Almost Family Reports Second Quarter 2013 Results

LOUISVILLE, Ky., Aug. 6, 2013 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing and personal care services, announced today its financial results for the three and six months ended June 30, 2013.

Second Quarter Highlights:

  • Net service revenues of $87 million for the quarter
  • Net income from continuing operations was $2.6 million, or $0.28 per diluted share
  • Diluted EPS includes $0.01 for transaction related costs, excluding which diluted EPS would have been $0.29.
  • Visiting Nurse segment net revenues were $66 million, on 2% admission growth overall
  • Medicare admission growth was 3%
  • CMS published preliminary regulations rebasing home health reimbursement rates as required by the Patient Protection and Affordable Care Act (ACA)

Management Commentary
William B. Yarmuth, CEO commented on the results: "Given the significant challenges the industry's been facing we're pleased, overall, with our results for the quarter.  Medicare admissions were up 3% over the same quarter last year and personal care revenues grew almost 6%.  In addition, we are continuing our work to address some of the significant changes in Medicare Advantage plans we experienced over the past few quarters.  Finally, the long-awaited rebasing rules are now out and we can get to work on the challenges in front of us."

With regard to CMS' recently released preliminary regulations rebasing home health reimbursement rates Yarmuth said: "We're very disappointed that the rebasing rate cuts appear to be at the maximum allowed by statute and will be continuing our work with the Congress and regulators, along with others in the industry to focus attention on the potential access issues such steep cuts may cause.   Meanwhile, even though we take issue with the rates, at least the home health industry now has some sense of visibility around which it can plan after more than three years of uncertainty.  Taken from this perspective, we find it energizing that we can now frame our business plans and take actions rather than waiting to see what the outcome is going to be."

"We believe the combination of the statute and the regulations regarding rebasing represent a clear statement from Medicare policy makers that they want us to become significantly more efficient.  With this in mind, we plan to continue fulfilling our key mission of keeping patients out of hospitals and emergency rooms and in their homes for as long as possible while also rising to the new challenge of being even more prudent and efficient with Medicare resources.  This means delivering the same or better measurable outcomes to patients and to the program by providing the most impactful skilled home health services at significantly lower costs.

Steve Guenthner, President commented: "In addition to our work to improve our efficiencies, we plan to continue our work with policy makers to drive implementation of program integrity improvements that serve to increase the confidence level of lawmakers and regulators that home health services are used in the right way, at the right time and only to the extent needed.  We're confident that as we accomplish these goals, and policy makers get comfortable that the proper reimbursement rates, systems and controls are in place they will ultimately seek ways to encourage more, rather than less, utilization of home health services and view home care for what it really is – an extender of the Medicare Trust Funds."

Regarding potential business development implications Guenthner added: "We believe one positive by-product of the rebasing rules may come in the area of business combinations.  While reimbursement pressures generally call for consolidation to gain efficiencies, over the past three years there has been minimal transaction volume due to uncertainty over rates.  During this time, sellers bet on low rate cuts, buyers bet on high rate cuts and value expectations diverged.  Now, buyers and sellers, using the same reimbursement rates should arrive at much closer value expectations and we believe, capital will flow and consolidation will take place.  Ultimately this should benefit patients and the program as larger providers can bring more sophisticated methods to bear on patient populations and make it easier for the program to ensure provider accountability."

With regard to other recent health care developments, Yarmuth added: "Regarding managed care, we're encouraged by the recent stabilization, but also by some recent actions of certain managed care companies to acquire home health service delivery capabilities.  This should serve as a strong sign of validation of the home health value proposition to policy makers and investors alike.  Recent actions by certain facility-based long-term care providers to increase their home health penetration make a similar statement.  Additionally, we're becoming more encouraged about the prospects for Accountable Care Organizations to provide real case management value to the program and to present a useful alternative to increased managed care penetration."

Yarmuth concluded the Company's commentary: "Finally, I would like to take this opportunity to welcome the Indiana Home Care Network patients, referral sources and employees to our family of home health providers.  This is our first sizable acquisition in almost two years and we hope it marks a return of Almost Family to the role of an active consolidator and growing force in home health care."

