ | 4.51 | |||||||||||||
Forfeited (non-vested) | (5,000 | ) | $ | 6.32 | |||||||||||||
Non-vested, January 31, 2013 | 388,500 | $ | 5.67 | ||||||||||||||
Granted | 303,000 | $ | 4.4 | ||||||||||||||
Vested | (384,500 | ) | $ | 5.67 | |||||||||||||
Forfeited (non-vested) | (4,000 | ) | $ | 5.71 | |||||||||||||
Non-vested, January 31, 2014 | 303,000 | $ | 4.4 | ||||||||||||||
Granted | 305,500 | $ | 7.14 | ||||||||||||||
Vested | (303,000 | ) | $ | 4.4 | |||||||||||||
Forfeited (non-vested) | — | — | |||||||||||||||
Non-vested, January 31, 2015 | 305,500 | $ | 7.14 | ||||||||||||||
Compensation expense amounts recorded in the years ended January 31, 2015, 2014 and 2013 related to stock options were $2,017,000, $1,536,000 and $1,316,000, respectively. Net of the effects associated with stock options exercised during the corresponding year, the amounts of income tax benefit or expense related to stock option compensation amounts for the years ended January 31, 2015, 2014 and 2013 were not material. At January 31, 2015, there was $1,053,000 in unrecognized compensation cost related to stock options granted under the Stock Plan. The end of the period over which the compensation expense for these awards is expected to be recognized is December 2015. | |||||||||||||||||
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. Current guidance provided by the SEC permits the use of a “simplified method” in developing the estimates of the expected terms of “plain-vanilla’’ share options under certain circumstances, including situations where a company having historical stock option exercise experience that is insufficient to provide a reasonable basis upon which to estimate expected terms. The Company utilizes the simplified method to estimate the expected terms of its stock option awards. The risk-free interest rates and expected volatility factors used in the determinations of the fair value of stock options awarded during the year ended January 31, 2015 ranged from 0.13% to 1.64% and from 29.9% to 34.4%, respectively. For stock options awarded during the year ended January 31, 2014, the comparable ranges were 0.73% to 1.52% and 32.3% to 34.3%, respectively. For stock options awarded during the year ended January 31, 2013, the comparable ranges were 1.82% to 2.01% and 34.5% to 36.4%, 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 per share of options to purchase shares of the Company’s common stock awarded during the fiscal years ended January 31, 2015, 2014 and 2013 were determined at the dates of grant using the following weighted-average assumptions: | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Risk-free interest rate | 1.32 | % | 1.33 | % | 1.93 | % | |||||||||||
Expected volatility | 33.7 | % | 32.7 | % | 35.5 | % | |||||||||||
Expected life | 4.9 years | 4.7 years | 4.6 years | ||||||||||||||
Dividend yield | 3.46 | % | 3.39 | % | — | % | |||||||||||
Warrants for the purchase of 160,000 shares of the Company’s common stock were converted during the year ended January 31, 2013. The warrants, convertible at a price of $7.75 per share, were issued in connection with the Company’s private placement of common stock in April 2003. The aggregate fair value amount of the warrants, $849,000, was treated as a cost of the related stock offering. | |||||||||||||||||
The Company also has 401(k) savings plans pursuant to which the Company makes discretionary contributions for the eligible and participating employees. The Company’s expense amounts related these defined contribution plans were approximately $1,069,000, $677,000, and $36,000 for the years ended January 31, 2015, 2014 and 2013, respectively. The higher amounts for the latest two years reflected discretionary contributions made to the plan maintained for employees of GPS due to its favorable profit performance for the corresponding years. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | NOTE 14 – INCOME TAXES | ||||||||||||
The components of the Company’s income tax expense for the years ended January 31, 2015, 2014 and 2013 are presented below: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 15,249,000 | $ | 20,765,000 | $ | 11,555,000 | |||||||
State | 4,767,000 | 3,525,000 | 2,224,000 | ||||||||||
20,016,000 | 24,290,000 | 13,779,000 | |||||||||||
Deferred: | |||||||||||||
Federal | 788,000 | 1,419,000 | (349,000 | ) | |||||||||
State | 108,000 | 282,000 | 90,000 | ||||||||||
896,000 | 1,701,000 | (259,000 | ) | ||||||||||
Income tax expense | $ | 20,912,000 | $ | 25,991,000 | $ | 13,520,000 | |||||||
The actual income tax expense amounts for the years ended January 31, 2015, 2014 and 2013 differed from the expected tax amounts computed by applying the U.S. federal corporate income tax rate of 35% to the amounts of income before income taxes as presented below: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Computed “expected” income tax | $ | 22,528,000 | $ | 24,267,000 | $ | 12,368,000 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net | 3,284,000 | 2,574,000 | 1,481,000 | ||||||||||
Exclusion of noncontrolling interests | (4,582,000 | ) | (514,000 | ) | — | ||||||||
Domestic production activities deduction | (1,504,000 | ) | (1,049,000 | ) | (1,037,000 | ) | |||||||
Other permanent differences | 902,000 | 458,000 | 307,000 | ||||||||||
Federal income tax true-up and other adjustments | 284,000 | 255,000 | 401,000 | ||||||||||
Income tax expense | $ | 20,912,000 | $ | 25,991,000 | $ | 13,520,000 | |||||||
As of January 31, 2015 and 2014, the amounts presented in the consolidated balance sheets for accrued expenses included accrued income taxes of approximately $176,000 and $303,000, respectively. The Company’s consolidated balance sheet as of January 31, 2015 and 2014 included net deferred tax liabilities in the amounts of approximately $1,010,000 and $114,000. As of January 31, 2015, the Company does not believe that it has any material uncertain income tax positions reflected in its accounts. | |||||||||||||
The Company’s ability to realize its deferred tax assets 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 additional valuation allowances against some or all of the deferred tax assets resulting in additional income tax expense in the consolidated statement of operations. At this time, based substantially on the strong earnings performance of the Company’s power industry services business segment, management believes that it is more likely than not that the Company will realize a benefit for its deferred tax assets. | |||||||||||||
The tax effects of temporary differences that gave rise to deferred tax assets and liabilities as of January 31, 2015 and 2014 are presented below: | |||||||||||||
2015 | 2014 | ||||||||||||
Assets: | |||||||||||||
Stock options | $ | 1,649,000 | $ | 1,623,000 | |||||||||
Purchased intangibles | 1,132,000 | 1,255,000 | |||||||||||
Accrued liabilities | 428,000 | 514,000 | |||||||||||
Other | 107,000 | 50,000 | |||||||||||
3,316,000 | 3,442,000 | ||||||||||||
Liabilities: | |||||||||||||
Purchased intangibles | $ | (2,931,000 | ) | $ | (2,563,000 | ) | |||||||
Construction contracts | (830,000 | ) | (313,000 | ) | |||||||||
Property and equipment | (533,000 | ) | (612,000 | ) | |||||||||
Other | (32,000 | ) | (68,000 | ) | |||||||||
(4,326,000 | ) | (3,556,000 | ) | ||||||||||
Net deferred tax liabilities | $ | (1,010,000 | ) | $ | (114,000 | ) | |||||||
The Company is subject to income taxes in the United States of America and in various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is no longer subject to federal, state and local income tax examinations by tax authorities for its fiscal years ended on or before January 31, 2011 except for a few exceptions including California where the open period is one year longer. During the current year, an audit of the apportionment factors reflected in the Company’s unitary income tax return filed in California for the year ended January 31, 2013 was completed. There was no material change to the Company’s income tax liability resulting from the outcome of this audit. | |||||||||||||
Income tax penalties recorded during the years ended January 31, 2015, 2014 and 2013, and included in the corresponding amounts of selling, general and administrative expenses, were not material. Interest amounts related to late income tax payments recorded during the years ended January 31, 2015, 2014 and 2013, and included in the corresponding amounts of income tax expense, were not material. |
Earnings_Per_Share_Attributabl
Earnings Per Share Attributable to the Stockholders of Argan, Inc. | 12 Months Ended |
Jan. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Attributable to the Stockholders of Argan, Inc. | NOTE 15 – EARNINGS PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. |
Basic earnings per share amounts for the years ended January 31, 2015, 2014 and 2013 were computed by dividing income amounts attributable to the stockholders of Argan by the weighted average number of shares of common stock that were outstanding during the applicable year. | |
