LOUISVILLE, Ky., June 26 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced that it has acquired the assets and business
operations of Baptist Home Health Care, a Birmingham-based home health
agency affiliated with the Baptist Health Care System of Alabama.
William B. Yarmuth, Chairman and CEO, commented on the announcement:
"We are extremely happy to announce this acquisition expanding our Visiting
Nurse presence into the CON state of Alabama. We are excited to bring
Caretenders' special brand of Medicare-certified home health services to
Birmingham. We are even more excited about the opportunity to continue
working with the Baptist Health System in developing the full potential of
home health care services in the market place. Working with them, we will
build upon the existing foundation of high quality caregivers and the
strong tradition of commitment to patients with our breadth of specialty
programs and all the expertise we have accumulated throughout our 31
locations and 25+ years of Medicare home health operating experience."
Mark Bryan, Baptist Health System COO, said "We are pleased with this
transaction and were very selective in choosing a nationally recognized
home health provider with a long track record of high quality service to
patients. In doing so, we are ensuring that our patients and our home
health employees will be in good hands."
Almost Family noted that this is its sixth home health agency
acquisition in the last 18 months and that it will continue to seek
attractive home health agency acquisition candidates. The acquired agency
generated approximately $1.7 million in Medicare revenue in the last twelve
months. It is not expected to have a material effect on Almost Family's
results of operations in 2006. Terms of the transaction were not disclosed.
Almost Family, Inc. is a leading regional provider of home health
services. The Company has 57 service locations in Florida, Kentucky, Ohio,
Connecticut, Massachusetts, Alabama and Indiana.
All statements, other than statements of historical facts, included in
this news release, including the objectives and expectations of management
for future operating results, the Company's ability to accelerate growth in
its home health operations, the Company's ability to generate VN revenue
growth, the Company's ability to acquire visiting nurse agencies at prices
it is willing to pay, the Company's ability to increase the efficiency and
effectiveness of its sales and marketing efforts, the Company's ability to
attract investment of additional capital, the Company's ability to generate
positive cash flows, and the Company's expectations with regard to market
conditions, 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: regulatory approvals or third party consents may not be obtained,
the impact of further changes in healthcare reimbursement systems,
including the ultimate outcome of potential changes to Medicaid
reimbursement due to state budget shortfalls; the ability of the Company to
maintain its level of operating performance and achieve its cost control
objectives; government regulation; health care reform; pricing pressures
from Medicare, Medicaid and other third-party payers; changes in laws and
interpretations of laws relating to the healthcare industry, and the
Company's self-insurance risks. 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 year ended December 31, 2005, in particular
information under the headings "Special Caution Regarding Forward-Looking
Statements" and "Risk Factors." The Company disclaims any intent or
obligation to update its forward-looking statements.
SOURCE Almost Family, Inc.
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Related links:
http://www.almost-family.com
http://www.prnewswire.com/comp/784275.html /
CONTACT:
William Yarmuth, or Steve Guenthner of Almost
Family, Inc., +1-502-891-1000
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