Arcadia Resources Announces Improved Fiscal 2011 Second Quarter Results
INDIANAPOLIS, Nov. 9, 2010 /PRNewswire-FirstCall/ -- Arcadia Resources, Inc. (NYSE Amex: KAD), a leading provider of innovative consumer health care services under the Arcadia HealthCare(SM) brand, today announced fiscal 2011 second quarter net revenues of $25.8 million and a net loss of $2.9 million, or $0.02 per share, which compares to net revenue of $25.1 million and a net loss of $4.1 million, or $0.03 per share, for the same period in fiscal 2010.
"During our second quarter we continued to make substantial progress on a number of fronts," said Marvin R. Richardson, President and Chief Executive Officer of Arcadia. "Importantly, we executed a new three year agreement with WellPoint's State Sponsored Business which aligns our interests with WellPoint's and ensures that DailyMed will continue to be a cornerstone of WellPoint's programs to improve their members' health and well-being. Importantly, under our agreement with WellPoint, for the first time in our history, we recognized revenue attributable to our patient care services we provide as part of our DailyMed patient care program. We believe this validates our core value proposition and looking forward our focus in our Pharmacy segment will be to continue to scale this business model with WellPoint and additional healthcare payors. Our new agreement with Touchstone Health further validates the growing acceptance among payers regarding the value of our DailyMed program, and we look forward to our market introduction to Touchstone's members beginning in January."
"From an operational stand point, our Pharma