Diluted earnings per share amounts for the years ended January 31, 2015, 2014 and 2013 were computed by dividing the income amounts attributable to the stockholders of Argan by the weighted average number of outstanding common shares for the applicable year plus 389,000, 356,000 and 330,000 common stock equivalent shares representing their total dilutive effects for the years, respectively. The diluted weighted average number of shares outstanding for the years ended January 31, 2015, 2014 and 2013 excluded the effects of options to purchase approximately 40,000, 222,000 and 404,000 shares of common stock, respectively, because such anti-dilutive common stock equivalents had exercise prices that were in excess of the average market price of the Company’s common stock during the applicable year. |
Major_Customers
Major Customers | 12 Months Ended |
Jan. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Major Customers | NOTE 16 – MAJOR CUSTOMERS |
During the years ended January 31, 2015, 2014 and 2013, the majority of the Company’s revenues related to engineering, procurement and construction services that were provided by GPS to the power industry. Revenues from power industry services accounted for approximately 98%, 96% and 94% of consolidated revenues for the years ended January 31, 2015, 2014 and 2013, respectively. | |
The Company’s most significant customer relationships included three power industry service customers which accounted for approximately 45%, 41% and 12%, respectively, of consolidated revenues for the year ended January 31, 2015. The Company’s most significant customer relationships included three power industry service customers which accounted for approximately 33%, 24% and 22%, respectively, of consolidated revenues for the year ended January 31, 2014. The Company’s most significant customer relationships included two power industry service customers which accounted for approximately 56% and 18%, respectively, of consolidated revenues for the year ended January 31, 2013. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting | NOTE 17 – SEGMENT REPORTING | ||||||||||||||||
Segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company’s reportable segments, power industry services and telecommunications infrastructure services, are organized in separate business units with different management teams, customers, technologies and services. The business operations of each segment are conducted primarily by the Company’s wholly-owned subsidiaries – GPS and SMC, respectively. | |||||||||||||||||
Presented below are summarized operating results and certain financial position data of the Company’s reportable continuing business segments for the years ended January 31, 2015, 2014 and 2013. The “Other” columns include the Company’s corporate and unallocated expenses. | |||||||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||||||
Power | Telecom | Other | Consolidated | ||||||||||||||
Industry | Infrastructure | ||||||||||||||||
Services | Services | ||||||||||||||||
Revenues | $ | 376,676,000 | $ | 6,434,000 | $ | — | $ | 383,110,000 | |||||||||
Cost of revenues | 294,643,000 | 4,864,000 | — | 299,507,000 | |||||||||||||
Gross profit | 82,033,000 | 1,570,000 | — | 83,603,000 | |||||||||||||
Selling, general and administrative expenses | 11,930,000 | 1,299,000 | 6,241,000 | 19,470,000 | |||||||||||||
Income (loss) from operations | 70,103,000 | 271,000 | (6,241,000 | ) | 64,133,000 | ||||||||||||
Other income (expense), net | 231,000 | — | 3,000 | 234,000 | |||||||||||||
Income (loss) before income taxes | $ | 70,334,000 | $ | 271,000 | $ | (6,238,000 | ) | 64,367,000 | |||||||||
Income tax expense | 20,912,000 | ||||||||||||||||
Net income | $ | 43,455,000 | |||||||||||||||
Amortization of purchased intangible assets | $ | 243,000 | $ | — | $ | — | $ | 243,000 | |||||||||
Depreciation | $ | 372,000 | $ | 169,000 | $ | 10,000 | $ | 551,000 | |||||||||
Fixed asset additions | $ | 2,807,000 | $ | 77,000 | $ | 52,000 | $ | 2,936,000 | |||||||||
Goodwill | $ | 18,476,000 | $ | — | $ | — | $ | 18,476,000 | |||||||||
Total assets | $ | 303,737,000 | $ | 2,293,000 | $ | 85,163,000 | $ | 391,193,000 | |||||||||
Current assets | $ | 277,308,000 | $ | 1,681,000 | $ | 85,365,000 | $ | 364,354,000 | |||||||||
Current liabilities | $ | 214,238,000 | $ | 420,000 | $ | 774,000 | $ | 215,432,000 | |||||||||
Fiscal Year Ended January 31, 2014 | |||||||||||||||||
Power | Telecom | Other | Consolidated | ||||||||||||||
Industry | Infrastructure | ||||||||||||||||
Services | Services | ||||||||||||||||
Revenues | $ | 218,649,000 | $ | 8,806,000 | $ | — | $ | 227,455,000 | |||||||||
Cost of revenues | 141,807,000 | 6,800,000 | — | 148,607,000 | |||||||||||||
Gross profit | 76,842,000 | 2,006,000 | — | 78,848,000 | |||||||||||||
Selling, general and administrative expenses | 7,575,000 | 1,331,000 | 4,012,000 | 12,918,000 | |||||||||||||
Income (loss) from operations | 69,267,000 | 675,000 | (4,012,000 | ) | 65,930,000 | ||||||||||||
Gains on the deconsolidation of VIEs | 2,444,000 | — | — | 2,444,000 | |||||||||||||
Other income (expense), net | 958,000 | — | 3,000 | 961,000 | |||||||||||||
Income (loss) before income taxes | $ | 72,669,000 | $ | 675,000 | $ | (4,009,000 | ) | 69,335,000 | |||||||||
Income tax expense | 25,991,000 | ||||||||||||||||
Net income | $ | 43,344,000 | |||||||||||||||
Amortization of purchased intangible assets | $ | 243,000 | $ | — | $ | — | $ | 243,000 | |||||||||
Depreciation | $ | 366,000 | $ | 180,000 | $ | 3,000 | $ | 549,000 | |||||||||
Fixed asset additions | $ | 1,067,000 | $ | 69,000 | $ | — | $ | 1,136,000 | |||||||||
Goodwill | $ | 18,476,000 | $ | — | $ | — | $ | 18,476,000 | |||||||||
Total assets | $ | 276,744,000 | $ | 1,989,000 | $ | 44,573,000 | $ | 323,306,000 | |||||||||
Current assets | $ | 252,603,000 | $ | 1,293,000 | $ | 44,663,000 | $ | 298,559,000 | |||||||||
Current liabilities | $ | 163,534,000 | $ | 511,000 | $ | 1,192,000 | $ | 165,237,000 | |||||||||
Fiscal Year Ended January 31, 2013 | |||||||||||||||||
Power | Telecom | Other | Consolidated | ||||||||||||||
Industry | Infrastructure | ||||||||||||||||
Services | Services | ||||||||||||||||
Revenues | $ | 261,327,000 | $ | 17,308,000 | $ | — | $ | 278,635,000 | |||||||||
Cost of revenues | 214,817,000 | 13,683,000 | — | 228,500,000 | |||||||||||||
Gross profit | 46,510,000 | 3,625,000 | — | 50,135,000 | |||||||||||||
Selling, general and administrative expenses | 7,950,000 | 1,628,000 | 5,177,000 | 14,755,000 | |||||||||||||
Income (loss) from operations | 38,560,000 | 1,997,000 | (5,177,000 | ) | 35,380,000 | ||||||||||||
Other income (expense), net | (45,000 | ) | — | 2,000 | (43,000 | ) | |||||||||||
Income (loss) before income taxes | $ | 38,515,000 | $ | 1,997,000 | $ | (5,175,000 | ) | 35,337,000 | |||||||||
Income tax expense | 13,520,000 | ||||||||||||||||
Net income | $ | 21,817,000 | |||||||||||||||
Amortization of purchased intangible assets | $ | 243,000 | $ | — | $ | — | $ | 243,000 | |||||||||
Depreciation | $ | 290,000 | $ | 229,000 | $ | 3,000 | $ | 522,000 | |||||||||
Fixed asset additions | $ | 6,986,000 | $ | 277,000 | $ | — | $ | 7,263,000 | |||||||||
Goodwill | $ | 18,476,000 | $ | — | $ | — | $ | 18,476,000 | |||||||||
Total assets | $ | 186,284,000 | $ | 4,032,000 | $ | 44,408,000 | $ | 234,724,000 | |||||||||
Current assets | $ | 158,567,000 | $ | 3,486,000 | $ | 42,055,000 | $ | 204,108,000 | |||||||||
Current liabilities | $ | 110,828,000 | $ | 1,346,000 | $ | 3,372,000 | $ | 115,546,000 | |||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
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, 2015, 2014 and 2013 is presented below ($s in thousands except per share data): | |||||||||||||||||||||
Fiscal Year | April 30 | July 31 | October 31(1) | January 31(2) | Full Year | ||||||||||||||||
2015 | |||||||||||||||||||||
Revenues | $ | 51,191 | $ | 102,030 | $ | 127,564 | $ | 102,325 | $ | 383,110 | |||||||||||
Gross profit | 10,051 | 21,564 | 30,313 | 21,675 | 83,603 | ||||||||||||||||
Income from operations | 6,672 | 17,083 | 24,840 | 15,538 | 64,133 | ||||||||||||||||
Net income | 4,800 | 12,020 | 16,759 | 9,876 | 43,455 | ||||||||||||||||
Net income attributable to the stockholders of Argan, Inc. | 3,475 | 8,550 | 12,422 | 5,998 | 30,445 | ||||||||||||||||
Earnings per share(3,4) | |||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.59 | $ | 0.86 | $ | 0.41 | $ | 2.11 | |||||||||||
Fully diluted | $ | 0.24 | $ | 0.58 | $ | 0.84 | $ | 0.4 | $ | 2.05 | |||||||||||
2014 | |||||||||||||||||||||
Revenues | $ | 46,648 | $ | 57,864 | $ | 63,452 | $ | 59,491 | $ | 227,455 | |||||||||||
Gross profit | 13,028 | 21,257 | 23,876 | 20,687 | 78,848 | ||||||||||||||||
Income from operations | 9,585 | 19,656 | 20,331 | 16,358 | 65,930 | ||||||||||||||||
Net income | 6,940 | 13,923 | 12,449 | 10,032 | 43,344 | ||||||||||||||||
Net income attributable to the stockholders of Argan, Inc. | 6,410 | 12,623 | 11,928 | 9,164 | 40,125 | ||||||||||||||||
Earnings per share(3,4) | |||||||||||||||||||||
Basic | $ | 0.46 | $ | 0.9 | $ | 0.85 | $ | 0.64 | $ | 2.85 | |||||||||||
Fully diluted | $ | 0.45 | $ | 0.89 | $ | 0.83 | $ | 0.63 | $ | 2.78 | |||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 63,690 | $ | 82,619 | $ | 74,486 | $ | 57,840 | $ | 278,635 | |||||||||||
Gross profit | 10,101 | 12,879 | 13,136 | 14,019 | 50,135 | ||||||||||||||||
