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Arcadia to Sell Staffing Business

June 29 2011

Arcadia Resources Inc. (AMEX: KAD), an Indianapolis-based healthcare firm, reported plans to sell its healthcare staffing and home care business lines. The sales could be completed in its fiscal second quarter, which ends Sept. 30.

Arcadia’s per diem medical staffing revenue rose to $2.9 million in its fiscal fourth quarter ended March 31 from $2.7 million in the year-ago quarter. However, travel nurse staffing revenue fell 29.7 percent to $1.1 million from $1.6 million in the fourth quarter of last year. The fall in travel revenue was attributed to the loss of a large correctional facility customer.

The company also provides nonstaffing services, including pharmacy services. Total fourth-quarter revenue was $25.4 million, up 5.3 percent on a year-over-year basis.

Arcadia reported a fourth-quarter net loss of $5.1 million, compared with a net loss of $19.2 million in the third quarter of the previous year.

For the full fiscal year ended March 31, 2011, the company reported net revenue of $100.0 million, up 2.0 percent from $98.1 million the prior year. Net loss was $14.4 million in fiscal year 2011, compared with a net loss of $31.1 million in fiscal 2010.

Arcadia’s 10-K includes a going concern note from the company’s auditors because of recurring losses and net capital deficiency.

Arcadia Resources Inc. (AMEX: KAD)
For the fiscal fourth quarter ended March 31, 2011, compared with the same period in the previous year.
Revenue: $25.4 million, +5.3 percent
Net loss: $5.1 million vs. net loss of $19.2 million

For the full fiscal year ended March 31, 2011, compared to the previous year.
Revenue: $100.0 million, +2.0 percent
Net loss: $14.4 million vs. net loss of $31.1 million

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