LOUISVILLE, Ky., May 22 /PRNewswire-FirstCall/ --
Almost Family, Inc. (Nasdaq: AFAM) today announced that it has entered
into a definitive agreement to acquire the business and assets of Medlink of
Ohio (Medlink). Medlink is a provider of home and community based health care
services with branch operations in Cleveland and Akron, Ohio. The acquired
operations currently generate approximately $6 million of revenues annually.
The transaction is expected to close in late June subject to regulatory
approvals.
William B. Yarmuth, Chairman and CEO of AFAM commented: "We are very
excited to announce this acquisition. Medlink has a long history of providing
high-quality patient care and has been very successful in growing its presence
in Northern Ohio. This acquisition is an outstanding geographic and strategic
fit with our existing base of operations and is expected to be immediately
accretive to our earnings per share."
AFAM will acquire all Medlink's operating assets and will assume no
liabilities. The purchase price is $3.2 million, which will be funded
primarily from the Company's bank credit facility.
Almost Family, Inc. is a health services company providing adult day
health care services focused on providing alternatives for seniors and other
special needs adults who wish to avoid nursing home and other institutional
placement. The Company also operates a chain of Medicare-certified home
health agencies under the trade name "Caretenders(TM)". The Company has
operations in Alabama, Connecticut, Florida, Indiana, Kentucky, Maryland,
Massachusetts, and Ohio.
All statements, other than statements of historical facts, included in
this news release, including the objectives and expectations of management
related to the future accretive impact of the Medlink acquisition are forward-
looking statements. These forward-looking statements are based on the
Company's current expectations. Although the company believes that the
expectations expressed or implied in such forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be
correct.
Because forward-looking statements involve risks and uncertainties, the
Company's actual results could differ materially. The potential risks and
uncertainties which could cause actual results to differ materially could
include the impact of further changes in healthcare reimbursement systems,
particularly the Ohio Medicaid, Medicaid/Waiver and Passport programs, the
Company's ability to integrate Medlink's operations in a timely and successful
manner, the Company's ability to maintain Medlink's level of operating
performance and earnings objectives of its plan for operating Medlink after
acquisition; government regulation; health care reform; pricing pressures from
Medicaid and other third-party payers; and changes in laws and interpretations
of laws relating to the healthcare industry. For a more complete discussion
regarding these and other factors, which could affect the Company's financial
performance, refer to the company's Securities and Exchange Commission filing
on Form 10-K for the nine-months ended December 31, 2001, in particular
information under the headings "Business" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations."
The Company disclaims any intent or obligation to update its forward-
looking statements. Contact: William Yarmuth or Steve Guenthner
(502) 899-5355.
SOURCE Almost Family, Inc.
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Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/784275.html
CONTACT:
William Yarmuth or Steve Guenthner of Almost
Family, Inc., +1-502-899-5355
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