Almost Family Reports Third Quarter 2010 Results
Third Quarter Highlights:
-- Net service revenues increased 11% to $84.9 million
-- Net income increased 29% to $7.9 million
-- Diluted EPS increased 16% to $0.85 per share on 10% more shares outstanding
-- Visiting Nurse (VN) segment net revenues rose 13% to $74.2 million
-- VN organic Medicare admission growth was 12%
-- Approximately $110 million in cash plus credit facility available to fund acquisitions
LOUISVILLE, Ky., Oct. 28 /PRNewswire-FirstCall/ -- Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing services, announced today its financial results for the three months ended September 30, 2010.
William Yarmuth, Chief Executive Officer, commented, "Our third quarter results demonstrate the fundamental strength of our business and the success of our Senior Advocacy Mission in the communities we serve. I am proud of our ability to continue balancing our top and bottom line growth while providing superior care to our patients. Our Visiting Nurse (VN) segment continued to show strong organic revenue growth and the Personal Care (PC) segment continued strong margin performance."
Third Quarter Financial Results
Almost Family reported third quarter 2010 net service revenues of $84.9 million, an 11% increase from $76.3 million in the third quarter of 2009, primarily due to a 13% increase in revenue by our VN segment.
Net income for the third quarter of 2010 was $7.9 million, or $0.85 per diluted share, compared to $6.2 million, or $0.73 per diluted share, in the third quarter of 2009 on 10% more shares outstanding.
Third Quarter Segment Results
Net revenues in the Visiting Nurse segment for the third quarter of 2010 were $74.2 million, a 13% increase from $65.7 million in the third quarter of 2009. The total revenue growth of $8.4 million was entirely organic. Organic Medicare admissions growth was 12%. Operating income before corporate expense in the VN segment for the third quarter of 2010 was $16.5 million, a 23% increase from $13.4 million in the third quarter of 2009.
While net revenues in the Personal Care (PC) segment were essentially flat for the third quarter of 2010, operating income before unallocated corporate expense increased 15% to $1.5 million from $1.3 million in the same period of 2009 due to improved cost management.
Nine Month Period Ended September 30, 2010
Almost Family reported net service revenues for the nine month period ended September 30, 2010 of $252.3 million, a 15% increase from $219.8 million in the same period of 2009.
Net income for the nine month period of 2010 was $23.7 million, or $2.54 per diluted share, compared to $17.8 million, or $2.14 per diluted share, in the nine month period of 2009 on 13% more shares outstanding.
Nine Month Period Segment Results
Net revenues in the Visiting Nurse segment for the nine month period of 2010 were $220.6 million, a 17% increase from $188.4 million in the nine month period of 2009. The revenue growth of $32.2 million came from a 16% organic growth rate plus approximately $2.0 million from acquired operations. Organic Medicare admissions growth was 12%. Operating income before corporate expense in the VN segment for the nine month period of 2010 was $50.1 million, a 28% increase from $39.1 million in the nine month period of 2009.
Net revenues in the Personal Care (PC) segment for the nine month period of 2010 were consistent with 2009 while operating income before unallocated corporate expense increased 16% to $4.2 million for the nine month period of 2010 from $3.6 million in the nine month period of 2009.
Regulatory Inquiries and Shareholder Litigation
As previously announced, the Company is continuing to cooperate fully with investigators from the US Senate Finance Committee and the US Securities Exchange Commission regarding their inquiries, in addition to reviewing the derivative and shareholder class action suits filed following an April 27, 2010 Wall Street Journal article related to Medicare home health therapy services. During the quarter ended September 30, 2010 the Company incurred approximately $0.2 million ($0.02 per diluted share) in professional fees, net of anticipated insurance coverage, associated with these inquiries. In the nine-months ended September 30, 2010 the Company incurred approximately $0.5 million ($0.03 per diluted share) in professional fees, net of anticipated insurance coverage, associated with these inquiries.
Conference Call
A conference call to review the results will begin at 11:00 a.m. ET on October 28, 2010, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, Chief Financial Officer. To participate in the conference call, please dial 1-877-407-0789 (USA) or 1-201-689-8562 (International). In addition, a dial-up replay of the conference call will be available beginning October 28, 2010 at 2:00 p.m. ET and ending on November 11, 2010. The replay telephone number is 1-877-870-5176 (USA) or 1-858-384-5517 (International). Passcode: 359520.
