Arcadia Resources Inc. narrowed its losses during its fiscal first quarter.
The Indianapolis-based home health care company lost $3.3 million in the period ended June 30 compared with a $3.7 million loss in the same quarter last year.
The loss of 2 cents per share was worse than the breakeven anticipated by the sole analyst surveyed by Thomson Financial.
Revenue for the quarter fell 1.6 percent, to $37.4 million, compared with $38 million a year earlier.
The company highlighted that its operations generated slightly positive cash flow, $600,000, compared with the same quarter a year ago, when Arcadia burned up $4 million in cash.
“While we experienced a slight decrease in overall revenue, we are encouraged by increased sales of home care services and home health products,” CEO Marvin Richardson said in a statement.
“These increases were offset by reductions in the company’s medical staffing and industrial staffing revenues.”
In addition to home health care and staffing, Arcadia is trying to ramp up a new pharmaceutical program called DailyMed. It packages medications for seniors into convenient meal-time or daily packages.
Arcadia shares fell 3 cents this morning to trade at 39 cents.
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