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Almost Family Reports Third Quarter 2013 Results

In a separate release today, Almost Family announced an agreement to acquire SunCrest HealthCare.


News provided by

Almost Family, Inc.

Nov 05, 2013, 09:40 ET

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LOUISVILLE, Ky., Nov. 5, 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 nine months ended September 30, 2013.

Highlights:

  • Net service revenues of $88.8 million for the quarter
  • Net income from continuing operations was $2.2 million, or $0.24 per diluted share
  • Diluted EPS includes $0.05 for transaction related costs, excluding which diluted EPS would have been $0.29
  • $8.9 million cash flow from operations during the quarter
  • Accounts receivable days sales outstanding lowest since first quarter of 2012
  • Visiting Nurse segment net revenues were $67.8 million, on 2% admission growth
  • Medicare admission growth was 5%, of which 2% was organic
  • Completed the Indiana Home Care (July) and Imperium ACO (October) acquisitions

SunCrest Acquisition

In a separate release today Almost Family announced that it has signed a definitive agreement to acquire the stock of SunCrest HealthCare.  With this acquisition, Almost Family will operate over 240 branches across 14 states and its annual net revenue run rate is expected to approach the $500 million mark.  The Company is reporting and commenting on the SunCrest acquisition in a separate simultaneously released statement to provide clarity to investors on both its earnings and the transaction separately.

Management Commentary on Quarterly Results

William B. Yarmuth, CEO on the quarterly results:  "We're very pleased with our overall operating results for the quarter, in particular excluding the $0.05 diluted EPS impact of transaction costs related to our acquisition activity.  Despite continuing headwinds in health care services general, we're continuing to drive growth both organically as well as through our acquisition activities as evidenced by our mid-quarter acquisition of Indiana Home Care Network positively impacted our results.  Finally, as we reported separately today, we are extremely excited to announce our plans to acquire SunCrest HealthCare, the largest acquisition in the history of our Company.  Please see our separate release for our comments on that transaction."

Third Quarter Financial Results from Continuing Operations

Almost Family reported net service revenues for the third quarter of $88.8 million, a 5.9% increase from $83.9 million reported in the third quarter of 2012.  Revenue growth resulted primarily from volume growth in both our Visiting Nurse (VN) and Personal Care (PC) segments, along with a VN segment acquisition during the third quarter of 2013, all of which were partially offset by the VN segment's Medicare rate cut and Medicare Advantage shift.  The third quarter is the second full quarter with 2% sequestration, which lowered revenue by $1.2 million and earnings per share by $0.08.  Additionally, the change in certain Medicare Advantage contracts that now pay on a per-visit versus episodic basis (the MA shift) reduced revenue by $0.6 million and earnings per diluted share by $0.06 as compared to the same period last year.

Deal costs for the current quarter exceeded the prior year quarter at $0.7 million, or $0.05 EPS, up from $0.2 million, or $0.02 EPS, in the prior year period.

Net income from continuing operations for the third quarter of 2013 was $2.2 million, or $0.24 per diluted share, down from third quarter of 2012 net income of $4.1 million, or $0.45 per diluted share.

The effective tax rate was approximately 39.5% in the third quarter of 2013 and 2012.

Third Quarter Segment Results

Operating results for the third quarter include the impact of the Indiana Home Care Network (IHCN) acquisition, which closed on July 19, 2013, net service revenues by $2.2 million and operating income before corporate expenses by $0.6 million.

Increased net service revenues in our VN segment from higher Medicare volume and the IHCN acquisition during the quarter were partially offset by the previously mentioned impact of sequestration and the MA shift.  As a result, VN segment third quarter net service revenues increased to $67.8 million, from $64.6 million in the third quarter of 2012.  Medicare admissions grew 5%, while re-certifications grew 7%, both of which grew 2% organically. 

The Medicare rate cut and MA shift combined with increases in bad debt provision to reduce operating income before corporate expenses for the third quarter of 2013 to $7.3 million from $9.0 million reported for the third quarter of 2012.  Bad debt expense increased approximately $0.4 million on a year over year basis primarily related to the MA shift. 

PC segment net service revenues increased 9.2% to $21.0 million in the third quarter of 2013 from $19.2 million in 2012, primarily due to a 9.7% volume increase largely in lower margin business.  Changes in the mix of business reduced gross margin as a percent of revenue by 1%.  An increase of $363,000 in the provision for bad debts in the current year quarter was primarily driven by an unusually low provision in the prior year quarter.  As a result, operating income before unallocated corporate expenses decreased 9.1% to $2.6 million.