A live Web cast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.almostfamily.com. A Web cast replay can be accessed on the corporate Web site beginning October 28, 2010 at approximately 2:00 p.m. ET and will remain available until November 28, 2010.
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||
CONSOLIDATED STATEMENTS OF INCOME |
||||
(UNAUDITED) |
||||
(In thousands, except per share data) |
||||
Three Months Ended September 30, |
||||
2010 |
2009 |
|||
Net service revenues |
$ 84,897 |
$ 76,294 |
||
Cost of service revenues (excluding depreciation and amortization) |
39,131 |
35,779 |
||
Gross margin |
45,766 |
40,515 |
||
General and administrative expenses: |
||||
Salaries and benefits |
22,874 |
20,800 |
||
Other |
9,599 |
9,380 |
||
Total general and administrative expenses |
32,473 |
30,180 |
||
Operating income |
13,293 |
10,335 |
||
Interest expense, net |
(60) |
(156) |
||
Income from continuing operations before income taxes |
13,233 |
10,179 |
||
Income tax expense |
(5,281) |
(3,985) |
||
Net income from continuing operations |
7,952 |
6,194 |
||
Discontinued operations, net of tax benefits of $8 and $18 |
(12) |
(28) |
||
Net income |
$ 7,940 |
$ 6,166 |
||
Per share amounts-basic: |
||||
Average shares outstanding |
9,143 |
8,282 |
||
Income from continued operations |
$ 0.87 |
$ 0.75 |
||
Loss from discontinued operations |
- |
- |
||
Net income |
$ 0.87 |
$ 0.75 |
||
Per share amounts-diluted: |
||||
Average shares outstanding |
9,343 |
8,457 |
||
Income from continued operations |
$ 0.85 |
$ 0.73 |
||
Loss from discontinued operations |
- |
- |
||
Net income |
$ 0.85 |
$ 0.73 |
||
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||
CONSOLIDATED STATEMENTS OF INCOME |
||||
(UNAUDITED) |
||||
(In thousands, except per share data) |
||||
Nine Months Ended September 30, |
||||
2010 |
2009 |
|||
Net service revenues |
$ 252,281 |
$ 219,828 |
||
Cost of service revenues (excluding depreciation and amortization) |
115,347 |
102,492 |
||
Gross margin |
136,934 |
117,336 |
||
General and administrative expenses: |
||||
Salaries and benefits |
68,067 |
60,472 |
||
Other |
28,960 |
26,842 |
||
Total general and administrative expenses |
97,027 |
87,314 |
||
Operating income |
39,907 |
30,022 |
||
Interest expense, net |
(210) |
(673) |
||
Income from continuing operations before income taxes |
39,697 |
29,349 |
||
Income tax expense |
(15,932) |
(11,513) |
||
Net income from continuing operations |
23,765 |
17,836 |
||
Discontinued operations, net of tax benefits of $27 and $52 |
(39) |
(80) |
||
Net income |
$ 23,726 |
$ 17,756 |
||
Per share amounts-basic: |
||||
Average shares outstanding |
9,101 |
8,164 |
||
Income from continued operations |
$ 2.61 |
$ 2.18 |
||
Loss from discontinued operations |
- |
- |
||
Net income |
$ 2.61 |
$ 2.18 |
||
Per share amounts-diluted: |
||||
Average shares outstanding |
9,354 |
8,318 |
||
Income from continued operations |
$ 2.54 |
$ 2.14 |
||
Loss from discontinued operations |
- |
- |
||
Net income |
$ 2.54 |
$ 2.14 |
||
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||
CONSOLIDATED BALANCE SHEETS |
|||||
(In thousands) |
|||||
September 30, 2010 |
|||||
ASSETS |
(UNAUDITED) |
December 31, 2009 |
|||
CURRENT ASSETS: |
|||||
Cash and cash equivalents |
$ 41,643 |
$ 19,389 |
|||
Accounts receivable - net |
38,905 |
35,121 |
|||
Prepaid expenses and other current assets |
3,098 |
2,544 |
|||
Deferred tax assets |
8,787 |
7,786 |
|||
TOTAL CURRENT ASSETS |
92,433 |
64,840 |
|||
PROPERTY AND EQUIPMENT - NET |
4,506 |
