Arcadia posts $3.3M loss as revenue falls

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.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets on
{{ count_down }}