Income from operations | 6,659 | 9,572 | 9,345 | 9,804 | 35,380 | ||||||||||||||||
Net income | 4,262 | 5,981 | 5,713 | 5,861 | 21,817 | ||||||||||||||||
Net income attributable to the stockholders of Argan, Inc. | 4,438 | 6,201 | 6,065 | 6,561 | 23,265 | ||||||||||||||||
Earnings per share(3,4) | |||||||||||||||||||||
Basic | $ | 0.32 | $ | 0.45 | $ | 0.44 | $ | 0.47 | $ | 1.69 | |||||||||||
Fully diluted | $ | 0.32 | $ | 0.45 | $ | 0.43 | $ | 0.46 | $ | 1.65 | |||||||||||
-1 | The operating results for the three months ended October 31, 2013 were favorably affected by the development success fee related to the purchase of Moxie Liberty by Panda which was recognized as revenue by the Company in the amount of $14.3 million. | ||||||||||||||||||||
-2 | The operating results for the three months ended January 31, 2014 were favorably affected by the development success fee related to the purchase of Moxie Patriot by Panda which was recognized as revenue by the Company in the amount of $12.8 million. | ||||||||||||||||||||
-3 | The earnings per share amounts are attributable to the stockholders of Argan, Inc. | ||||||||||||||||||||
-4 | 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Basis of Presentation | Basis of Presentation – The consolidated financial statements include the accounts of Argan, its wholly-owned subsidiaries, its majority-controlled joint ventures and any variable interest entity for which the Company is deemed to be the primary beneficiary (see Note 3). The Company’s fiscal year ends on January 31. All significant inter-company balances and transactions have been eliminated in consolidation. In Note 17, the Company has provided certain financial information relating to the operating results and assets of its industry segments based on the manner in which management disaggregates the Company’s financial reporting for purposes of making internal operating decisions. | ||||
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 (“US GAAP”) 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 determination of the allowance for doubtful accounts, the valuation of assets with long and indefinite lives including goodwill, the evaluation of contingent obligations and the valuation of deferred taxes. Actual results could differ from these estimates. | ||||
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 requirements prescribe a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value. A Level 1 input includes a quoted market price in an active market or the price of an identical asset or liability. Level 2 inputs are market data other than Level 1 inputs that are observable either directly or indirectly including quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 inputs are unobservable and corroborated by little or no market data. | ||||
The carrying value amounts of the Company’s cash and cash equivalents, accounts and notes receivable, accounts payable and all other current liabilities approximate their fair values due to the short-term nature of these instruments. The fair value of business segments (as needed for purposes of determining indications of impairment to the carrying value of goodwill) is determined using an average of valuations based on market multiples and discounted cash flows, and consideration of our market capitalization. | |||||
Property, Plant and Equipment | Property, Plant and Equipment – Property, plant and equipment are stated at cost. 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 assets are sold or retired, the cost and related accumulated depreciation 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 for impairment. The goodwill impairment test is performed using the two-step process. | ||||
The first step of the impairment test is to identify a potential impairment by comparing the fair value of the reporting unit with its carrying amount, including goodwill. The weighted average estimate of fair value of the reporting unit, generally a company’s operating segment, 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 and the second step of the impairment test is not performed. If the carrying amount of the reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any. | |||||
The second step of the impairment test compares the implied fair value of the reporting unit’s goodwill with the corresponding carrying amount. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. Accordingly, the fair value of the reporting unit is allocated to all of the assets and liabilities of that reporting unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit. Nonetheless, the Company would evaluate any of these assets for impairment more frequently if events or changes in circumstances indicate that an asset value might be impaired. | |||||
Long-Lived Assets | Long-Lived Assets – The carrying amount of long-lived assets, consisting primarily of property, plant and equipment and purchased intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that a carrying amount should be assessed. The Company compares 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 the Company determines 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 is generally 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 with remaining carrying value are described in Note 9. | ||||
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 recorded 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. We evaluate and record 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 jurisdictions. | |||||
Stock-Based Compensation | Stock-Based Compensation – 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. The compensation expense is recognized over the requisite service period. | ||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements – On May 28, 2014, the Financial Accounting Standards Board (the “FASB”) and the International Accounting Standards Board issued substantially converged final standards on revenue recognition in an effort to create a new, principles-based revenue recognition framework that may affect nearly every revenue-generating entity. Upon their effectiveness, the new standards will generally supersede and replace nearly all existing professional guidance included in US GAAP and the International Financial Reporting Standards (IFRS), including industry-specific guidance. The FASB’s new revenue recognition standard, Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) will do the following: | ||||
1) | Establish a new control-based revenue recognition model, | ||||
2) | Change the basis for deciding when revenue is recognized over time or at a point in time, | ||||
3) | Provide new and more detailed guidance on specific aspects of revenue recognition, and | ||||
4) | Expand and improves disclosures about revenue. | ||||
In the United States, the new guidance is effective for public business entities, including the Company, for reporting periods beginning after December 15, 2016. In general, it appears that the Company will determine contract revenues by using an approach substantially similar to the “percentage-of-completion” method that the Company uses currently in order to determine substantial amounts of revenues earned on its construction contracts. However, pursuant to the new guidance, the ability to recognize revenues over time, and to satisfy the identified performance obligation(s) of a contract, will depend on whether the applicable contract transfers control of the good and/or service provided by the Company thereunder to the applicable project owner. The Company has not assessed the full impact of the new requirements on its consolidated financial statements including an evaluation of the alternative application approaches that are provided. Entities are permitted to apply the new revenue standard either retrospectively, subject to some practical expedients, or through an alternative transition method that requires a registrant to apply the guidance only to contracts that are uncompleted on the date of initial application. | |||||
On April 1, 2015, the FASB voted to propose a delay in the effective date of ASU 2014-09 that would postpone the effective date for public companies until December 15, 2017. The FASB expects to issue an exposure draft with the proposed new effective date provisions in the near future. | |||||
There are no other recently issued accounting pronouncements that have not yet been adopted that we consider material to the Company’s consolidated financial statements. | |||||
Power Industry Services [Member] | |||||
Revenue Recognition | Revenue Recognition, Power Industry Services – Revenues are recognized under various construction agreements, including agreements for which revenues are based on either a fixed price, cost-plus-fee or time and materials basis, with typical durations of one to three years. Revenues from fixed price construction agreements, 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. Revenues from cost-plus-fee construction agreements are recognized on the basis of costs incurred during the period plus the fee earned, measured using the cost-to-cost method. Revenues from time and materials contracts are recognized when the related services are provided to the customer. Changes to total estimated contract costs or losses, if any, are recognized in the period in which they are determined. | ||||