4,291 |
|||
GOODWILL |
100,609 |
99,133 |
|||
OTHER INTANGIBLE ASSETS |
14,311 |
14,538 |
|||
OTHER ASSETS |
576 |
587 |
|||
$ 212,435 |
$ 183,389 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
CURRENT LIABILITIES: |
|||||
Accounts payable |
$ 4,423 |
$ 3,360 |
|||
Accrued other liabilities |
21,680 |
20,076 |
|||
Current portion - capital leases and notes payable |
1,618 |
1,836 |
|||
TOTAL CURRENT LIABILITIES |
27,721 |
25,272 |
|||
LONG-TERM LIABILITIES: |
|||||
Capital lease obligations |
- |
40 |
|||
Notes payable |
1,300 |
2,800 |
|||
Deferred tax liabilities |
7,587 |
5,258 |
|||
Other liabilities |
806 |
1,042 |
|||
TOTAL LONG-TERM LIABILITIES |
9,693 |
9,140 |
|||
TOTAL LIABILITIES |
37,414 |
34,412 |
|||
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; 9,251 and 9,151 |
|||||
issued and outstanding |
925 |
915 |
|||
Treasury stock, at cost, 2 and 0 shares |
(70) |
- |
|||
Additional paid-in capital |
96,844 |
94,465 |
|||
Retained earnings |
77,322 |
53,597 |
|||
TOTAL STOCKHOLDERS' EQUITY |
175,021 |
148,977 |
|||
$ 212,435 |
$ 183,389 |
||||
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
(UNAUDITED) |
||||
(In thousands) |
Nine Months Ended September 30, |
|||
2010 |
2009 |
|||
Cash flows from operating activities: |
||||
Net income |
$ 23,726 |
$ 17,756 |
||
Loss from discontinued operations |
(39) |
(80) |
||
Income from continuing operations |
23,765 |
17,836 |
||
Adjustments to reconcile income from continuing operations to |
||||
net cash provided by operating activities: |
||||
Depreciation and amortization |
2,102 |
1,753 |
||
Provision for uncollectible accounts |
2,592 |
3,164 |
||
Stock-based compensation |
1,308 |
1,219 |
||
Gain from sale of asset |
(2) |
- |
||
Deferred income taxes |
1,327 |
(658) |
||
31,092 |
23,314 |
|||
Change in certain net assets and liabilities, net of the effects of acquisitions: |
||||
(Increase) decrease in: |
||||
Accounts receivable |
(6,376) |
(6,643) |
||
Prepaid expenses and other current assets |
(692) |
46 |
||
Other assets |
11 |
(58) |
||
Increase (decrease) in: |
||||
Accounts payable and accrued expenses |
3,281 |
(23) |
||
Net cash provided by operating activities |
27,316 |
16,636 |
||
Cash flows from investing activities: |
||||
Capital expenditures |
(1,963) |
(1,245) |
||
Cash proceeds from sale of asset |
13 |
- |
||
Acquisitions, net of cash acquired |
(2,326) |
(6,406) |
||
Net cash used in investing activities |
(4,276) |
(7,651) |
||
Cash flows from financing activities: |
||||
Net revolving credit facility repayments |
- |
(23,998) |
||
Proceeds from exercise of stock options |
381 |
84 |
||
Purchase of common stock in connection with exercise of stock options |
(628) |
(6) |
||
Tax benefit from exercise of non-qualified stock options |
1,258 |
211 |
||
Net proceeds from issuance of common stock |
- |
27,967 |
||
Principal payments on capital leases and notes payable |
(1,758) |
(4,392) |
||
Net cash used in financing activities |
(747) |
(134) |
||
Cash flows from discontinued operations: |
||||
Operating activities |
(39) |
(80) |
||
Investing activities |
- |
- |
||
Financing activities |
- |
- |
||
Net cash used in discontinued operations |
(39) |
(80) |
||
Net increase in cash and cash equivalents |
22,254 |
8,771 |
||
Cash and cash equivalents at beginning of period |
19,389 |
1,301 |
||
Cash and cash equivalents at end of period |
$ 41,643 |
$ 10,072 |
||
Summary of non-cash investing and financing activities: |
||||
Value of stock withheld in lieu of payroll taxes |
$ 628 |
$ 6 |
||
