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Arcadia posts $3.3M loss as revenue falls

August 11, 2008
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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