LOUISVILLE, Ky., March 29 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced that it has signed an agreement to acquire the
assets and business operations of Bradenton, FL based home health agency,
Florida Home Health, from Manatee Memorial Hospital.
William B. Yarmuth, Chairman and CEO, commented on the announcement: "We
are very pleased to announce this latest in our string of acquisitions of
Florida home health agencies. This acquisition substantially increases our
presence on the west coast of Florida, and is just the latest step in the
execution of our business plan. We are pleased to welcome the agency
employees and patients into the Almost Family fold."
Almost Family noted that this is its third Florida home health agency
acquisition in the past six months and that it will continue to seek
attractive home health agency acquisition candidates in Florida and elsewhere.
The total purchase price for the acquisition is $3.2 million, with $2.5
million payable in cash at closing and $700,000 on a two-year note payable.
Subject to usual and customary conditions, the transaction is expected to
close Friday, April 1, 2005. The transaction is expected to add about $3.5
million to annual revenues and is expected to be immediately accretive to
earnings.
Almost Family, Inc. is a leading regional provider of home health nursing
services, in-home personal care services and facility based adult day care
services. The Company has service locations in Florida, Kentucky, Ohio,
Maryland, Connecticut, Massachusetts, Alabama and Indiana.
expectations will prove to be correct.
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