Acquisitions funded by notes payable |
$ - |
$ 1,200 |
||
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||||
RESULTS OF OPERATIONS |
|||||||||
(UNAUDITED) |
|||||||||
(In thousands) |
|||||||||
Three Months ended September 30, |
|||||||||
2010 |
2009 |
Change |
|||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
||||
Net service revenues: |
|||||||||
Visiting Nurse |
$ 74,155 |
87.3% |
$ 65,739 |
86.2% |
$ 8,416 |
12.8% |
|||
Personal Care |
10,742 |
12.7% |
10,555 |
13.8% |
187 |
1.8% |
|||
$ 84,897 |
100.0% |
$ 76,294 |
100.0% |
$ 8,603 |
11.3% |
||||
Operating income before corporate expenses: |
|||||||||
Visiting Nurse |
$ 16,536 |
22.3% |
$ 13,413 |
20.4% |
$ 3,123 |
23.3% |
|||
Personal Care |
1,475 |
13.7% |
1,287 |
12.2% |
188 |
14.6% |
|||
18,011 |
21.2% |
14,700 |
19.3% |
3,311 |
22.5% |
||||
Corporate expenses |
4,718 |
5.6% |
4,365 |
5.7% |
353 |
8.1% |
|||
Operating income |
13,293 |
15.7% |
10,335 |
13.5% |
2,958 |
28.6% |
|||
Interest expense, net |
60 |
0.1% |
156 |
0.2% |
(96) |
-61.5% |
|||
Income tax expense |
5,281 |
6.2% |
3,985 |
5.2% |
1,296 |
32.5% |
|||
Net income from continuing operations |
$ 7,952 |
9.4% |
$ 6,194 |
8.1% |
$ 1,758 |
28.4% |
|||
EBITDA from continuing operations |
$ 14,466 |
17.0% |
$ 11,384 |
14.9% |
$ 3,082 |
27.1% |
|||
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||||
RESULTS OF OPERATIONS |
|||||||||
(UNAUDITED) |
|||||||||
(In thousands) |
|||||||||
Nine Months Ended September 30, |
|||||||||
2010 |
2009 |
Change |
|||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
||||
Net service revenues: |
|||||||||
Visiting Nurse |
$ 220,643 |
87.5% |
$ 188,444 |
85.7% |
$ 32,199 |
17.1% |
|||
Personal Care |
31,638 |
12.5% |
31,385 |
14.3% |
253 |
0.8% |
|||
$ 252,281 |
100.0% |
$ 219,829 |
100.0% |
$ 32,452 |
14.8% |
||||
Operating income before corporate expenses: |
|||||||||
Visiting Nurse |
$ 50,118 |
22.7% |
$ 39,070 |
20.7% |
$ 11,048 |
28.3% |
|||
Personal Care |
4,222 |
13.3% |
3,630 |
11.6% |
592 |
16.3% |
|||
54,340 |
21.5% |
42,700 |
19.4% |
11,640 |
27.3% |
||||
Corporate expenses |
14,433 |
5.7% |
12,678 |
5.8% |
1,755 |
13.8% |
|||
Operating income |
39,907 |
15.8% |
30,022 |
13.7% |
9,885 |
32.9% |
|||
Interest expense, net |
210 |
0.1% |
673 |
0.3% |
(463) |
-68.8% |
|||
Income tax expense |
15,932 |
6.3% |
11,513 |
5.2% |
4,419 |
38.4% |
|||
Net income from continuing operations |
$ 23,765 |
9.4% |
$ 17,836 |
8.1% |
$ 5,929 |
33.2% |
|||
EBITDA from continuing operations |
$ 43,317 |
17.2% |
$ 32,994 |
15.0% |
$ 10,323 |
31.3% |
|||
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||||
VISITING NURSE SEGMENT OPERATING METRICS |
|||||||||
Three Months Ended September 30, |
|||||||||
2010 |
2009 |
Change |
|||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
||||
Average number of locations |
88 |
82 |
6 |
7.3% |
|||||
All payors: |
|||||||||
Patients Months |
51,382 |
47,744 |
3,638 |
7.6% |
|||||
Admissions |
14,359 |
12,878 |
1,481 |
11.5% |
|||||
Billable Visits |
469,992 |
416,328 |
53,664 |
12.9% |
|||||
Medicare Statistics: |
|||||||||
Revenue (in thousands) |
$ 67,786 |
91.4% |
$ 59,381 |
90.3% |
$ 8,405 |
14.2% |
|||
Billable visits |
394,668 |
360,681 |
33,987 |
9.4% |
|||||
Admissions |
13,030 |
11,616 |
1,414 |
12.2% |
|||||
Episodes |
21,763 |
19,479 |
2,284 |
11.7% |
|||||
Revenue per completed episode |
$ 3,156 |
$ 3,002 |
$ 154 |
5.1% |
|||||
Visits per episode |
18.1 |
17.8 |
0.3 |
1.7% |
|||||
PERSONAL CARE |
|||||||||
RESULTS OF OPERATION |
|||||||||
Three Months Ended September 30, |