Nine Month Period Financial Results from Continuing Operations

Almost Family reported net service revenues for the nine month period of $261.5 million, a 1.7% increase from $257.0 million reported in the nine month period of 2012, primarily as a result of volume growth in the VN and PC segments, which was partially offset by the MA shift and the $2.7 million impact of sequestration, which was effective for episodes ended after March 31, 2013.  The MA shift reduced revenue by $2.4 million and earnings per diluted share by $0.20, including the impact on the provision for bad debts. 

Deal costs for the current period were higher than the prior year period at $0.8 million or $0.05 EPS, up from $0.4 million or $0.03 EPS.

Net income for the nine month period of 2013 was $8.1 million, or $0.87 per diluted share, down from the nine month period of 2012 net income of $13.4 million, or $1.43 per diluted share.

The effective tax rate was approximately 39.2% in the nine month period of 2013, which increased slightly from 39.0% for the nine month period of 2012.

Nine Month Period Segment Results

VN segment nine month period results include organic and acquired volume growth, which was partially offset by the MA shift and sequestration.  As a result, VN segment nine month period net service revenues grew 1% to $201.2 million, from $199.3 million in the nine month period of 2012.  Medicare admissions grew 3%, while re-certifications grew 5%, both of which grew 3% organically. 

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 nine month period of 2013 to $22.5 million from $30.4 million reported for the nine month period of 2012.  Bad debt expense increased approximately $1.6 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 MA shift. 

PC segment net service revenues increased to $60.3 million in the nine month period of 2013 from $57.8 million in 2012, due primarily to a 6% increase in volume.  Expense related to workers compensation claims declined $0.8 million on a year over year basis as the prior year period claims expense recorded exceeded normal levels, while the current period experienced more normal claims expense levels.  The decline was partially offset by increased bad debt provision.  As a result, operating income before unallocated corporate expenses increased 2% or $0.2 million to $7.7 million.

Acquisitions

On July 19, 2013, we completed the acquisition of the assets of the Medicare-certified home
health agencies owned by IHCN for $12.5 million.  Under the IHCN umbrella we operate six home health locations, primarily in northern Indiana. 

On October 4, 2013, we acquired a controlling interest in Imperium Health Management, LLC, (Imperium) a Louisville, KY based development-stage enterprise that provides strategic health management services to Accountable Care Organizations (ACO's).  The companies intend to work together toward the development of additional ACO relationships in markets in which Almost Family also provides home health services.

On November 4, 2013, we signed a definitive agreement to acquire the stock of SunCrest HealthCare.  The total purchase price for the stock is $75.5 million, subject to a working capital adjustment.  The transaction will be funded primarily from Almost Family's existing cash and borrowings from its senior secured revolving credit facility.  Almost Family expects the transaction to be completed during the fourth quarter, subject to regulatory approvals and the satisfaction of customary closing conditions.  With this acquisition, Almost Family will operate over 240 branches across 14 states and its annual net revenue run rate is expected to approach the $500 million mark.

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF INCOME 

 (UNAUDITED) 

 (In thousands, except per share data) 










 Three Months Ended
September 30, 


 Nine months Ended
September 30, 


2013


2012


2013


2012

 Net service revenues 

$           88,818


$           83,880


$         261,471


$         257,027

 Cost of service revenues (excluding
      depreciation & amortization) 

47,551


43,803


139,565


132,951

 Gross margin 

41,267


40,077


121,906


124,076

 General and administrative expenses: 








 Salaries and benefits 

25,814


23,334


75,170


72,193

 Other 

11,739


9,871


33,281


29,874

 Total general and administrative
     expenses 

37,553


33,205


108,451


102,067

 Operating income 

3,714


6,872


13,455


22,009

 Interest expense, net 

(13)


(17)


(42)


(87)

 Income before income taxes 

3,701


6,855


13,413


21,922

 Income tax expense 

(1,462)


(2,708)


(5,264)


(8,547)

 Net income from continuing operations 

$             2,239


$             4,147


$             8,149


$           13,375









 Discontinued operations: 








 (Loss) gain from operations, net
 of tax of ($72), ($32), ($74) and $127 

$              (110)


$                (48)


$              (420)


$                204

 Gain on sale,  net of tax of $973 

-


-


169


-

 (Loss) gain on discontinued operations 

(110)


(48)


(251)


204

 Net Income 

$             2,129


$             4,099


$             7,898


$           13,579









 Per share amounts-basic: 








 Average shares outstanding 

9,302


9,256


9,269


9,262

 Continued operations 

$               0.24


$               0.45


$               0.88


$               1.44

 Discontinued operation 

$             (0.01)


$             (0.01)


