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Arcadia Resources Announces Fiscal 2011 First Quarter Results

Monday, August 9, 2010 Corporate News J E 4
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Net Loss per Share Narrows to $0.02 in Fiscal 2011 from $0.03 in Fiscal 2010

ARCADIA RESOURCES, INC.

Three-Month Period Ended

CONSOLIDATED STATEMENTS OF CASH FLOWS

June 30,

(IN THOUSANDS)

(Unaudited)

2010

2009

Operating activities

Net loss for the period

$        (4,042)

$     (4,573)

Adjustments to reconcile net loss to net cash used in operating activities:

Provision for doubtful accounts

310

873

Depreciation of property and equipment

165

531

Amortization of intangible assets

143

246

Gain on business disposals

(787)

(216)

Non-cash interest expense

661

584

Amortization of deferred financing costs and debt discounts

69

52

Stock-based compensation expense

364

285

Change in fair value of warrant liability

642

-

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

81

1,750

Inventories

(561)

639

Other assets

(281)

233

Accounts payable

(535)

(547)

Accrued expenses

(723)

(1,146)

Due to affiliated agencies

(388)

(327)

Net cash used in operating activities

(4,882)

(1,616)

Investing activities

Business acquisitions, net of cash acquired

(21)

(190)

Proceeds from business disposal

787

9,157

Increase in restricted cash

-

(500)

Purchases of property and equipment

(235)

(75)

Net cash provided by investing activities

531

8,392

Financing activities

Lines of credit, net activity

4,409

(3,577)

Payments on notes payable and capital lease obligations

(766)

(4,204)

Proceeds from exercise of stock options

1

-

Net cash provided by (used in) financing activities

3,644

(7,781)

Net change in cash and cash equivalents

(707)

(1,005)

Cash and cash equivalents, beginning of period

5,444

1,522

Cash and cash equivalents, end of period

$         4,737

$          517

Supplementary information:

Cash paid during the period for:

Interest

$            116

$          209

Income taxes

96

14

Non-cash investing / financing activities:

Capital lease

-

70

Accounts payable converted to notes payable

-

750

Accrued interest converted to notes payable

661

628

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