LOUISVILLE, Ky., March 29, 2011 /PRNewswire/ -- Almost Family, Inc. (Nasdaq: AFAM) today announced an agreement to acquire the assets of the Medicare-certified home health agency owned by Caregivers Health Network, Inc.
Company Comments on Combination
"We are very pleased to welcome the employees of Caregivers to our growing family of home health providers. We're also very excited to continue executing our acquisition strategy in our Midwest geographic cluster and in particular in Ohio," said William B. Yarmuth, chairman and chief executive officer of Almost Family. "We've served the Northern Kentucky side of the Ohio River in the metropolitan area for over a decade. With this combination we now have a vibrant and growing home health business in Cincinnati itself, enabling us to serve the entire metro area. Finally, we're happy to announce the founders and managers of Caregivers will be joining our management team to lead our growth and development in the greater Cincinnati area."
The agency generated approximately $5 million in revenue in their last fiscal year. Terms of the transaction were not disclosed.
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, New Jersey, Connecticut, Ohio, Massachusetts, Missouri, Alabama, Illinois, Pennsylvania, and Indiana (in order of revenue significance). Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment. Altogether, Almost Family operates over 110 branch locations in 11 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 third 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; 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 various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2010, 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.
SOURCE Almost Family, Inc.