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

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At March 31, 2009, the Company had $1.5 million in cash and cash equivalents on its balance sheet and had access to $2.9 million in additional line of credit availability, resulting in total cash and availability of $4.4 million, compared to total cash and availability of $6.4 million at March 31, 2008. The primary reason for the reduction in cash and availability was the lower borrowing base under the Comerica credit line as the level of accounts receivable in the Services segment declined during the year.

Arcadia reported positive cash flow from all operations of $740,000 for the quarter and $778,000 for the year ended March 31, 2009, compared with cash used in operations of $7.1 million in fiscal 2008. Operating cash flows reflect $2.2 million of non-cash interest expense during fiscal 2009 versus $200,000 in fiscal 2008. Consolidated cash flow was a negative $4.8 million for fiscal 2009, as compared with positive consolidated cash flow of $3.4 million in fiscal 2008.

FY 09 Restructuring Highlights

  • Debt Restructuring: In March 2009, Arcadia completed a debt restructure of approximately $24 million in principal amount (plus accrued interest) of secured and unsecured promissory notes and received an additional $3 million in loans, principally from its two largest shareholders. The restructured notes, previously set to mature in October and December 2009, were exchanged for new promissory notes totaling approximately $27 million, inclusive of the $3 million working capital loan. The new notes have a maturity of April 2012. In June 2009, the Company signed a commitment letter to extend its credit line with Comerica Bank through August 2011.

  • Non-Core Asset Sales: In May and June 2009, Arcadia sold its Home Health Equipment (HHE), industrial staffing and retail pharmacy software businesses in
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SOURCE Arcadia Resources, Inc.
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