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Arcadia Resources Announces Fourth Quarter and Fiscal 2009 Year-End Results
Date:6/25/2009

g business gross margins improved from 29.2% for fiscal 2008 to 30.5%, reflecting the increased sales of higher margin Home Care business and reductions in the Company's workers compensation expense.

The 2009 net loss from continuing operations was $43.0 million, compared to a net loss of $14.2 million for 2008. The Company recorded one-time charges of $29.3 million during the current year. Without these charges, the net loss would have been essentially the same as the net loss incurred in the prior year. The one-time charges included $23.5 million in asset impairment charges; $4.5 million related to the restructuring of $24 million of the Company's long-term debt in March; and $1.3 million in charges related to discontinued operations.

Cash flow from all operations was a positive $778,000 for 2009, compared with net cash from operations used of $7.1 million in 2008.

Full year highlights were:

  • Pharmacy: Pharmacy segment revenues increased 19% to $6.0 million for 2009 as compared to $5.1 million in the prior year.

  • Services: The Company's Services segment reported net revenues of $97.5 million in 2009, a modest increase over net revenues of $96.6 million in 2008. Within the Services segment, Home Care revenues increased by $6.2 million, or 10%, offset by a $5.2 million decline in medical staffing revenues.

Management's Outlook

"We continue to be pleased with the adoption of DailyMed by consumers and payers alike, as evidenced by the 43% sequential quarter increase in sales for DailyMed in the fourth quarter. DailyMed will continue to be a significant growth driver in 2010 and beyond," said Richardson. "We will begin enrolling additional lives from our new WellPoint agreement at the beginning of July, and we
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SOURCE Arcadia Resources, Inc.
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