Second Quarter Financial Results from Continuing Operations
Almost Family reported net service revenues for the second quarter of $86.8 million, a 1.8% increase from $85.3 million reported in the second quarter of 2012, primarily as a result of volume growth in both our Visiting Nurse (VN) and Personal Care (PC) segments, offset by the VN segment's Medicare rate cut and Medicare Advantage shift.  The second quarter is the first full quarter with 2% sequestration, which was effective for episodes ended after March 31, 2013 which lowered revenue by $1.2 million and earnings per share by $0.08, while the change in certain Medicare Advantage contracts that now pay on a per visit versus episodic basis reduced revenue by $0.7 million and earnings per diluted share by $0.04.

Deal costs for the current quarter were consistent with the prior year quarter at $0.1 million or $0.01 EPS.

Net income for the second quarter of 2013 was $2.6 million, or $0.28 per diluted share, down from second quarter of 2012 net income of $4.5 million, or $0.48 per diluted share.

The effective tax rate was approximately 41.7% in the second quarter of 2013, which increased from the 39.5% for the second quarter of 2012 due primarily to a combination of increases in permanent differences compared to pre-tax income and estimated state tax rates.

Second Quarter Segment Results
Increased net service revenues in our VN segment were partially offset by the previously mentioned full quarter impact of sequestration and a change of certain Medicare Advantage payors to per visit reimbursement.  As a result, VN segment second quarter net service revenues increased slightly to $66.4 million, from $66.0 million in the second quarter of 2012.  Medicare admissions grew 3%, while re-certifications grew 1%, both of which were organic. 

The Medicare rate cut and MA shift combined with year over year wage increases effective in July of 2012 and increases in bad debt provision to reduce operating income before corporate expenses for the second quarter of 2013 to $6.8 million from $10.6 million reported for the second quarter of 2012.  Bad debt expense increased approximately $1.2 million on a year over year basis due to the prior year period including unusually low bad debt expense of $0.1 million, with the remaining increase primarily related to the Medicare Advantage shift. 

PC segment net service revenues increased 5.8% to $20.4 million in the second quarter of 2013 from $19.3 million in 2012, primarily due to a 5% increase in volume.  Expense related to workers compensation claims declined $0.8 million on a year over year basis as the current quarter experienced an unusually low period for claims expense.  As a result, operating income before unallocated corporate expenses increased 37.9% or $0.9 million to $3.2 million.

Six Month Period Financial Results from Continuing Operations
Almost Family reported net service revenues for the six month period of $172.7 million, a 0.3% decrease from $173.1 million reported in the six month period of 2012, primarily as a result of the VN segment's Medicare Advantage shift and the $1.5 million impact of sequestration, which was effective for episodes ended after March 31, 2013.  The change in certain Medicare Advantage contracts that now pay on a per visit versus episodic basis reduced revenue by $1.7 million and earnings per diluted share by $0.11

Deal costs for the current period were consistent with the prior year period at $0.1 million or $0.01 EPS.

Net income for the six month period of 2013 was $5.9 million, or $0.63 per diluted share, down from the six month period of 2012 net income of $9.2 million, or $0.99 per diluted share.

The effective tax rate was approximately 39.1% in the six month period of 2013, which increased from 38.8% for the six month period of 2012 due primarily to a combination of increases in permanent differences compared to pre-tax income and estimated state tax rates.

Six Month Period Segment Results
VN segment six month period results include the change of certain Medicare Advantage payors to per visit reimbursement and the unfavorable impact of sequestration.  As a result, VN segment six month period net service revenues declined 1% to $133.4 million, from $134.6 million in the six month period of 2012.  Medicare admissions grew 2.7%, all organic. 

The Medicare rate cut and MA shift combined with year over year wage increases effective in July of 2012 and increases in bad debt provision to reduce operating income before corporate expenses for the six month period of 2013 to $15.2 million from $21.4 million reported for the six month period of 2012.  Bad debt expense increased approximately $1.3 million on a year over year basis due to the prior year second quarter including unusually low bad debt expense of $0.8 million, with the remaining increase primarily related to the Medicare Advantage shift. 

