LOUISVILLE, Ky., Dec. 4 /PRNewswire-FirstCall/ -- Almost Family, Inc.
(Nasdaq: AFAM) today announced that it has completed its previously
announced acquisition of the assets and business operations of all the
Medicare- certified home health agencies owned and operated by Mederi,
Inc., one of Florida's oldest and best-known home health care
organizations.
William B. Yarmuth, Chairman and CEO, commented on the announcement:
"As we stated previously, the addition of the Mederi operations with
locations in Florida, Missouri and Illinois, is a very important step in
the execution of our business plan. On a combined basis following
integration of the transaction, we expect to be operating in 73 branch
locations in 9 states with over $100 million in revenue."
"Mederi has long been recognized as one of the premier home health
agencies in its service areas. This is a direct result of the quality and
hard work of the agencies' managers and employees. We will work together
with them to continue that tradition and build upon it. We are very pleased
to welcome all of them to our team."
About Almost Family
Almost Family, Inc., founded in 1976, is a leading regional provider of
home health nursing services, with branch locations in Florida, Kentucky,
Ohio, Connecticut, Massachusetts, Missouri, Alabama, Illinois and Indiana
(in order of revenue significance). Almost Family, Inc. and its
subsidiaries operate a Medicare-certified division under the Caretenders
trade name and a personal care division under the Almost Family name.
Contact: William Yarmuth or Steve Guenthner (502) 891-1000.
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 achieve expected cost
savings net of incremental overhead post-acquisition, the ultimate outcome
of the Company's allocation of purchase price to amortizable intangible
assets, 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
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; changes in our relationships with referral sources; the ability
of the Company to integrate acquired 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 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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