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Arcadia Resources Announces First Quarter Results
Date:8/13/2009

t are expected to result in sequential improvement in Pharmacy gross margin throughout the year.

Richardson continued: "We have invested significantly in the infrastructure and headcount to meet the increasing DailyMed demand over the past several quarters. We are now focused on driving the operational improvements and efficiency gains we know we can achieve. As a result, while we will add modestly to our Pharmacy SG&A expense as demand increases, we believe we will see SG&A as a percentage of sales decline significantly during the course of FY 2010.

"Likewise, in our corporate SG&A we continue to make progress on our cost reduction initiatives. After restructuring our business during the last six months, we have identified an additional $750,000 to $1 million in further cost reduction opportunities that we will implement over the course of the year."

Capital Resources and Liquidity

At June 30, 2009, the Company had $0.5 million in cash and cash equivalents on its balance sheet and had access to $2.5 million in additional line of credit availability, resulting in total cash and availability of $2.95 million, compared to total cash and availability of $4.5 million at March 31, 2009.

Arcadia reported negative cash flow from total operations of $1.6 million for the quarter, compared with cash generated from operations of $740,000 and $375,000 in the fourth quarter of fiscal 2009 and the same period a year ago, respectively.

"The reduction in operating cash flow quarter-over-quarter was primarily due to two factors. First, the ramp up of our Pharmacy operations and the higher operating loss in that segment resulted in negative operating cash flow," said Matthew Middendorf, Chief Financial Officer. "In addition, we include discontinued operations in our operating cash flow statement and our operating loss from discontinued opera
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SOURCE Arcadia Resources, Inc.
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