PC segment net service revenues increased slightly to $39.3 million in the six month period of 2013 from $38.5 million in 2012, due primarily to mix changes that increased revenue per billable hour.  Expense related to workers compensation claims declined $0.8 million on a year over year basis as the prior year claims increased the expense recorded above normal levels, while the current quarter experienced an unusually low period for claims expense.  As a result, operating income before unallocated corporate expenses increased 9% or $0.4 million to $5.2 million.

Proposed 2014 Rule and Rebasing
On June 28, 2013, the Centers for Medicare and Medicaid Services issued the proposed rule for 2014.  The proposed rule included the maximum rebasing cut of Medicare reimbursement rates allowable by the Patient Protection and Affordable Care Act (ACA), signed into law in March 2010, which results in the 3.5% rate reduction in each of the years 2014-2017.  The rebasing cuts are in addition to other legislated cuts by the ACA for the same period.  The 2014 proposed rule is currently open for comment, with the final rule expected in late October of 2013.  As a result of these proposed 2014 rates, other legislated changes and our current mix of business, we currently expect our 2014 rates to reflect an effective cut ranging from 1.0% to 1.5%.  

These matters may have a material adverse impact on our results of operations or financial condition.  Although we are formulating plans and developing appropriate courses of action related to these changes, there can be no assurance that such plans or courses of action will prove successful.  These changes may cause us to change our business model, increase costs or reduce our revenues in ways not currently contemplated by us, or may result in impairment of our recorded goodwill or intangibles.

Acquisition
On July 19, 2013 we completed the acquisition of the assets of the Medicare-certified home health agencies owned by Indiana Home Care Network (IHCN), for $12.5 million.  IHCN is a provider of home health services that operates six home health locations, primarily in northern Indiana.

Discontinued Operations
During the second quarter, we completed the sale of our VN segment's only two locations in Alabama for a sale price of $3 million, which resulted in a pretax gain of $1.1 million and after tax EPS $0.01.  For reporting purposes, the sale qualifies for discontinued operation presentation, which removes operating results of the assets sold from continuing operating results, cash flows and statistical data for all periods presented. 

 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF INCOME 

 (UNAUDITED) 

 (In thousands, except per share data) 










 Three Months Ended June 30, 


 Six months Ended June 30, 


2013


2012


2013


2012

 Net service revenues 

$           86,818


$           85,296


$         172,653


$         173,147

 Cost of service revenues (excluding
      depreciation & amortization) 

46,348


44,469


92,014


89,147

 Gross margin 

40,470


40,827


80,639


84,000

 General and administrative expenses: 








 Salaries and benefits 

24,929


24,120


49,356


48,860

 Other 

11,094


9,329


21,542


20,003

 Total general and administrative
     expenses 

36,023


33,449


70,898


68,863

 Operating income 

4,447


7,378


9,741


15,137

 Interest expense, net 

(11)


(32)


(29)


(70)

 Income before income taxes 

4,436


7,346


9,712


15,067

 Income tax expense 

(1,852)


(2,902)


(3,802)


(5,839)

 Net income from continuing operations 

$             2,584


$             4,444


$             5,910


$             9,228









 Discontinued operations: 








 (Loss) gain from operations,
 net of tax of $49, $68, ($2) and $159  

$              (230)


$                105


$              (309)


$                252

 Gain on sale,  net of tax of $973 

169


-


169


-

 (Loss) gain on discontinued operations 

(61)


105


(140)


252

 Net Income 

$             2,523


$             4,549


$             5,770


$             9,480









 Per share amounts-basic: 








 Average shares outstanding 

9,270


9,255


9,253


9,265

 Continued operations 

$               0.28


$               0.48


$               0.64


$               1.00

 Discontinued operation 

$             (0.01)


$               0.01


$             (0.02)


$               0.02

 Net income 

$               0.27


$               0.49


$               0.62


$               1.02









 Per share amounts-diluted: 








 Average shares outstanding 

9,348


9,315


9,332


9,328

 Continued operations 

$               0.28


$               0.48


$               0.63


$               0.99

 Discontinued operation 

$             (0.01)


$               0.01


$             (0.01)


$               0.03

 Net income 

$               0.27


$               0.49


$               0.62


$               1.02









 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED BALANCE SHEETS 

 (In thousands) 




June 30, 2013



 ASSETS 


(UNAUDITED)


December 31, 2012

 CURRENT ASSETS: 





