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<SEC-DOCUMENT>0000950123-09-003299.txt : 20090413
<SEC-HEADER>0000950123-09-003299.hdr.sgml : 20090413
<ACCEPTANCE-DATETIME>20090224105708
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-003299
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARGAN INC
		CENTRAL INDEX KEY:			0000100591
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
		IRS NUMBER:				131947195
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 401
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301 315-0027

	MAIL ADDRESS:	
		STREET 1:		ONE CHURCH STREET SUITE 401
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUROFLOW INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ULTRA DYNAMICS CORP
		DATE OF NAME CHANGE:	19830522
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<HEAD>
<TITLE>CORRESP</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;24, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>VIA EDGAR </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: John Cash, Accounting Branch Chief<BR>
&nbsp;

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Argan, Inc., File No.&nbsp;001-31756</B><br>
<B>Form&nbsp;10-K for the Fiscal Year Ended January&nbsp;31, 2008</B><br>
<B>Definitive Proxy Statement on Schedule&nbsp;14A filed May&nbsp;14, 2008</B><br>
<B>Form&nbsp;10-Q for the Fiscal Quarter Ended October&nbsp;31, 2008</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Cash:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Set forth below is our response to your letter dated February&nbsp;18, 2009 (the &#147;Comment Letter&#148;)
regarding Form 10-K for the fiscal year ended January&nbsp;31, 2008; definitive proxy statement on
Schedule&nbsp;14A filed on May&nbsp;14, 2008; and Form 10-Q for the fiscal quarter ended October&nbsp;31, 2008 of
Argan, Inc. (the &#147;Company&#148;). All responses correspond to the sequential numbering of the comments
and headings used in the Comment Letter issued by the staff (the &#147;Staff&#148;) of the Securities and
Exchange Commission (the &#147;Commission&#148;). The Company&#146;s response to the Comment Letter is as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Form&nbsp;10-K for the Fiscal Year Ended January&nbsp;31, 2008</U><BR>
<U>Item&nbsp;7. Management&#146;s Discussion and Analysis, page 24</U><BR>
<U>Earnings before Interest, Taxes, Depreciation and Amortization, page 33</U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We appreciate your response to prior comment 2; however, it appears that your intention
to present &#147;Adjusted EBITDA&#148; may violate Item&nbsp;10(e)(ii)(B) of Regulation&nbsp;S-K since your
proposed disclosure would adjust EBITDA for asset impairment losses which have occurred
within the prior two fiscal years. Additionally, Question 8 of the SEC&#146;s &#147;Frequently Asked
Questions Regarding the Use of Non-GAAP Financial Measures&#148; notes that it may be
permissible to adjust earnings for recurring items if you believe it is probable that the
recurring item will disappear or become immaterial within a near-term finite period. In
this regard, we note that asset impairment losses have reoccurred during the nine-month
period ended October&nbsp;31, 2008. Please advise or revise your future filings accordingly.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Response</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In future filings and pursuant to your comment, we will present the determination of
Earnings before Interest, Taxes, Depreciation and Amortization (&#147;EBITDA&#148;) in tabular form
<B><I>without </I></B>adjustment for asset impairment losses. We will no longer make a presentation of
Adjusted EBITDA.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If you have any further comments or questions regarding our response, please do not hesitate to
contact me by phone at (301)&nbsp;315-0027 or by fax at (301)&nbsp;315-0064.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,<BR>
/s/ Arthur F. Trudel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Arthur F. Trudel<BR>
Senior Vice President, Chief Financial Officer

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




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