Unapproved change orders, which represent contract variations for which the Company has project owner approval for scope changes but not for the price associated with the scope changes, are reflected in revenues when it is probable that the applicable costs will be recovered through a change in the contract price. As of January 31, 2015, there were no material unapproved change orders included in the total contract value amounts or reflected in the estimated total cost amounts of the contracts in progress. Disputed change orders that are unapproved in regard to both scope and price are considered claims. The Company recognizes revenues related to a claim only when an agreement on the amount has been reached with the project owner. Construction agreements may contain incentive fees that provide for increasing the Company’s total fee on a particular contract based on the actual amount of costs incurred in relation to an agreed upon target cost. The Company includes such fees in the determination of total estimated revenues when management believes that it is probable that such fees have been earned, which is typically near the end of the contract performance period. | |||||
The following schedule presents revenues for the two categories of power industry services provided during the year ended January 31, 2014. Core services represent primarily the ongoing activities conducted pursuant to engineering, construction and procurement contracts for energy plant project owners. The revenues associated with project development services include additional amounts earned upon the success of activities performed by project developers including the closing of permanent financing (see Note 3). No such revenues were earned in the years ended January 31, 2015 or January 31, 2013. | |||||
Category of Service | 2014 | ||||
Core services | $ | 191,597,000 | |||
Project development services | 27,052,000 | ||||
Revenues | $ | 218,649,000 | |||
Telecommunications Infrastructure Services [Member] | |||||
Revenue Recognition | Revenue Recognition, Telecommunications Infrastructure Services – This business segment generates revenues under various arrangements, including contracts for which revenues are based on either a fixed price or a time and materials basis. Revenues from time and materials contracts are recognized when the related services are provided to the customer. Revenues from fixed price contracts, including portions of estimated profit, are recognized as services are provided, based on costs incurred and estimated amounts of total contract costs using the percentage of completion method. Losses on contracts, if any, are recognized in the periods in which they become known. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
Schedule of Net Revenues by Service Category | The revenues associated with project development services include additional amounts earned upon the success of activities performed by project developers including the closing of permanent financing (see Note 3). No such revenues were earned in the years ended January 31, 2015 or January 31, 2013. | ||||
Category of Service | 2014 | ||||
Core services | $ | 191,597,000 | |||
Project development services | 27,052,000 | ||||
Revenues | $ | 218,649,000 | |||
Costs_Estimated_Earnings_and_B1
Costs, Estimated Earnings and Billings on Uncompleted Contracts (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Contractors [Abstract] | |||||||||
Aggregate Amount of Costs Incurred and Earnings Accrued on Uncompleted Contracts Compared with Billings on Contracts | The tables below set forth the aggregate amount of costs incurred and earnings accrued on uncompleted contracts compared with the billings on those contracts through January 31, 2015 and 2014, and reconcile the net amounts of billings in excess of costs and estimated earnings to the amounts included in the consolidated balance sheets at those dates. | ||||||||
2015 | 2014 | ||||||||
Costs incurred on uncompleted contracts | $ | 324,839,000 | $ | 162,137,000 | |||||
Estimated accrued earnings | 60,809,000 | 21,961,000 | |||||||
385,648,000 | 184,098,000 | ||||||||
Less – Billings to date | 546,757,000 | 318,307,000 | |||||||
$ | (161,109,000 | ) | $ | (134,209,000 | ) | ||||
Costs and estimated earnings in excess of billings | $ | 455,000 | $ | 527,000 | |||||
Billings in excess of costs and estimated earnings | 161,564,000 | 134,736,000 | |||||||
$ | (161,109,000 | ) | $ | (134,209,000 | ) | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following at January 31, 2015 and 2014: | ||||||||
2015 | 2014 | ||||||||
Land and improvements | $ | 473,000 | $ | 473,000 | |||||
Building and improvements | 2,800,000 | 2,779,000 | |||||||
Furniture, machinery and equipment | 3,546,000 | 3,560,000 | |||||||
Trucks and other vehicles | 1,437,000 | 1,578,000 | |||||||
Construction project costs of variable interest entity | 2,658,000 | — | |||||||
10,914,000 | 8,390,000 | ||||||||
Less – accumulated depreciation | 4,396,000 | 4,207,000 | |||||||
Property, plant and equipment, net | $ | 6,518,000 | $ | 4,183,000 | |||||
Purchased_Intangible_Assets_Ta
Purchased Intangible Assets (Tables) | 12 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Intangible Assets | The net carrying amounts of the Company’s intangible assets, other than goodwill, consisted of the following at January 31, 2015 and 2014: | ||||||||
2015 | 2014 | ||||||||
Trade name - GPS | $ | 1,664,000 | $ | 1,907,000 | |||||
Trade name - SMC | 181,000 | 181,000 | |||||||
Totals | $ | 1,845,000 | $ | 2,088,000 | |||||
Schedule of Expected Amortization Expense | The estimated future amounts of amortization expense related to the trade name of GPS are presented below: | ||||||||
2016 | $ | 243,000 | |||||||
2017 | 243,000 | ||||||||
2018 | 243,000 | ||||||||
2019 | 243,000 | ||||||||
2020 | 243,000 | ||||||||
Thereafter | 449,000 | ||||||||
Total | $ | 1,664,000 | |||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Jan. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
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, 2015: | ||||
2016 | $ | 196,000 | |||
2017 | 196,000 | ||||
2018 | 180,000 | ||||
2019 | 180,000 | ||||
2020 | 89,000 | ||||
Thereafter | — | ||||
Total | $ | 841,000 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Activity under Option and Stock Plans | A summary of activity under the Option and Stock Plans for the three years ended January 31, 2015 is presented below: | ||||||||||||||||
Shares | Weighted | Weighted | Weighted | ||||||||||||||
Average | Average | Average | |||||||||||||||
Exercise | Remaining | Fair Value | |||||||||||||||
Price | Term (years) | ||||||||||||||||
Outstanding, February 1, 2012 | 817,186 | $ | 12.1 | 4.94 | $ | 5.68 | |||||||||||
Granted | 293,000 | $ | 17.36 | ||||||||||||||
Exercised | (153,962 | ) | $ | 9.33 | |||||||||||||
Forfeited | (30,000 | ) | $ | 8.66 | |||||||||||||
Outstanding, January 31, 2013 | 926,224 | $ | 14.34 | 5.39 | $ | 5.93 | |||||||||||
Granted | 303,000 | $ | 21.32 | ||||||||||||||
Exercised | (309,074 | ) | $ | 12.2 | |||||||||||||
Forfeited | (4,000 | ) | $ | 17.33 | |||||||||||||
Outstanding, January 31, 2014 | 916,150 | $ | 17.36 | 6.04 | $ | 5.58 | |||||||||||
Granted | 305,500 | $ | 21.09 | ||||||||||||||
Exercised | (345,300 | ) | $ | 15.61 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding, January 31, 2015 | 876,350 | $ | 22.34 | 7.08 | $ | 6.01 | |||||||||||
Exercisable, January 31, 2015 | 570,850 | $ | 18.42 | 6.46 | $ | 5.41 | |||||||||||
Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock | A summary of the change in the number of shares of common stock subject to non-vested options to purchase such shares for the three years ended January 31, 2015 is presented below: | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Non-vested, February 1, 2012 | 212,500 | $ | 5.09 | ||||||||||||||
Granted | 293,000 | $ | 5.65 | ||||||||||||||
Vested | (112,000 | ) | $ | 4.51 | |||||||||||||
Forfeited (non-vested) | (5,000 | ) | $ | 6.32 | |||||||||||||
Non-vested, January 31, 2013 | 388,500 | $ | 5.67 | ||||||||||||||
Granted | 303,000 | $ | 4.4 | ||||||||||||||
Vested | (384,500 | ) | $ | 5.67 | |||||||||||||
Forfeited (non-vested) | (4,000 | ) | $ | 5.71 | |||||||||||||
Non-vested, January 31, 2014 | 303,000 | $ | 4.4 | ||||||||||||||
Granted | 305,500 | $ | 7.14 | ||||||||||||||
Vested | (303,000 | ) | $ | 4.4 | |||||||||||||
Forfeited (non-vested) | — | — | |||||||||||||||
Non-vested, January 31, 2015 | 305,500 | $ | 7.14 | ||||||||||||||
Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value amounts per share of options to purchase shares of the Company’s common stock awarded during the fiscal years ended January 31, 2015, 2014 and 2013 were determined at the dates of grant using the following weighted-average assumptions: | ||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Risk-free interest rate | 1.32 | % | 1.33 | % | 1.93 | % | |||||||||||
Expected volatility | 33.7 | % | 32.7 | % | 35.5 | % | |||||||||||
Expected life | 4.9 years | 4.7 years | 4.6 years | ||||||||||||||
