LOUISVILLE, Ky., Nov. 14 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced that it has acquired the assets and business
operations of St. Augustine, FL based home health agency, Community Home
Health, from Flagler Hospital.
William B. Yarmuth, Chairman and CEO, commented on the announcement: "We
are very pleased to announce this latest in our string of acquisitions of
Florida home health agencies. This acquisition gives us a new presence on the
northeast coast of Florida, and is one more step in the execution of our
business plan. We are pleased to welcome the agency employees and patients
into the Almost Family fold."
Almost Family noted that this is its fourth Florida home health agency
acquisition since October 2004 and that it will continue to seek attractive
home health agency acquisition candidates in Florida and elsewhere. The
acquired agency generated approximately $2 million in revenue in its last
fiscal year. The transaction is not expected to have a material effect on the
Company's 2005 results of operations. Terms of the transaction were not
disclosed.
Almost Family, Inc. is a leading regional provider of home health
services. The Company has 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 of acquired home health agencies, the Company's
ability to acquire visiting nurse agencies at prices it is willing to pay, 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 acquired agency to maintain
its level of admissions and operating performance, our ability to integrate
the acquired agency into our operations; 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 potential effect of changes in competition for home health
agency admissions. 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/A 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, both of
Almost Family, Inc., +1-502-891-1000
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