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      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">UNITED
        STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SECURITIES
        AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">FORM
        8-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRRENT
        REPORT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of Earliest Event Reported):&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;September 19,
        2005</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 135pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 130.5pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><u>Argan,
        Inc.</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div align="center">
        <div>
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              <tr bgcolor="#ffffff">
                <td width="33.33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">Delaware</font></div>
                </td>
                <td width="33.33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">1-31756</font></div>
                </td>
                <td width="33.33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">13-1947195</font></div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="33.33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(State
                    or other jurisdiction of
                    incorporation)</font></div>
                </td>
                <td width="33.33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Commission
                    File Number)</font></div>
                </td>
                <td width="33.33%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(I.R.S.
                    Employer&#160;Identification
                    No.)</font></div>
                </td>
              </tr>

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              <td width="33.33%" style="BORDER-BOTTOM: #000000 thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One
                  Church Street</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Suite
                  302</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rockville,
                  Maryland</font></div>
              </td>
              <td width="33.33%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
              <td valign="bottom" width="33.33%" style="BORDER-BOTTOM: #000000 thin solid">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">20850</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td width="33.33%"><font size="2">(Address of principal executive
                offices)
                </font></td>
              <td width="33.33%">&#160;</td>
              <td width="33.33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(Zip
                  Code)</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td width="33.33%">&#160;</td>
              <td width="33.33%">&#160;</td>
              <td width="33.33%">&#160;</td>
            </tr>
            <tr bgcolor="#ffffff">
              <td width="33.33%"><font size="2">Registrant&#8217;s telephone number, including
                area code:</font></td>
              <td width="33.33%">&#160;</td>
              <td width="33.33%"><font size="2">(301)
                315-0027</font></td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
        Written communications
        pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
        Soliciting material
        pursuant to RULE 14a-12 under the Exchange Act (17CFR 240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
        Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
        Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2.02 Results of Operations and Financial Condition. </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 19, 2005, Argan, Inc. (the "Company") revised its accounting treatment
        with regard to an investment made by MSR I SBIC, L.P. on January 28, 2005.
        The
        Company will also be recording a liability with regard to an agreement entered
        into with Kevin Thomas on January 28, 2005 with respect to debt subordination
        and related matters. This liability has been settled as a non-cash transaction
        by the issuance of the Company&#8217;s common stock. The Company has also corrected an
        error in the accounting for inventory and cost of goods sold in the three
        months
        ended April 30, 2005. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        4.02 Non-Reliance on Previously Issued Financial Statements or a Related
        Audit
        Report or Completed Interim Review. </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 19, 2005, senior management and the Audit Committee of the Board
        of
        Directors of the Company concluded that the Company's financial statements
        for
        the fiscal year ended January 31, 2005 and for the quarterly period ended
        April
        30, 2005 should be restated, and that such previously filed financial statements
        should no longer be relied upon. The Company will be filing these restated
        financial statements as soon as practically possible and concurrently with
        the
        filing of its Quarterly Report for the interim period ended July 31,
        2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        restatements relate to the Company's amendment of its accounting for an
        investment made by MSR I SBIC, L.P. (&#8220;MSR&#8221;) on January 28, 2005 (&#8220;Investment&#8221;)
        and for an agreement entered into with Kevin Thomas on January 28, 2005 with
        respect to debt subordination and related concessions (&#8220;Concessions&#8221;) given to
        Kevin Thomas in connection with consummating the agreement. The Company has
        also
        corrected an error in its accounting for inventory and cost of goods sold
        in the
        three months ended April 30, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        revised accounting for the Investment, a portion of the proceeds of the
        Investment will be accounted for as a liability for a derivative financial
        instrument related to the fair value being ascribed to the obligation of
        the
        Company to issue MSR additional shares under certain conditions. The derivative
        financial instrument is subject to adjustment for changes in fair value at
        the
        Company&#8217;s interim reporting period ended April 30, 2005 and at the July 31, 2005
        settlement date for the final pricing of the derivative financial instrument.
        The fair value adjustment will be recorded as an increase in liability for
        the
        derivative financial instrument and as a charge to the Company&#8217;s other expenses
        and net income. The liability for the derivative financial instrument was
        settled as a non-cash transaction by the issuance of additional shares of
        the
        Company&#8217;s common stock on August 13, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        accounting for the Concessions, a derivative financial instrument will be
        recorded as a liability for the fair value ascribed to the obligations of
        the
        Company to issue Kevin Thomas additional shares under certain circumstances.