Dividend yield | 3.46 | % | 3.39 | % | — | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 31, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Company's Income Tax Expense | The components of the Company’s income tax expense for the years ended January 31, 2015, 2014 and 2013 are presented below: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 15,249,000 | $ | 20,765,000 | $ | 11,555,000 | |||||||
State | 4,767,000 | 3,525,000 | 2,224,000 | ||||||||||
20,016,000 | 24,290,000 | 13,779,000 | |||||||||||
Deferred: | |||||||||||||
Federal | 788,000 | 1,419,000 | (349,000 | ) | |||||||||
State | 108,000 | 282,000 | 90,000 | ||||||||||
896,000 | 1,701,000 | (259,000 | ) | ||||||||||
Income tax expense | $ | 20,912,000 | $ | 25,991,000 | $ | 13,520,000 | |||||||
Actual Income Tax Expense Amounts | The actual income tax expense amounts for the years ended January 31, 2015, 2014 and 2013 differed from the expected tax amounts computed by applying the U.S. federal corporate income tax rate of 35% to the amounts of income before income taxes as presented below: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Computed “expected” income tax | $ | 22,528,000 | $ | 24,267,000 | $ | 12,368,000 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net | 3,284,000 | 2,574,000 | 1,481,000 | ||||||||||
Exclusion of noncontrolling interests | (4,582,000 | ) | (514,000 | ) | — | ||||||||
Domestic production activities deduction | (1,504,000 | ) | (1,049,000 | ) | (1,037,000 | ) | |||||||
Other permanent differences | 902,000 | 458,000 | 307,000 | ||||||||||
Federal income tax true-up and other adjustments | 284,000 | 255,000 | 401,000 | ||||||||||
Income tax expense | $ | 20,912,000 | $ | 25,991,000 | $ | 13,520,000 | |||||||
Schedule of Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to deferred tax assets and liabilities as of January 31, 2015 and 2014 are presented below: | ||||||||||||
2015 | 2014 | ||||||||||||
Assets: | |||||||||||||
Stock options | $ | 1,649,000 | $ | 1,623,000 | |||||||||
Purchased intangibles | 1,132,000 | 1,255,000 | |||||||||||
Accrued liabilities | 428,000 | 514,000 | |||||||||||
Other | 107,000 | 50,000 | |||||||||||
3,316,000 | 3,442,000 | ||||||||||||
Liabilities: | |||||||||||||
Purchased intangibles | $ | (2,931,000 | ) | $ | (2,563,000 | ) | |||||||
Construction contracts | (830,000 | ) | (313,000 | ) | |||||||||
Property and equipment | (533,000 | ) | (612,000 | ) | |||||||||
Other | (32,000 | ) | (68,000 | ) | |||||||||
(4,326,000 | ) | (3,556,000 | ) | ||||||||||
Net deferred tax liabilities | $ | (1,010,000 | ) | $ | (114,000 | ) | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Summarized Operating Results and Certain Financial Position Data of Company's Reportable Continuing Business Segments | Presented below are summarized operating results and certain financial position data of the Company’s reportable continuing business segments for the years ended January 31, 2015, 2014 and 2013. The “Other” columns include the Company’s corporate and unallocated expenses. | ||||||||||||||||
Fiscal Year Ended January 31, 2015 | |||||||||||||||||
Power | Telecom | Other | Consolidated | ||||||||||||||
Industry | Infrastructure | ||||||||||||||||
Services | Services | ||||||||||||||||
Revenues | $ | 376,676,000 | $ | 6,434,000 | $ | — | $ | 383,110,000 | |||||||||
Cost of revenues | 294,643,000 | 4,864,000 | — | 299,507,000 | |||||||||||||
Gross profit | 82,033,000 | 1,570,000 | — | 83,603,000 | |||||||||||||
Selling, general and administrative expenses | 11,930,000 | 1,299,000 | 6,241,000 | 19,470,000 | |||||||||||||
Income (loss) from operations | 70,103,000 | 271,000 | (6,241,000 | ) | 64,133,000 | ||||||||||||
Other income (expense), net | 231,000 | — | 3,000 | 234,000 | |||||||||||||
Income (loss) before income taxes | $ | 70,334,000 | $ | 271,000 | $ | (6,238,000 | ) | 64,367,000 | |||||||||
Income tax expense | 20,912,000 | ||||||||||||||||
Net income | $ | 43,455,000 | |||||||||||||||
Amortization of purchased intangible assets | $ | 243,000 | $ | — | $ | — | $ | 243,000 | |||||||||
Depreciation | $ | 372,000 | $ | 169,000 | $ | 10,000 | $ | 551,000 | |||||||||
Fixed asset additions | $ | 2,807,000 | $ | 77,000 | $ | 52,000 | $ | 2,936,000 | |||||||||
Goodwill | $ | 18,476,000 | $ | — | $ | — | $ | 18,476,000 | |||||||||
Total assets | $ | 303,737,000 | $ | 2,293,000 | $ | 85,163,000 | $ | 391,193,000 | |||||||||
Current assets | $ | 277,308,000 | $ | 1,681,000 | $ | 85,365,000 | $ | 364,354,000 | |||||||||
Current liabilities | $ | 214,238,000 | $ | 420,000 | $ | 774,000 | $ | 215,432,000 | |||||||||
Fiscal Year Ended January 31, 2014 | |||||||||||||||||
Power | Telecom | Other | Consolidated | ||||||||||||||
Industry | Infrastructure | ||||||||||||||||
Services | Services | ||||||||||||||||
Revenues | $ | 218,649,000 | $ | 8,806,000 | $ | — | $ | 227,455,000 | |||||||||
Cost of revenues | 141,807,000 | 6,800,000 | — | 148,607,000 | |||||||||||||
Gross profit | 76,842,000 | 2,006,000 | — | 78,848,000 | |||||||||||||
Selling, general and administrative expenses | 7,575,000 | 1,331,000 | 4,012,000 | 12,918,000 | |||||||||||||
Income (loss) from operations | 69,267,000 | 675,000 | (4,012,000 | ) | 65,930,000 | ||||||||||||
Gains on the deconsolidation of VIEs | 2,444,000 | — | — | 2,444,000 | |||||||||||||
Other income (expense), net | 958,000 | — | 3,000 | 961,000 | |||||||||||||
Income (loss) before income taxes | $ | 72,669,000 | $ | 675,000 | $ | (4,009,000 | ) | 69,335,000 | |||||||||
Income tax expense | 25,991,000 | ||||||||||||||||
Net income | $ | 43,344,000 | |||||||||||||||
Amortization of purchased intangible assets | $ | 243,000 | $ | — | $ | — | $ | 243,000 | |||||||||
Depreciation | $ | 366,000 | $ | 180,000 | $ | 3,000 | $ | 549,000 | |||||||||
Fixed asset additions | $ | 1,067,000 | $ | 69,000 | $ | — | $ | 1,136,000 | |||||||||
Goodwill | $ | 18,476,000 | $ | — | $ | — | $ | 18,476,000 | |||||||||
Total assets | $ | 276,744,000 | $ | 1,989,000 | $ | 44,573,000 | $ | 323,306,000 | |||||||||
Current assets | $ | 252,603,000 | $ | 1,293,000 | $ | 44,663,000 | $ | 298,559,000 | |||||||||
Current liabilities | $ | 163,534,000 | $ | 511,000 | $ | 1,192,000 | $ | 165,237,000 | |||||||||
Fiscal Year Ended January 31, 2013 | |||||||||||||||||
Power | Telecom | Other | Consolidated | ||||||||||||||
Industry | Infrastructure | ||||||||||||||||
Services | Services | ||||||||||||||||
Revenues | $ | 261,327,000 | $ | 17,308,000 | $ | — | $ | 278,635,000 | |||||||||
Cost of revenues | 214,817,000 | 13,683,000 | — | 228,500,000 | |||||||||||||
Gross profit | 46,510,000 | 3,625,000 | — | 50,135,000 | |||||||||||||
Selling, general and administrative expenses | 7,950,000 | 1,628,000 | 5,177,000 | 14,755,000 | |||||||||||||
Income (loss) from operations | 38,560,000 | 1,997,000 | (5,177,000 | ) | 35,380,000 | ||||||||||||
Other income (expense), net | (45,000 | ) | — | 2,000 | (43,000 | ) | |||||||||||
Income (loss) before income taxes | $ | 38,515,000 | $ | 1,997,000 | $ | (5,175,000 | ) | 35,337,000 | |||||||||
Income tax expense | 13,520,000 | ||||||||||||||||
Net income | $ | 21,817,000 | |||||||||||||||
Amortization of purchased intangible assets | $ | 243,000 | $ | — | $ | — | $ | 243,000 | |||||||||
Depreciation | $ | 290,000 | $ | 229,000 | $ | 3,000 | $ | 522,000 | |||||||||
Fixed asset additions | $ | 6,986,000 | $ | 277,000 | $ | — | $ | 7,263,000 | |||||||||
Goodwill | $ | 18,476,000 | $ | — | $ | — | $ | 18,476,000 | |||||||||
Total assets | $ | 186,284,000 | $ | 4,032,000 | $ | 44,408,000 | $ | 234,724,000 | |||||||||
Current assets | $ | 158,567,000 | $ | 3,486,000 | $ | 42,055,000 | $ | 204,108,000 | |||||||||
Current liabilities | $ | 110,828,000 | $ | 1,346,000 | $ | 3,372,000 | $ | 115,546,000 | |||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information | 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, 2015, 2014 and 2013 is presented below ($s in thousands except per share data): | ||||||||||||||||||||
Fiscal Year | April 30 | July 31 | October 31(1) | January 31(2) | Full Year | ||||||||||||||||
2015 | |||||||||||||||||||||
Revenues | $ | 51,191 | $ | 102,030 | $ | 127,564 | $ | 102,325 | $ | 383,110 | |||||||||||
Gross profit | 10,051 | 21,564 | 30,313 | 21,675 | 83,603 | ||||||||||||||||
Income from operations | 6,672 | 17,083 | 24,840 | 15,538 | 64,133 | ||||||||||||||||
Net income | 4,800 | 12,020 | 16,759 | 9,876 | 43,455 | ||||||||||||||||
Net income attributable to the stockholders of Argan, Inc. | 3,475 | 8,550 | 12,422 | 5,998 | 30,445 | ||||||||||||||||
Earnings per share(3,4) | |||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.59 | $ | 0.86 | $ | 0.41 | $ | 2.11 | |||||||||||
Fully diluted | $ | 0.24 | $ | 0.58 | $ | 0.84 | $ | 0.4 | $ | 2.05 | |||||||||||
2014 | |||||||||||||||||||||
Revenues | $ | 46,648 | $ | 57,864 | $ | 63,452 | $ | 59,491 | $ | 227,455 | |||||||||||
Gross profit | 13,028 | 21,257 | 23,876 | 20,687 | 78,848 | ||||||||||||||||
Income from operations | 9,585 | 19,656 | 20,331 | 16,358 | 65,930 | ||||||||||||||||
Net income | 6,940 | 13,923 | 12,449 | 10,032 | 43,344 | ||||||||||||||||
Net income attributable to the stockholders of Argan, Inc. | 6,410 | 12,623 | 11,928 | 9,164 | 40,125 | ||||||||||||||||
Earnings per share(3,4) | |||||||||||||||||||||
