Arcadia sees smaller quarterly, fiscal-year losses

June 11, 2010

Arcadia Resources Inc. saw its losses shrink in its most recent quarter as growing revenue from its pharmacy segment helped offset continued declines in its medical staffing business.

The Indianapolis-based company lost $19.2 million, or 11 cents per share, in the fourth fiscal quarter ended March 31, compared with a loss of $36.7 million, or 27 cents per share, in the same quarter a year ago.

Revenue dipped nearly 2 percent, to $25.5 million, compared with the year-ago period.

Revenue from Arcadia’s pharmacy division grew 103.5 percent, to $4.4 million, from the same quarter a year ago, and 7.7 percent from the previous quarter.

The company 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 regimens.

“We achieved a number of important milestones this year, which set the foundation for continued growth for both our businesses and enhanced profitability in our DailyMed business,” Arcadia President and CEO Marvin R. Richardson said in a prepared statement.

Revenue for Arcadia’s medical staffing services fell 12 percent, to $20.7 million, compared with the same quarter a year ago.

For fiscal 2010, Arcadia lost $31.1 million, or 19 cents per share, compared with a loss of $46.5 million, or 35 cents per share, in fiscal 2009.

Revenue in fiscal 2010 dipped 2 percent, to $104.6 million, compared with the previous fiscal year.

Last month, Arcadia announced plans for a $3.9 million expansion of its north-side headquarters and pharmacy operations, which could create as many as 930 jobs by 2013.

Arcadia said it plans to grow its corporate presence and centralize its pharmacy-fulfillment operations here, hiring managers, pharmacists, pharmacy technicians, account managers and sales staff. It now has about 500 employees in Indiana and 4,000 nationwide who provide home health care services.

Shares of Arcadia are trading at 60 cents each.


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