        A
        portion of the charge related to the liability for derivative financial
        instrument will be recorded as issuance cost for subordinated debt which
        will be
        amortized over the life of the subordinated debt and a portion of the charge
        will be recorded as compensation expense due to Kevin Thomas. The amortization
        for the charge for the loan commitment will increase the Company&#8217;s future
        interest expense through August 1, 2006, the maturity date of the note, and
        reduce net income. The charge for compensation to Kevin Thomas will increase
        other expense and decrease net income for the year ended January 31, 2005.
        The
        derivative financial instrument will be subject to adjustment for changes
        in
        fair value at the Company&#8217;s interim reporting period ended April 30, 2005 and at
        the July 31, 2005 settlement date for the final pricing of the derivative
        financial instrument. The fair value adjustment will be recorded as a increase
        in liability for the derivative financial instrument and as a charge to the
        Company&#8217;s other expenses and net income. The liability for the derivative
        financial instrument was settled as a non-cash transaction by the issuance
        of
        additional shares of the Company&#8217;s common stock on September 1,
        2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company&#8217;s correction of an error in its accounting for inventory and cost of
        goods sold will increase the cost of goods sold, and reduce inventory and
        net
        income for the three months ended April 30, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 19, 2005, the Company's Audit Committee and senior management
        discussed the matters disclosed in this report with the Company's independent
        registered public accounting firm, Ernst &amp; Young, LLP. On September 19,
        2005, the Company determined to restate its financial statements as described
        above. The Company is working with its independent auditors to complete the
        restatements and will file its Form 10-QSB for the period ended July 31,
        2005,
        together with the restated Form 10-KSB for the year ended January 31, 2005
        and
        the restated Form 10-QSB for the period ended April 30, 2005 as soon as the
        restatements are complete.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ernst
        &amp; Young, LLP, the Company&#8217;s independent registered public accounting firm,
        has advised the Company that it has identified material weaknesses in internal
        controls over financial reporting in connection with the aforementioned
        restatements.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Argan,
                  Inc.</font></td>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>September
                  20, 2005</em></font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/&#160;<em>Rainer
                  Bosselmann&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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{"company-data": {"conformed-name": "ARGAN INC", "cik": "0000100591", "assigned-sic": "2833", "irs-number": "131947195", "state-of-incorporation": "DE", "fiscal-year-end": "0131"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31756", "film-number": "051093617"}, "business-address": {"street1": "ONE CHURCH STREET", "street2": "SUITE 302", "city": "ROCKVILLE", "state": "MD", "zip": "20850", "phone": "301 315-0027"}, "mail-address": {"street1": "ONE CHURCH STREET", "street2": "SUITE 302", "city": "ROCKVILLE", "state": "MD", "zip": "20850"}, "former-company": [{"former-conformed-name": "PUROFLOW INC", "date-changed": "19920703"}, {"former-conformed-name": "ULTRA DYNAMICS CORP", "date-changed": "19830522"}]}
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
WASHINGTON,
        D.C. 20549
FORM
        8-K
CURRRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
        of
        Report (Date of Earliest Event Reported):
September 19,
        2005
Argan,
        Inc.
(Exact
        name of registrant as specified in its charter)
Delaware
1-31756
13-1947195
(State
                    or other jurisdiction of
                    incorporation)
(Commission
                    File Number)
(I.R.S.
                    Employer Identification
                    No.)
One
                  Church Street
Suite
                  302
Rockville,
                  Maryland
20850
(Address of principal executive
                offices)
(Zip
                  Code)
Registrant's telephone number, including
                area code:
(301)
                315-0027
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:
o
Written communications
        pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
        pursuant to RULE 14a-12 under the Exchange Act (17CFR 240.14a-12)
o
Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))
o
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
Item
        2.02 Results of Operations and Financial Condition.
On
        September 19, 2005, Argan, Inc. (the "Company") revised its accounting treatment
        with regard to an investment made by MSR I SBIC, L.P. on January 28, 2005.
        The
        Company will also be recording a liability with regard to an agreement entered
        into with Kevin Thomas on January 28, 2005 with respect to debt subordination
        and related matters. This liability has been settled as a non-cash transaction
        by the issuance of the Company's common stock. The Company has also corrected an
        error in the accounting for inventory and cost of goods sold in the three
        months
        ended April 30, 2005.