Basic | $ | 0.46 | $ | 0.9 | $ | 0.85 | $ | 0.64 | $ | 2.85 | |||||||||||
Fully diluted | $ | 0.45 | $ | 0.89 | $ | 0.83 | $ | 0.63 | $ | 2.78 | |||||||||||
2013 | |||||||||||||||||||||
Revenues | $ | 63,690 | $ | 82,619 | $ | 74,486 | $ | 57,840 | $ | 278,635 | |||||||||||
Gross profit | 10,101 | 12,879 | 13,136 | 14,019 | 50,135 | ||||||||||||||||
Income from operations | 6,659 | 9,572 | 9,345 | 9,804 | 35,380 | ||||||||||||||||
Net income | 4,262 | 5,981 | 5,713 | 5,861 | 21,817 | ||||||||||||||||
Net income attributable to the stockholders of Argan, Inc. | 4,438 | 6,201 | 6,065 | 6,561 | 23,265 | ||||||||||||||||
Earnings per share(3,4) | |||||||||||||||||||||
Basic | $ | 0.32 | $ | 0.45 | $ | 0.44 | $ | 0.47 | $ | 1.69 | |||||||||||
Fully diluted | $ | 0.32 | $ | 0.45 | $ | 0.43 | $ | 0.46 | $ | 1.65 | |||||||||||
-1 | The operating results for the three months ended October 31, 2013 were favorably affected by the development success fee related to the purchase of Moxie Liberty by Panda which was recognized as revenue by the Company in the amount of $14.3 million. | ||||||||||||||||||||
-2 | The operating results for the three months ended January 31, 2014 were favorably affected by the development success fee related to the purchase of Moxie Patriot by Panda which was recognized as revenue by the Company in the amount of $12.8 million. | ||||||||||||||||||||
-3 | The earnings per share amounts are attributable to the stockholders of Argan, Inc. | ||||||||||||||||||||
-4 | 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_Ad
Description of the Business - Additional Information (Detail) (GPS [Member]) | 12 Months Ended |
Jan. 31, 2015 | |
GPS [Member] | |
Schedule Of Description Of Business [Line Items] | |
Consolidated revenues by subsidiaries | 98.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Category | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of categories | 2 | ||
Revenues | $383,110,000 | $227,455,000 | $278,635,000 |
Threshold percentage for recognition of uncertain income tax position minimum | 50.00% | ||
Power Industry Services [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenues | 376,676,000 | 218,649,000 | 261,327,000 |
Power Industry Services [Member] | Project Development Services [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenues | $0 | $27,052,000 | $0 |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 5 years | ||
Minimum [Member] | Power Industry Services [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue recognition period | 1 year | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of the assets | 39 years | ||
Maximum [Member] | Power Industry Services [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Revenue recognition period | 3 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Schedule of Net Revenues by Service Category (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Product Information [Line Items] | |||
Revenues | $383,110,000 | $227,455,000 | $278,635,000 |
Power Industry Services [Member] | |||
Product Information [Line Items] | |||
Revenues | 376,676,000 | 218,649,000 | 261,327,000 |
Core Services [Member] | Power Industry Services [Member] | |||
Product Information [Line Items] | |||
Revenues | 191,597,000 | ||
Project Development Services [Member] | Power Industry Services [Member] | |||
Product Information [Line Items] | |||
Revenues | $0 | $27,052,000 | $0 |
Special_Purpose_Entities_Addit
Special Purpose Entities - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2015 | Aug. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
JointVenture | Project | Project | Project | |||
JointVenture | JointVenture | |||||
Variable Interest Entity [Line Items] | ||||||
Number of natural gas-fired power plant projects under development | 2 | 2 | 2 | |||
Gains on the deconsolidation of variable interest entities | $2,444,000 | |||||
Number of joint ventures | 2 | 2 | 2 | 2 | ||
Cash distributions to joint venture partner | 25,000,000 | |||||
Interest rate on loan receivable | 20.00% | |||||
Development loans to Moxie Freedom | 6,000,000 | |||||
Maturity date of loan | 31-Dec-17 | |||||
Development success fee | 6,000,000 | |||||
Moxie Freedom LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Nominal capacity of natural gas-fired power plant | 1,000 | |||||
Notes receivable and accrued interest | 2,113,000 | 2,113,000 | 2,113,000 | |||
Project development support costs included in accrued expenses | 275,000 | 275,000 | 275,000 | |||
Loan approved percentage | 40.00% | |||||
Cash received pursuant to participation agreement | 755,000 | |||||
Percentage of development success fee to be shared with equipment seller, not yet earned | 40.00% | |||||
Interest rate on cash received | 20.00% | |||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Losses associated with Moxie Project Entities incurred prior to the deconsolidation | 77,000 | 1,448,000 | ||||
Gains on the deconsolidation of variable interest entities | 2,444,000 | |||||
Investment income interest | $952,000 |
Payment_of_Special_Cash_Divide1
Payment of Special Cash Dividends - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Equity [Abstract] | ||||
Dividend record date | 15-Oct-14 | |||
Cash dividend declared per common share | $0.70 | $0.75 | $0.60 | |
Cash dividend paid per common share | $0.70 | $0.75 | $0.60 |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 |
Cash and Cash Equivalents [Line Items] | |
Liquid investments, original maturities | Three months or less |
Minimum percentage of cash and cash equivalents secured by U.S. Government obligations | 80.00% |
Joint Venture [Member] | |
Cash and Cash Equivalents [Line Items] | |
Cash held with consolidated joint ventures | 123.6 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2010 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Length of retention period of amount given to project owners | 2 years | ||
Allowance for doubtful accounts | $5,500,000 | $5,500,000 | |
Accounts receivable from the owner of a partially completed construction project | 5,500,000 | ||
Provision for accounts receivable loss | 0 | ||
Construction Contracts Retainage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contract payment amounts retained by project owners | $26,100,000 | $22,700,000 |
Costs_Estimated_Earnings_and_B2
Costs, Estimated Earnings and Billings on Uncompleted Contracts - Aggregate Amount of Costs Incurred and Earnings Accrued on Uncompleted Contracts Compared with Billings on Contracts (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $324,839,000 | $162,137,000 |
Estimated accrued earnings | 60,809,000 | 21,961,000 |
Contracts Receivables, Gross | 385,648,000 | 184,098,000 |
Less - Billings to date | 546,757,000 | 318,307,000 |
Billings in excess of costs and estimated earnings on uncompleted contracts, net | -161,109,000 | -134,209,000 |
Costs and estimated earnings in excess of billings | 455,000 | 527,000 |
Billings in excess of costs and estimated earnings | 161,564,000 | 134,736,000 |
Billings in excess of costs and estimated earnings on uncompleted contracts, net | ($161,109,000) | ($134,209,000) |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $10,914,000 | $8,390,000 |
Less - accumulated depreciation | 4,396,000 | 4,207,000 |
Property, plant and equipment, net | 6,518,000 | 4,183,000 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 473,000 | 473,000 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,800,000 | 2,779,000 |
Furniture, Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,546,000 | 3,560,000 |
Trucks and Other Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,437,000 | 1,578,000 |
Construction Project Costs Of Variable Interest Entity [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $2,658,000 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Property Plant and Equipment Useful Life and Values [Abstract] | |||
Depreciation expense | $551,000 | $549,000 | $522,000 |
Costs of maintenance and repairs | $304,000 | $250,000 | $325,000 |
Purchased_Intangible_Assets_Ad
Purchased Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Goodwill | $18,476,000 | $18,476,000 | |
Goodwill allocated to GPS for income tax reporting purposes | 12,300,000 | ||
Period of amortization of goodwill for income tax purpose | 15 years | ||
Trade name- GPS, Estimated useful life | 15 years | ||
Amounts of accumulated amortization associated with the trade name of GPS | 1,979,000 | 1,736,000 | |
Amortization expense | 243,000 | 243,000 | 243,000 |
GPS [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Impairment losses recorded related to intangible assets | $0 |
Purchased_Intangible_Assets_In
Purchased Intangible Assets - Intangible Assets (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Trade name - GPS | $1,664,000 | |
Totals | 1,845,000 | 2,088,000 |
Trade Name [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Totals | 1,845,000 | 2,088,000 |
Trade Name [Member] | GPS [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Trade name - GPS | 1,664,000 | 1,907,000 |
Trade Name [Member] | SMC [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Trade name - SMC | $181,000 | $181,000 |
Purchased_Intangible_Assets_Sc
