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Arcadia Resources Announces Improved Fiscal 2011 Second Quarter Results
Date:11/9/2010

30.8% in the same period last year.  The Services segment operating contribution improved by 30.0%, or $0.3 million, to $1.4 million compared to the first quarter of fiscal 2011.  Second quarter operating contribution in the Services segment was its highest since the second quarter of fiscal 2010.

The Company sold its former Catalog segment during the quarter and this segment is being reported as a discontinued operation for the fiscal year second quarter.

Capital Resources and LiquidityCash flow from operations during the second fiscal quarter improved by $1.5 million to negative $3.4 million compared to negative $4.9 million in the first fiscal quarter of 2011, inclusive of changes in operating assets and liabilities in each quarter of negative $1.1 million and negative $2.4 million, respectively.  

At September 30, 2010, the Company had total cash plus line-of-credit available of $2.5 million.  On November 2, 2010, the Company finalized a $5.0 million equity financing transaction whereby it sold 15,624,000 shares of common stock at $0.32 per share.  The Company expects to receive net proceeds after fees of approximately $4.5 million.  The additional cash will be used to fund and grow the DailyMed operations.  

The Company previously announced that it had entered into a new credit facility with Comerica Bank covering its Services segment.  The new agreement extends the maturity of the facility to 2012.

"With our existing cash availability, the additional cash raised through our equity financing, the extension of our Comerica facility, on-going operating contribution improvements, particularly in our Pharmacy segment, and additional cash proceeds from prior asset sales, we believe we have adequate cash resources to support the business until we achieve our plan to become cash flow positive," said Matt Middendorf, Chief Financial Officer.

Conference Call InformationArcadia will
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SOURCE Arcadia Resources, Inc.
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