Item
        4.02 Non-Reliance on Previously Issued Financial Statements or a Related
        Audit
        Report or Completed Interim Review.
On
        September 19, 2005, senior management and the Audit Committee of the Board
        of
        Directors of the Company concluded that the Company's financial statements
        for
        the fiscal year ended January 31, 2005 and for the quarterly period ended
        April
        30, 2005 should be restated, and that such previously filed financial statements
        should no longer be relied upon. The Company will be filing these restated
        financial statements as soon as practically possible and concurrently with
        the
        filing of its Quarterly Report for the interim period ended July 31,
        2005.
The
        restatements relate to the Company's amendment of its accounting for an
        investment made by MSR I SBIC, L.P. ("MSR") on January 28, 2005 ("Investment")
        and for an agreement entered into with Kevin Thomas on January 28, 2005 with
        respect to debt subordination and related concessions ("Concessions") given to
        Kevin Thomas in connection with consummating the agreement. The Company has
        also
        corrected an error in its accounting for inventory and cost of goods sold
        in the
        three months ended April 30, 2005.
Under
        the
        revised accounting for the Investment, a portion of the proceeds of the
        Investment will be accounted for as a liability for a derivative financial
        instrument related to the fair value being ascribed to the obligation of
        the
        Company to issue MSR additional shares under certain conditions. The derivative
        financial instrument is subject to adjustment for changes in fair value at
        the
        Company's interim reporting period ended April 30, 2005 and at the July 31, 2005
        settlement date for the final pricing of the derivative financial instrument.
        The fair value adjustment will be recorded as an increase in liability for
        the
        derivative financial instrument and as a charge to the Company's other expenses
        and net income. The liability for the derivative financial instrument was
        settled as a non-cash transaction by the issuance of additional shares of
        the
        Company's common stock on August 13, 2005.
Under
        the
        accounting for the Concessions, a derivative financial instrument will be
        recorded as a liability for the fair value ascribed to the obligations of
        the
        Company to issue Kevin Thomas additional shares under certain circumstances.
        A
        portion of the charge related to the liability for derivative financial
        instrument will be recorded as issuance cost for subordinated debt which
        will be
        amortized over the life of the subordinated debt and a portion of the charge
        will be recorded as compensation expense due to Kevin Thomas. The amortization
        for the charge for the loan commitment will increase the Company's future
        interest expense through August 1, 2006, the maturity date of the note, and
        reduce net income. The charge for compensation to Kevin Thomas will increase
        other expense and decrease net income for the year ended January 31, 2005.
        The
        derivative financial instrument will be subject to adjustment for changes
        in
        fair value at the Company's interim reporting period ended April 30, 2005 and at
        the July 31, 2005 settlement date for the final pricing of the derivative
        financial instrument. The fair value adjustment will be recorded as a increase
        in liability for the derivative financial instrument and as a charge to the
        Company's other expenses and net income. The liability for the derivative
        financial instrument was settled as a non-cash transaction by the issuance
        of
        additional shares of the Company's common stock on September 1,
        2005.
The
        Company's correction of an error in its accounting for inventory and cost of
        goods sold will increase the cost of goods sold, and reduce inventory and
        net
        income for the three months ended April 30, 2005.
2
On
        September 19, 2005, the Company's Audit Committee and senior management
        discussed the matters disclosed in this report with the Company's independent
        registered public accounting firm, Ernst & Young, LLP. On September 19,
        2005, the Company determined to restate its financial statements as described
        above. The Company is working with its independent auditors to complete the
        restatements and will file its Form 10-QSB for the period ended July 31,
        2005,
        together with the restated Form 10-KSB for the year ended January 31, 2005
        and
        the restated Form 10-QSB for the period ended April 30, 2005 as soon as the
        restatements are complete.
Ernst
        & Young, LLP, the Company's independent registered public accounting firm,
        has advised the Company that it has identified material weaknesses in internal
        controls over financial reporting in connection with the aforementioned
        restatements.
3
SIGNATURES
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
Argan,
                  Inc.
September
                  20, 2005
By:
/s/
Rainer
                  Bosselmann
Title:
Chairman
                    of the Board and
Chief
                    Executive Officer
4