LOUISVILLE, Ky., Sept. 19 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced the acquisition of the assets and business
operations of home health agencies located in Sunrise in Broward County
Florida and in Delray Beach in Palm Beach County. The agencies operate
under the name Camellia Home Health.
William B. Yarmuth, Chairman and CEO, commented on the announcement:
"We are very happy to announce this latest investment in Florida and the
especially important markets of Broward and Palm Beach counties. This in-
market acquisition will improve our long standing position as a leading
provider of home health services in these markets. Combining our existing
market presence with Camellia's foundation of high quality caregivers and
the strong tradition of commitment to patients we will work together to
expand our service offerings and grow our business." Yarmuth concluded: "We
are very pleased to welcome the long-serving employees of Camellia to our
organization."
Almost Family noted that this is its seventh home health agency
acquisition in the last two years and that it will continue to seek
attractive home health agency acquisition candidates. The acquired agency
generated approximately $1.8 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 59 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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