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UPDATE: Arcadia lured by central location

Peter Schnitzler
October 10, 2007
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Arcadia Resources Inc. CEO Marvin Richardson, an Anderson native and Purdue University pharmacy graduate, said Indianapolis was chosen as the company's new headquarters because its central location will create an advantage when it launches a new drug-packaging system.

The system, called DailyMed, will help patients manage their prescription pills. The company plans to open a distribution center for DailyMed in the near future that eventually could employ 300 or more.

Counting the headquarters positions, the number of jobs being created in Indianapolis will exceed 400, according to Indiana Economic Development Corp.

"I've been gone seven years. I'm very impressed coming back to see what's being done in the area of life science and the pro-business environment being created by the city and the state," Richardson said in an interview. "As a longtime Hoosier, it feels good to see."

IBJ reported this morning that Arcadia will move from the Detroit suburb of Southfield and create more than 300 jobs.

Gov. Mitch Daniels was scheduled to be on hand for the 2 p.m. announcement at Methodist Hospital.

Arcadia will invest more than $3 million in the relocation, and receive up to $6 million in state Economic Development for a Growing Economy, or EDGE, tax credits, plus up to $135,000 in training grants and a property tax abatement from the city.

Indiana Secretary of Commerce Nathan Feltman said in an interview that the attraction of Arcadia's corporate headquarters is a "huge" life science opportunity for Indiana. Other states including Minnesota were in the running for the deal.

"They're going through reorganization and consolidating to Indiana," Feltman said. "It's frankly just a fantastic opportunity. We don't land publicly traded companies every day."

Arcadia's primary business is the placement of nurses and other medical professionals in homes to assist with seniors' health care. It also sells durable medical products, such as wheelchairs, walkers and oxygen equipment.

Arcadia, whose medical staffing force boasts about 13,000 nurses and technicians, will bring about 40 jobs immediately along with its headquarters, which will be located at 96th Street and Keystone Avenue. Arcadia already has operations in Evansville, Crown Point and Rossville.

Traded on AMEX under the symbol KAD, Arcadia has a $100 million market cap. For its most recent fiscal year, ended March 31, the company reported revenue of $158.4 million, but took a loss of $43.8 million. In its next quarter, ended June 30 and the most recently reported, Arcadia lost $7.4 million on $42.4 million in revenue.

Richardson took over the company this spring after it merged with his former firm, Minneapolis-based PrairieStone Pharmacy LLC.

He said Arcadia's large financial losses have been primarily due to the company's problems with Medicare and Medicaid reimbursement, which stemmed from improper billings of sales from its durable-medical-products business. He said those problems have been corrected.
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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

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