 Cash and cash equivalents  


$                        31,380


$                        26,120

 Accounts receivable - net 


55,500


49,971

 Prepaid expenses and other current assets 


5,779


6,968

 Deferred tax assets 


6,780


6,580

 TOTAL CURRENT ASSETS 


99,439


89,639






 PROPERTY AND EQUIPMENT - NET 


5,412


5,401

 GOODWILL 


131,061


132,014

 OTHER INTANGIBLE ASSETS 


19,921


19,967

 OTHER ASSETS 


673


781

 OTHER ASSETS, HELD FOR SALE 


-


1,457



$                      256,506


$                      249,259






 LIABILITIES AND STOCKHOLDERS' EQUITY 





 CURRENT LIABILITIES: 





 Accounts payable 


$                          7,191


$                          4,599

 Accrued other liabilities 


20,953


21,874

 Current portion of notes payable 


625


625

 TOTAL CURRENT LIABILITIES 


28,769


27,098






 LONG-TERM LIABILITIES: 





 Notes payable 


-


500

 Deferred tax liabilities 


16,777


16,785

 Other liabilities 


288


561

 TOTAL LONG-TERM LIABILITIES 


17,065


17,846

 TOTAL LIABILITIES 


45,834


44,944






 STOCKHOLDERS' EQUITY: 





 Preferred stock, par value $0.05; authorized 





 2,000 shares; none issued or outstanding 


-


-

 Common stock, par value $0.10; authorized 





 25,000; 9,473 and 9,421 





 issued and outstanding 


947


942

 Treasury stock, at cost, 91 and 91 shares of common stock 

(2,320)


(2,320)

 Additional paid-in capital 


102,527


101,945

 Retained earnings 


109,518


103,748

 TOTAL STOCKHOLDERS' EQUITY 


210,672


204,315



$                      256,506


$                      249,259






 

ALMOST FAMILY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)


Six Months Ended June 30,


2013


2012

Cash flows from operating activities:




Net income

$ 5,770


$ 9,480

(Loss) gain on discontinued operations, net of tax

(140)


252

Net income from continuing operations

5,910


9,228

Adjustments to reconcile income to net cash provided by operating activities:




Depreciation and amortization

1,298


1,247

Provision for uncollectible accounts

2,575


1,118

Stock-based compensation

654


746

Deferred income taxes

793


991


11,230


13,330

Change in certain net assets and liabilities, net of the effects of acquisitions:




Decrease (increase) in:




Accounts receivable

(8,489)


(4,481)

Prepaid expenses and other current assets

1,078


(502)

Other assets

107


(90)

Increase (decrease) in:




Accounts payable and accrued expenses

1,449


(771)

Net cash from operating activities

5,375


7,486





Cash flows from investing activities:




Capital expenditures

(1,251)


(1,012)

Acquisitions, net of cash acquired

(50)


-

Net cash from investing activities

(1,301)


(1,012)





Cash flows from financing activities:




Proceeds from exercise of stock options

-


70

Purchase of common stock in connection with share awards

-


(1,852)

Tax impact of share awards

(67)


(142)

Principal payments on capital leases and notes payable

(500)


(1,200)

Net cash from financing activities

(567)


(3,124)





Cash flows from discontinued operations




Operating activities

(1,330)


586

Investing activities

3,083


(20)

Net cash from discontinued operations

1,753


566





Net change in cash and cash equivalents

5,260


3,916

Cash and cash equivalents at beginning of period

26,120


33,693

Cash and cash equivalents at end of period

$ 31,380


$ 37,609





 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Three Months Ended June 30, 


2013


2012


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$        66,418

76.5%


$        66,018

77.4%


$             400

0.6%

 Personal Care 

20,400

23.5%


19,278

22.6%


1,122

5.8%


86,818

100.0%


85,296

100.0%


1,522

1.8%

Operating income before corporate expenses:









 Visiting Nurse 

6,827

10.3%


10,607

16.1%


(3,780)

-35.6%

 Personal Care 

3,176

15.6%


2,303

11.9%


873

37.9%


10,003

11.5%


12,910

15.1%


(2,907)

-22.5%

Corporate expenses

5,556

6.4%


5,532

6.5%


24

0.4%

Operating income

4,447

5.1%


7,378

8.6%


(2,931)