Purchased Intangible Assets - Schedule of Expected Amortization Expense (Detail) (USD $) | Jan. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2016 | $243,000 |
2017 | 243,000 |
2018 | 243,000 |
2019 | 243,000 |
2020 | 243,000 |
Thereafter | 449,000 |
Total | $1,664,000 |
Financing_Arrangements_Additio
Financing Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
Debt Instrument [Line Items] | ||
Borrowing available under financing arrangements | $4,250,000 | |
Interest rate on borrowings under the line of credit | LIBOR plus 2.25% | |
Interest rate margin on referred rate | 2.25% | |
Borrowing amount to designated to cover letters of credit issued by Bank in support of project development activities | 1,350,000 | |
Expiration date of financing arrangements | 31-May-15 | |
Maximum amount of standby letters of credits that may be outstanding | 10,000,000 | |
Borrowings outstanding under Bank financing arrangements | $0 | $0 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Expiration date of financing arrangements | 23-Sep-15 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Expiration date of financing arrangements | 5-Nov-15 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Commitments [Line Items] | |||
Rent incurred on construction projects included in the costs of revenues | $14,413,000 | $3,612,000 | $7,567,000 |
Selling, General and Administrative Expenses [Member] | |||
Commitments [Line Items] | |||
Rent expense included in selling, general and administrative expenses of continuing operations | $195,000 | $171,000 | $390,000 |
Commitments_Schedule_of_Future
Commitments - Schedule of Future Minimum Lease Payments for the Operating Leases of Continuing Operations (Detail) (USD $) | Jan. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $196,000 |
2017 | 196,000 |
2018 | 180,000 |
2019 | 180,000 |
2020 | 89,000 |
Thereafter | 0 |
Total | $841,000 |
Legal_Contingencies_Additional
Legal Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
Aug. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2009 | Jan. 31, 2009 | Jan. 31, 2015 | Mar. 31, 2008 | |
Loss Contingencies [Line Items] | ||||||
Payment receivable from proceeds deposited with bankruptcy court | $1,600,000 | |||||
Amount of Claim of Indebt [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
GPS mechanics lien against Nebraska project | 1,800,000 | |||||
GPS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Net processed held by the bankruptcy court | 5,500,000 | |||||
Settlement payment made by GPS to Delta-T under the project Close-Out Agreement | 3,500,000 | |||||
Lawsuit filing dates | December, 2011 | |||||
Amended amount of complaint filed against surety bonding company by DCR | 6,800,000 | |||||
Damages sought by DCR from GPS | $6.1 million plus interest, costs and attorney fees | |||||
Claims sought | 6,100,000 | |||||
Total payment made | 1,875,000 | |||||
GPS [Member] | Procurement and Construction Services Related to Nebraska Project [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
GPS mechanics lien against Nebraska project | 23,800,000 | |||||
Amount of lien rights assigned by Delta-T to GPS | 21,200,000 | |||||
Delta-T Corporation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Arbitration award in favor of DCR against Delta-T | $6,800,000 | |||||
Lawsuit filing dates | April, 2009 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
Apr. 30, 2003 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock reserved for issuance | 1,103,350 | ||||
Intrinsic value of the stock options exercised | $5,708,000 | $3,158,000 | $1,242,000 | ||
Intrinsic value of outstanding stock options | 7,071,000 | ||||
Intrinsic value of exercisable stock options | 6,845,000 | ||||
Compensation expense | 2,017,000 | 1,536,000 | 1,316,000 | ||
Unrecognized compensation cost | 1,053,000 | ||||
Method used for fair value assumption | Black-Scholes option-pricing model | ||||
Risk-free interest rate, minimum | 0.13% | 0.73% | 1.82% | ||
Risk-free interest rate, maximum | 1.64% | 1.52% | 2.01% | ||
Volatility rate, minimum | 29.90% | 32.30% | 34.50% | ||
Volatility rate, maximum | 34.40% | 34.30% | 36.40% | ||
Warrants converted to shares of common stock | 160,000 | ||||
Conversion price for outstanding warrants | $7.75 | ||||
Aggregate fair value of the warrants | 849,000 | ||||
Company's expense for defined contribution savings plans | $1,069,000 | $677,000 | $36,000 | ||
2011 Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of additional common stock authorized for issuance | 750,000 | ||||
Number of common stock authorized for issuance | 1,250,000 | ||||
Expiration dates of stock incentive plans | 2021-07 | ||||
Number of shares of common stock available for award at January 31, 2015 | 227,000 | ||||
Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration dates of stock incentive plans | 2011-07 | ||||
Stock Option Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense recognize, period | 2015-12 | ||||
ISOs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock option award maximum expiration period | 10 years | ||||
Period to become exercisable | 1 year | ||||
NSOs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock option award maximum expiration period | 10 years | ||||
Period to become exercisable | 1 year |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Activity under Option and Stock Plans (Detail) (USD $) | 12 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Shares, Outstanding, Beginning balance | 916,150 | 926,224 | 817,186 | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $17.36 | $14.34 | $12.10 | |
Shares, Granted | 305,500 | 303,000 | 293,000 | |
Shares, Exercised | -345,300 | -309,074 | -153,962 | |
Shares, Forfeited | -4,000 | -30,000 | ||
Shares, Outstanding, Ending balance | 876,350 | 916,150 | 926,224 | 817,186 |
Shares, Exercisable | 570,850 | |||
Weighted Average Exercise Price, Granted | $21.09 | $21.32 | $17.36 | |
Weighted Average Exercise Price, Exercised | $15.61 | $12.20 | $9.33 | |
Weighted Average Exercise Price, Forfeited | $17.33 | $8.66 | ||
Weighted Average Exercise Price, Outstanding, Ending balance | $22.34 | $17.36 | $14.34 | $12.10 |
Weighted Average Exercise Price, Exercisable | $18.42 | |||
Weighted Average Remaining Term, Outstanding | 7 years 29 days | 6 years 15 days | 5 years 4 months 21 days | 4 years 11 months 9 days |
Weighted Average Remaining Term, Exercisable | 6 years 5 months 16 days | |||
Weighted Average Fair Value, Outstanding, Beginning balance | $6.01 | $5.58 | $5.93 | $5.68 |
Weighted Average Fair Value, Exercisable | $5.41 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Change in Number of Non-Vested Options to Purchase Shares of Common Stock (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Shares, Non-vested, Beginning balance | 303,000 | 388,500 | 212,500 |
Shares, Granted | 305,500 | 303,000 | 293,000 |
Shares, Vested | -303,000 | -384,500 | -112,000 |
Shares, Forfeited (non-vested) | -4,000 | -5,000 | |
Shares, Non-vested, Ending balance | 305,500 | 303,000 | 388,500 |
Weighted Average Fair Value, Non-vested, Beginning balance | $4.40 | $5.67 | $5.09 |
Weighted Average Fair Value, Granted | $7.14 | $4.40 | $5.65 |
Weighted Average Fair Value, Vested | $4.40 | $5.67 | $4.51 |
Weighted Average Fair Value, Forfeited (non-vested) | $5.71 | $6.32 | |
Weighted Average Fair Value, Non-vested, Ending balance | $7.14 | $4.40 | $5.67 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Assumptions Used to Estimate Fair Value of Stock Options Granted (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.32% | 1.33% | 1.93% |
Expected volatility | 33.70% | 32.70% | 35.50% |
Expected life in years | 4 years 10 months 24 days | 4 years 8 months 12 days | 4 years 7 months 6 days |
Dividend yield | 3.46% | 3.39% |
Income_Taxes_Components_of_Com
Income Taxes - Components of Company's Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Current: | |||
Federal | $15,249,000 | $20,765,000 | $11,555,000 |
State | 4,767,000 | 3,525,000 | 2,224,000 |
Total | 20,016,000 | 24,290,000 | 13,779,000 |
Deferred: | |||
Federal | 788,000 | 1,419,000 | -349,000 |
State | 108,000 | 282,000 | 90,000 |
Total | 896,000 | 1,701,000 | -259,000 |
Income tax expense | $20,912,000 | $25,991,000 | $13,520,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal corporate income tax rate | 35.00% | 35.00% | 35.00% |
Accrued income taxes included in accrued expenses | $176,000 | $303,000 | |
Net deferred tax liabilities | $1,010,000 | $114,000 | |
Federal, state and local income tax examinations applicability description | No longer subject to federal, state and local income tax examinations by tax authorities for its fiscal years ended on or before January 31, 2011 except for a few exceptions including California where the open period is one year longer. |
Income_Taxes_Actual_Income_Tax
Income Taxes - Actual Income Tax Expense Amounts (Detail) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Computed "expected" income tax | $22,528,000 | $24,267,000 | $12,368,000 |
Increase (decrease) resulting from: | |||
State income taxes, net | 3,284,000 | 2,574,000 | 1,481,000 |
Exclusion of noncontrolling interests | -4,582,000 | -514,000 | |