|||||||||
2010 |
2009 |
Change |
|||||||
Amount |
Amount |
Amount |
% |
||||||
Average number of locations |
23 |
23 |
- |
0.0% |
|||||
Admissions |
710 |
804 |
(94) |
-11.7% |
|||||
Patient months of care |
11,645 |
11,822 |
(177) |
-1.5% |
|||||
Patient days of care |
154,565 |
152,272 |
2,293 |
1.5% |
|||||
Billable hours |
581,171 |
590,662 |
(9,491) |
-1.6% |
|||||
Revenue per billable hour |
$ 18.48 |
$ 17.87 |
$ 0.61 |
3.4% |
|||||
ALMOST FAMILY, INC. AND SUBSIDIARIES |
|||||||||
VISITING NURSE SEGMENT OPERATING METRICS |
|||||||||
Nine Months Ended September 30, |
|||||||||
2010 |
2009 |
Change |
|||||||
Amount |
% Rev |
Amount |
% Rev |
Amount |
% |
||||
Average number of locations |
86 |
78 |
8 |
10.3% |
|||||
All payors: |
|||||||||
Patients Months |
153,753 |
137,805 |
15,948 |
11.6% |
|||||
Admissions |
43,436 |
38,532 |
4,904 |
12.7% |
|||||
Billable Visits |
1,407,168 |
1,194,139 |
213,029 |
17.8% |
|||||
Medicare Statistics: |
|||||||||
Revenue (in thousands) |
$ 202,290 |
91.7% |
$ 169,098 |
89.7% |
$ 33,192 |
19.6% |
|||
Billable visits |
1,177,389 |
1,025,210 |
152,179 |
14.8% |
|||||
Admissions |
39,390 |
34,968 |
4,422 |
12.6% |
|||||
Episodes |
64,042 |
56,703 |
7,339 |
12.9% |
|||||
Revenue per completed episode |
$ 3,139 |
$ 2,943 |
$ 196 |
6.7% |
|||||
Visits per episode |
18.0 |
17.5 |
0.5 |
2.9% |
|||||
PERSONAL CARE |
|||||||||
RESULTS OF OPERATION |
|||||||||
Nine Months Ended September 30, |
|||||||||
2010 |
2009 |
Change |
|||||||
Amount |
Amount |
Amount |
% |
||||||
Average number of locations |
23 |
23 |
- |
0.0% |
|||||
Admissions |
2,295 |
2,445 |
(150) |
-6.1% |
|||||
Patient months of care |
35,275 |
35,340 |
(65) |
-0.2% |
|||||
Patient days of care |
456,188 |
448,331 |
7,857 |
1.8% |
|||||
Billable hours |
1,735,586 |
1,756,498 |
(20,912) |
-1.2% |
|||||
Revenue per billable hour |
$ 18.23 |
$ 17.87 |
$ 0.36 |
2.0% |
|||||
Non-GAAP Financial Measure
The information provided in the tables in this release includes certain non-GAAP financial measures as defined under Securities and Exchange Commission (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:
EBITDA is defined as income before depreciation and amortization, net interest expense and income taxes. 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 Continuing Operations Net Income to EBITDA:
ALMOST FAMILY, INC. AND SUBSIDIARIES |
||||||||
RECONCILIATION OF EBITDA |
||||||||
(In thousands) |
||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2010 |
2009 |
2010 |
2009 |
|||||
Net income from continuing operations |
$ 7,952 |
$ 6,194 |
$ 23,765 |
$ 17,836 |
||||
Add back: |
||||||||
Interest expense |
60 |
156 |
210 |
673 |
||||
Income tax expense |
5,281 |
3,985 |
15,932 |
11,513 |
||||
Depreciation and amortization |
736 |
601 |
2,102 |
1,753 |
||||
Amortization of stock-based compensation |
437 |
447 |
1,308 |
1,219 |
||||
Earnings before interest, income taxes, |
$ 14,466 |
$ 11,383 |
$ 43,317 |
$ 32,994 |
||||
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, Connecticut, New Jersey, Ohio, Massachusetts, Alabama, Missouri, 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 100 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; potential audits and investigations by governmental and regulatory agencies; 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, 2009, 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. |
The Ruth Group |
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SOURCE Almost Family, Inc.
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