-39.7%

Interest expense, net

(11)

0.0%


(32)

0.0%


21

-65.6%

Income tax expense

(1,852)

-2.1%


(2,902)

-3.4%


1,050

-36.2%

Net income from continuing operations

$          2,584

3.0%


$          4,444

5.2%


$         (1,860)

-41.9%










EBITDA from continuing operations

$          5,484

6.3%


$          8,395

9.8%


$         (2,911)

-34.7%










 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Six Months Ended June 30, 


2013


2012


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$      133,351

77.2%


$      134,623

77.8%


$         (1,272)

-0.9%

 Personal Care 

39,302

22.8%


38,524

22.2%


778

2.0%


172,653

100.0%


173,147

100.0%


(494)

-0.3%

Operating income before corporate expenses:









 Visiting Nurse 

15,181

11.4%


21,380

15.9%


(6,199)

-29.0%

 Personal Care 

5,173

13.2%


4,761

12.4%


412

8.7%


20,354

11.8%


26,141

15.1%


(5,787)

-22.1%

Corporate expenses

10,613

6.1%


11,004

6.4%


(391)

-3.6%

Operating income

9,741

5.6%


15,137

8.7%


(5,396)

-35.6%

Interest expense, net

(29)

0.0%


(70)

0.0%


41

-58.6%

Income tax expense

(3,802)

-2.2%


(5,839)

-3.4%


2,037

-34.9%

Net income from continuing operations

$          5,910

3.4%


$          9,228

5.3%


$         (3,318)

-36.0%










EBITDA from continuing operations

$        11,693

6.8%


$        17,130

9.9%


$         (5,437)

-31.7%










 

ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Three Months Ended June 30,


2013


2012


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

104



106



(2)

-1.9%










All payors:









Patient months

54,140



53,903



237

0.4%

Admissions

15,559



15,290



269

1.8%

Billable visits

481,641



462,045



19,596

4.2%










Medicare:









Admissions

14,226

91%


13,840

91%


386

2.8%

Revenue (in thousands)

$      61,617

93%


$      61,080

93%


$         537

0.9%

Revenue per admission

$        4,331



$        4,413



$         (82)

-1.9%

Billable visits

410,661

85%


381,689

83%


28,972

7.6%

Recertifications

7,673



7,582



91

1.2%

Payor mix % of Admissions









Traditional Medicare Episodic

91.9%



94.4%



-2.5%


 Replacement Plans Paid Episodically

2.8%



3.0%



-0.2%


 Replacement Plans Paid Per Visit

5.3%



2.6%



2.7%











Non-Medicare:









Admissions

1,333

9%


1,450

9%


(117)

-8.1%

Revenue (in thousands)

$        4,801

7%


$        4,938

7%


$       (137)

-2.8%

Revenue per admission

$        3,602



$        3,406



$         196

5.8%

Billable visits

70,980

15%


80,356

17%


(9,376)

-11.7%

Recertifications

1,453



1,575



(122)

-7.7%

Payor mix % of Admissions









Medicaid & other governmental

31.1%



34.6%



-3.5%


Private payors

68.9%



65.4%



3.5%




















PERSONAL CARE OPERATING METRICS











Three Months Ended June 30,


2013



2012



Change


Amount



Amount



Amount

%

Average number of locations

60



60



-

0.0%










Admissions

1,154



1,120



34

3.0%

Patient months of care

17,565



17,339



226

1.3%

Billable hours

1,080,733



1,030,546



50,187

4.9%

Revenue per billable hour

$        18.88



$        18.71



$        0.17

0.9%










 

ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Six Months Ended June 30,


2013


2012


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

104



106



(2)

-1.9%










All payors:









Patient months

108,539



109,698



(1,159)

-1.1%

Admissions

31,864



31,361



503

1.6%

Billable visits

954,189



933,064



21,125

2.3%










Medicare:









Admissions

29,235

92%


28,466

91%


769

2.7%

Revenue (in thousands)

$    123,732

93%


$    124,681

93%


$       (949)

-0.8%

Revenue per admission

$        4,232



$        4,380



$       (148)

