Plans to Announce Quarterly Results Friday, November 12, 2004
LOUISVILLE, Ky., Nov. 11 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced that it has entered into a definitive agreement
to acquire the assets and business operations of an Orlando, FL Medicare-
certified home health agency from BayCare Health System. Terms of the
transaction, which is expected to close November 30, 2004, were not disclosed.
The agency is not expected to make a significant contribution to Almost Family
in 2004.
William B. Yarmuth, Chairman and CEO, commented on the announcement: "We
are excited to announce the first of what we hope is series of acquisitions of
Visiting Nurse operations as called for in our business plan. This
acquisition adds a very important market, metropolitan Orlando, to our growing
number of Florida markets. We are very pleased to welcome the agency
employees and patients into the Almost Family fold."
Regarding future acquisitions Yarmuth commented: "We are currently
evaluating several home health acquisition opportunities that we believe will
add value to our business and our shareholders. While we will be very
selective in the process, we currently expect that we will be able to complete
a number of transactions over the course of the next year."
The Company's 2003 Form 10-K includes a description of its business plan
which calls for an increase in emphasis on the Visiting Nurse segment.
The Company also noted that it plans to announce its 2004 third quarter
operating results on Friday November 12, 2004.
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 news release, including the objectives and expectations of management
regarding the Company's ability to acquire visiting nurse agencies at prices
it is willing to pay 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 potential for 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; the Company's
ability to attract investment of additional capital, the Company's ability to
generate positive cash flows; 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, 2003, 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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