Domestic production activities deduction | -1,504,000 | -1,049,000 | -1,037,000 |
Other permanent differences | 902,000 | 458,000 | 307,000 |
Federal income tax true-up and other adjustments | 284,000 | 255,000 | 401,000 |
Income tax expense | $20,912,000 | $25,991,000 | $13,520,000 |
Income_Taxes_Schedule_of_Tax_E
Income Taxes - Schedule of Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 31, 2015 | Jan. 31, 2014 |
Assets: | ||
Stock options | $1,649,000 | $1,623,000 |
Purchased intangibles | 1,132,000 | 1,255,000 |
Accrued liabilities | 428,000 | 514,000 |
Other | 107,000 | 50,000 |
Total Asset | 3,316,000 | 3,442,000 |
Liabilities: | ||
Purchased intangibles | -2,931,000 | -2,563,000 |
Construction contracts | -830,000 | -313,000 |
Property and equipment | -533,000 | -612,000 |
Other | -32,000 | -68,000 |
Total Liabilities | -4,326,000 | -3,556,000 |
Net deferred tax liabilities | ($1,010,000) | ($114,000) |
Earnings_Per_Share_Attributabl1
Earnings Per Share Attributable to the Stockholders of Argan - Additional Information (Detail) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Additional shares included in the calculation of diluted EPS | 389,000 | 356,000 | 330,000 |
Shares covered by antidilutive stock options | 40,000 | 222,000 | 404,000 |
Major_Customers_Additional_Inf
Major Customers - Additional Information (Detail) (Power Industry Services [Member]) | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Customer | Customer | Customer | |
Revenue, Major Customer [Line Items] | |||
Number of major power industry service customers | 3 | 3 | 2 |
Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net revenue accounted by major customers | 98.00% | 96.00% | 94.00% |
Major Customer One [Member] | Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net revenue accounted by major customers | 45.00% | 33.00% | 56.00% |
Major Customer Two [Member] | Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net revenue accounted by major customers | 41.00% | 24.00% | 18.00% |
Major Customer Three [Member] | Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net revenue accounted by major customers | 12.00% | 22.00% |
Segment_Reporting_Summarized_O
Segment Reporting - Summarized Operating Results and Certain Financial Position Data of Company's Reportable Continuing Business Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $383,110,000 | $227,455,000 | $278,635,000 | ||||||||||||
Cost of revenues | 299,507,000 | 148,607,000 | 228,500,000 | ||||||||||||
Gross profit | 21,675,000 | 30,313,000 | 21,564,000 | 10,051,000 | 20,687,000 | 23,876,000 | 21,257,000 | 13,028,000 | 14,019,000 | 13,136,000 | 12,879,000 | 10,101,000 | 83,603,000 | 78,848,000 | 50,135,000 |
Selling, general and administrative expenses | 19,470,000 | 12,918,000 | 14,755,000 | ||||||||||||
Income (loss) from operations | 64,133,000 | 65,930,000 | 35,380,000 | ||||||||||||
Gains on the deconsolidation of VIEs | 2,444,000 | ||||||||||||||
Other income (expense), net | 234,000 | 961,000 | -43,000 | ||||||||||||
INCOME BEFORE INCOME TAXES | 64,367,000 | 69,335,000 | 35,337,000 | ||||||||||||
Income tax expense | 20,912,000 | 25,991,000 | 13,520,000 | ||||||||||||
Net income | 9,876,000 | 16,759,000 | 12,020,000 | 4,800,000 | 10,032,000 | 12,449,000 | 13,923,000 | 6,940,000 | 5,861,000 | 5,713,000 | 5,981,000 | 4,262,000 | 43,455,000 | 43,344,000 | 21,817,000 |
Amortization of purchased intangible assets | 243,000 | 243,000 | 243,000 | ||||||||||||
Depreciation | 551,000 | 549,000 | 522,000 | ||||||||||||
Fixed asset additions | 2,936,000 | 1,136,000 | 7,263,000 | ||||||||||||
Goodwill | 18,476,000 | 18,476,000 | 18,476,000 | 18,476,000 | 18,476,000 | 18,476,000 | |||||||||
Total assets | 391,193,000 | 323,306,000 | 234,724,000 | 391,193,000 | 323,306,000 | 234,724,000 | |||||||||
Current assets | 364,354,000 | 298,559,000 | 204,108,000 | 364,354,000 | 298,559,000 | 204,108,000 | |||||||||
Current liabilities | 215,432,000 | 165,237,000 | 115,546,000 | 215,432,000 | 165,237,000 | 115,546,000 | |||||||||
Power Industry Services [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 376,676,000 | 218,649,000 | 261,327,000 | ||||||||||||
Cost of revenues | 294,643,000 | 141,807,000 | 214,817,000 | ||||||||||||
Telecommunications Infrastructure Services [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 6,434,000 | 8,806,000 | 17,308,000 | ||||||||||||
Cost of revenues | 4,864,000 | 6,800,000 | 13,683,000 | ||||||||||||
Operating Segments [Member] | Power Industry Services [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 376,676,000 | 218,649,000 | 261,327,000 | ||||||||||||
Cost of revenues | 294,643,000 | 141,807,000 | 214,817,000 | ||||||||||||
Gross profit | 82,033,000 | 76,842,000 | 46,510,000 | ||||||||||||
Selling, general and administrative expenses | 11,930,000 | 7,575,000 | 7,950,000 | ||||||||||||
Income (loss) from operations | 70,103,000 | 69,267,000 | 38,560,000 | ||||||||||||
Gains on the deconsolidation of VIEs | 2,444,000 | ||||||||||||||
Other income (expense), net | 231,000 | 958,000 | -45,000 | ||||||||||||
INCOME BEFORE INCOME TAXES | 70,334,000 | 72,669,000 | 38,515,000 | ||||||||||||
Amortization of purchased intangible assets | 243,000 | 243,000 | 243,000 | ||||||||||||
Depreciation | 372,000 | 366,000 | 290,000 | ||||||||||||
Fixed asset additions | 2,807,000 | 1,067,000 | 6,986,000 | ||||||||||||
Goodwill | 18,476,000 | 18,476,000 | 18,476,000 | 18,476,000 | 18,476,000 | 18,476,000 | |||||||||
Total assets | 303,737,000 | 276,744,000 | 186,284,000 | 303,737,000 | 276,744,000 | 186,284,000 | |||||||||
Current assets | 277,308,000 | 252,603,000 | 158,567,000 | 277,308,000 | 252,603,000 | 158,567,000 | |||||||||
Current liabilities | 214,238,000 | 163,534,000 | 110,828,000 | 214,238,000 | 163,534,000 | 110,828,000 | |||||||||
Operating Segments [Member] | Telecommunications Infrastructure Services [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 6,434,000 | 8,806,000 | 17,308,000 | ||||||||||||
Cost of revenues | 4,864,000 | 6,800,000 | 13,683,000 | ||||||||||||
Gross profit | 1,570,000 | 2,006,000 | 3,625,000 | ||||||||||||
Selling, general and administrative expenses | 1,299,000 | 1,331,000 | 1,628,000 | ||||||||||||
Income (loss) from operations | 271,000 | 675,000 | 1,997,000 | ||||||||||||
INCOME BEFORE INCOME TAXES | 271,000 | 675,000 | 1,997,000 | ||||||||||||
Depreciation | 169,000 | 180,000 | 229,000 | ||||||||||||
Fixed asset additions | 77,000 | 69,000 | 277,000 | ||||||||||||
Total assets | 2,293,000 | 1,989,000 | 4,032,000 | 2,293,000 | 1,989,000 | 4,032,000 | |||||||||
Current assets | 1,681,000 | 1,293,000 | 3,486,000 | 1,681,000 | 1,293,000 | 3,486,000 | |||||||||
Current liabilities | 420,000 | 511,000 | 1,346,000 | 420,000 | 511,000 | 1,346,000 | |||||||||
Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Selling, general and administrative expenses | 6,241,000 | 4,012,000 | 5,177,000 | ||||||||||||
Income (loss) from operations | -6,241,000 | -4,012,000 | -5,177,000 | ||||||||||||
Other income (expense), net | 3,000 | 3,000 | 2,000 | ||||||||||||
INCOME BEFORE INCOME TAXES | -6,238,000 | -4,009,000 | -5,175,000 | ||||||||||||
Depreciation | 10,000 | 3,000 | 3,000 | ||||||||||||
Fixed asset additions | 52,000 | ||||||||||||||
Total assets | 85,163,000 | 44,573,000 | 44,408,000 | 85,163,000 | 44,573,000 | 44,408,000 | |||||||||
Current assets | 85,365,000 | 44,663,000 | 42,055,000 | 85,365,000 | 44,663,000 | 42,055,000 | |||||||||
Current liabilities | $774,000 | $1,192,000 | $3,372,000 | $774,000 | $1,192,000 | $3,372,000 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||
Revenues | $102,325,000 | $127,564,000 | $102,030,000 | $51,191,000 | $59,491,000 | $63,452,000 | $57,864,000 | $46,648,000 | $57,840,000 | $74,486,000 | $82,619,000 | $63,690,000 | $383,110,000 | $227,455,000 | $278,635,000 |
Gross profit | 21,675,000 | 30,313,000 | 21,564,000 | 10,051,000 | 20,687,000 | 23,876,000 | 21,257,000 | 13,028,000 | 14,019,000 | 13,136,000 | 12,879,000 | 10,101,000 | 83,603,000 | 78,848,000 | 50,135,000 |
Income from operations | 15,538,000 | 24,840,000 | 17,083,000 | 6,672,000 | 16,358,000 | 20,331,000 | 19,656,000 | 9,585,000 | 9,804,000 | 9,345,000 | 9,572,000 | 6,659,000 | 64,133,000 | 65,930,000 | 35,380,000 |
Net income | 9,876,000 | 16,759,000 | 12,020,000 | 4,800,000 | 10,032,000 | 12,449,000 | 13,923,000 | 6,940,000 | 5,861,000 | 5,713,000 | 5,981,000 | 4,262,000 | 43,455,000 | 43,344,000 | 21,817,000 |
Net income attributable to the stockholders of Argan, Inc. | $5,998,000 | $12,422,000 | $8,550,000 | $3,475,000 | $9,164,000 | $11,928,000 | $12,623,000 | $6,410,000 | $6,561,000 | $6,065,000 | $6,201,000 | $4,438,000 | $30,445,000 | $40,125,000 | $23,265,000 |
Earnings per share | |||||||||||||||
Basic | $0.41 | $0.86 | $0.59 | $0.24 | $0.64 | $0.85 | $0.90 | $0.46 | $0.47 | $0.44 | $0.45 | $0.32 | $2.11 | $2.85 | $1.69 |
Fully diluted | $0.40 | $0.84 | $0.58 | $0.24 | $0.63 | $0.83 | $0.89 | $0.45 | $0.46 | $0.43 | $0.45 | $0.32 | $2.05 | $2.78 | $1.65 |
Quarterly_Financial_Informatio3
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2014 | Oct. 31, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Development success fee related to purchase recognized as revenues | $12.80 | $14.30 |