-3.4%

Billable visits

814,032

85%


774,530

83%


39,502

5.1%

Recertifications

15,287



15,286



1

0.0%

Payor mix % of Admissions









Traditional Medicare Episodic

91.5%



94.0%



-2.5%


 Replacement Plans Paid Episodically

2.7%



3.7%



-1.0%


 Replacement Plans Paid Per Visit

5.8%



2.3%



3.5%











Non-Medicare:









Admissions

2,629

8%


2,895

9%


(266)

-9.2%

Revenue (in thousands)

$        9,619

7%


$        9,942

7%


$       (323)

-3.2%

Revenue per admission

$        3,659



$        3,434



$         225

6.5%

Billable visits

140,157

15%


158,534

17%


(18,377)

-11.6%

Recertifications

2,897



3,090



(193)

-6.2%

Payor mix % of Admissions









Medicaid & other governmental

29.7%



34.5%



-4.8%


Private payors

70.3%



65.5%



4.8%




















PERSONAL CARE OPERATING METRICS











Six Months Ended June 30,


2013



2012



Change


Amount



Amount



Amount

%

Average number of locations

60



60



-

0.0%










Admissions

2,243



2,195



48

2.2%

Patient months of care

34,904



34,335



569

1.7%

Billable hours

2,098,121



2,104,859



(6,738)

-0.3%

Revenue per billable hour

$        18.73



$        18.30



$        0.43

2.3%










 

Non-GAAP Financial Measure
The information provided in some of the tables in this release includes certain non-GAAP financial measures as defined under SEC rules.  In accordance with SEC rules, the Company has provided, in the supplemental information and the footnotes to the tables, a reconciliation of those measures to the most directly comparable GAAP measures.

EBITDA
Earnings before interest, income taxes, depreciation and amortization (EBITDA) is not a measure of financial performance under accounting principles generally accepted in the United States of America.  It should not be considered in isolation or as a substitute for net income, operating income, cash flows from operating, investing or financing activities, or any other measure calculated in accordance with generally accepted accounting principles. The items excluded from EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates EBITDA and believes that it is useful to investors because it is commonly used as an analytical indicator within our industry to evaluate performance, measure leverage capacity and debt service ability, and to estimate current or prospective enterprise value. EBITDA is also used in certain covenants contained in our credit agreement.

The following tables set forth a reconciliation of net income to EBITDA:

 

ALMOST FAMILY, INC. AND SUBSIDIARIES

RECONCILIATION OF EBITDA

(In thousands)







Three Months Ended June 30,


Six Months Ended June 30,

(in thousands)

2013


2012


2012


2011

Net income from continuing operations

$      2,584


$      4,444


$      5,910


$      9,228

Add back:








Interest expense

11


32


29


70

Income tax expense

1,852


2,902


3,802


5,839

Depreciation and amortization

670


632


1,298


1,247

Amortization of stock-based compensation

367


385


654


746

Earnings before interest, income taxes, depreciation and
amortization (EBITDA) from continuing operations

$      5,484


$      8,395


$    11,693


$    17,130









 

About Almost Family
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations in Florida, Ohio, Kentucky, Connecticut, New Jersey, Massachusetts, Indiana, Missouri, Illinois, and Pennsylvania (in order of revenue significance after the transactions described above).  Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment.  Altogether, after the transactions above, Almost Family operates 170 branch locations in 10 U.S. states.

Forward Looking Statements
All statements, other than statements of historical facts, included in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "project," "anticipate," "continue," or similar terms, variations of those terms or the negative of those terms. These forward-looking statements are based on the Company's current plans, expectations and projections about future events.

Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties which could cause actual results to differ materially include: regulatory approvals or first party consents may not be obtained; the impact of further changes in healthcare reimbursement systems, including the ultimate outcome of potential changes to Medicare reimbursement for home health services and 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 including obtaining synergies, integration objectives and anticipated timelines; government regulation; health care reform; pricing pressures from Medicare, Medicaid and other first-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 various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2012, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." The Company undertakes no obligation to update or revise its forward-looking statements.

 

Almost Family, Inc.

Steve Guenthner

(502) 891-1000

The Ruth Group

Investor Relations

Nick Laudico / Rada Milenovici

(646) 536-7030 / 7011

nlaudico@theruthgroup.com

rmilenovici@theruthgroup.com

SOURCE Almost Family, Inc.




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