LOUISVILLE, Ky., Aug. 12 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced that it has amended the terms of its bank
credit facility.
The amended facility provides for up to $22.5 million in borrowings with a
maturity date of June 2008. The facility's interest rate varies from prime
minus 0.75% to prime minus 0.25% depending on leverage. The borrowing base
formula was expanded to permit borrowings on the facility up to four times
Earnings Before Interest Taxes Depreciation and Amortization ("EBITDA" - see
below). Historical EBITDA of acquired operations may be included in the
borrowing base (up to a limit of 75% of the Company's historical EBITDA).
William B. Yarmuth, Chairman and CEO commented on the extension of the
facility: "This facility, along with the expected proceeds from the recently
announced sale of our Adult Day Care operations should provide us with ample
capital to pursue our development objectives over the next couple of years."
Yarmuth added: "We have had a long and outstanding relationship with JP Morgan
Chase, formerly Bank One and we are very happy to have their continued vote of
confidence in our management team and our strategy."
In previous releases this month the Company announced on August 3, 2005
plans to sell its Adult Day Care segment to Active Services, Inc. for
approximately $15 million, and announced on August 10, 2005 earnings growth of
over 50% for the quarter ended June 30, 2005.
Almost Family, Inc. (TM) and subsidiaries (collectively "Almost Family")
is a leading regional provider of home health nursing services and adult day
health services. The Company has service locations in Florida, Kentucky,
Ohio, Maryland, Connecticut, Massachusetts, Alabama and Indiana (in order of
revenue significance).
All statements, other than statements of historical facts, included in
this and previous news releases, including the objectives and expectations of
management for future operating results, 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 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: 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, 2004, 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.
SOURCE Almost Family, Inc.
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Related links:
http://www.almost-family.com
Company News On-Call:
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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