Arcadia Resources says it will add 930 jobs

May 19, 2010

Indianapolis-based Arcadia Resources Inc. will announce Thursday morning that it plans to add 930 jobs by 2013, according to the company's Web site.

Gov. Mitch Daniels and Mayor Greg Ballard will be present at the company's north-side headquarters for the 10 a.m. announcement, according to a news release from the Indiana Economic Development Corp.

The IEDC news release doesn’t specifically name Arcadia Resources or reveal the number of jobs, but it does list Arcadia's address as the site of the jobs announcement.

A brief posting on Arcadia's Web site says the company plans to add the jobs as part of an expansion of its headquarters and pharmacy operations. 

Officials for Arcadia and IEDC did not return phone calls seeking comment Wednesday afternoon.

Arcadia leased 18,615 square feet of space earlier this year at 9320 Priority Way West in the Precedent Office Park, where the company will make the jobs announcement.

What types of jobs are planned, and how much they will pay, is unknown.

The provider of health care services is trying to grow its DailyMed pharmaceutical service, which packages dosages of prescriptions into individual packets, to make it easier for patients on numerous medications to stick to their drug regimens.

In 2009, Arcadia announced a partnership with Indianapolis-based WellPoint Inc. to provide the DailyMed service to Medicaid patients that WellPoint serves in six states.

Arcadia agreed in 2007 to move from Southfield, Mich., to Indianapolis and create 400 jobs over two years in exchange for about $6 million in economic development incentives.

Arcadia has struggled to remain profitable since going public in 2002. It reported a loss of $3 million in the fiscal third quarter ended Dec. 31, compared with a loss of $2.8 million in the same quarter in 2008. The company reported revenue of $26 million in the quarter, nearly unchanged from the year-ago period.

The company has 270 managerial and administrative employees, mostly in Indianapolis, and 4,000 employees nationwide who provide home health care services.
In California, Arcadia was targeting DailyMed initially to 53,000 patients.

"Our goal is to make Indianapolis the central fill hub for our system," CEO Marvin Richardson told investors during a Feb. 5 conference call. "So all things done with actually dispensing the boxes, will be done in Indianapolis. So things like customer service, order entry, prescription transfers, the medication therapy management component can all be done there. And the capacity that we have in that building will allow us to do that."

Last November, the company made a high-profile move by naming former Indianapolis Mayor Steve Goldsmith to its board of directors.

The public company’s shares, which closed Wednesday at 70 cents each, trade on the NYSE Amex Equities exchange.


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