$             (0.03)


$               0.03

 Net income 

$               0.23


$               0.44


$               0.85


$               1.47









 Per share amounts-diluted: 








 Average shares outstanding 

9,348


9,315


9,354


9,329

 Continued operations 

$               0.24


$               0.45


$               0.87


$               1.43

 Discontinued operation 

$             (0.01)


$             (0.01)


$             (0.03)


$               0.03

 Net income 

$               0.23


$               0.44


$               0.84


$               1.46

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED BALANCE SHEETS 

 (In thousands) 




September 30, 2013



 ASSETS 


(UNAUDITED)


December 31, 2012

 CURRENT ASSETS: 





 Cash and cash equivalents  


$                        28,096


$                        26,120

 Accounts receivable - net 


48,060


49,971

 Prepaid expenses and other current assets 


7,045


6,968

 Deferred tax assets 


7,044


6,580

    TOTAL CURRENT ASSETS 


90,245


89,639






 PROPERTY AND EQUIPMENT - NET 


5,775


5,401

 GOODWILL 


141,370


132,014

 OTHER INTANGIBLE ASSETS 


21,121


19,967

 OTHER ASSETS 


626


781

 OTHER ASSETS, HELD FOR SALE 


-


1,457



$                      259,137


$                      249,259






 LIABILITIES AND STOCKHOLDERS' EQUITY 





 CURRENT LIABILITIES: 





 Accounts payable 


$                          4,862


$                          4,599

 Accrued other liabilities 


22,097


21,874

 Current portion of notes payable 


842


625

     TOTAL CURRENT LIABILITIES 


27,801


27,098






 LONG-TERM LIABILITIES: 





 Notes payable 


116


500

 Deferred tax liabilities 


17,356


16,785

 Other liabilities 


169


561

     TOTAL LONG-TERM LIABILITIES 


17,641


17,846

        TOTAL LIABILITIES 


45,442


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; 9,500 and 9,421 





 issued and outstanding 


950


942

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


(2,320)


(2,320)

 Additional paid-in capital 


103,419


101,945

 Retained earnings 


111,646


103,748

 TOTAL STOCKHOLDERS' EQUITY 


213,695


204,315



$                      259,137


$                      249,259


 

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF CASH FLOWS 

 (UNAUDITED) 

 (In thousands) 


 Nine Months Ended September 30, 


2013


2012

 Cash flows from operating activities: 




 Net income  

$                  7,898


$                13,579

 (Loss) gain on discontinued operations, net of tax 

(251)


204

 Net income from continuing operations 

8,149


13,375

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




 Depreciation and amortization 

2,005


1,893

 Provision for uncollectible accounts 

4,087


1,926

 Stock-based compensation 

1,039


1,128

 Deferred income taxes 

1,108


2,674





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




 Accounts receivable 

(1,884)


(5,918)

 Prepaid expenses and other current assets 

(129)


(595)

 Other assets 

151


179

 Accounts payable and accrued expenses 

(279)


(1,009)

 Net cash from operating activities 

14,247


13,653





 Cash flows from investing activities: 




 Capital expenditures 

(1,625)


(1,498)

 Acquisitions, net of cash acquired 

(12,011)


(538)

 Net cash from investing activities 

(13,636)


(2,036)





 Cash flows from financing activities: 




 Proceeds from exercise of stock options 

4


70

 Purchase of common stock in connection with share awards 

-


(1,852)

 Tax impact of share awards 

(61)


(142)

 Principal payments on notes payable and capital leases 

(532)


(1,200)

 Net cash from financing activities 

(589)


(3,124)





 Cash flows from discontinued operations 




 Operating activities 

(1,129)


561

 Investing activities 

3,083


(31)

 Net cash from discontinued operations 

1,954


530





 Net change in cash and cash equivalents 

1,976


9,023

 Cash and cash equivalents at beginning of period 

26,120


33,693

 Cash and cash equivalents at end of period 

$                28,096


$                42,716





 Summary of non-cash investing and financing activities: 




 Acquisitions funded by stock 

$                     500


$                       -

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Three Months Ended September 30, 


2013


2012


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$        67,802

76.3%


$        64,632

77.1%


$          3,170

4.9%

 Personal Care 

21,016

23.7%


19,248

22.9%


1,768

9.2%


88,818

100.0%


83,880

100.0%


4,938

5.9%

Operating income before corporate expenses:









 Visiting Nurse 

7,316

10.8%


8,986

13.9%


(1,670)

-18.6%

 Personal Care 

2,566

12.2%


2,822

14.7%


(256)

-9.1%


9,882

11.1%


11,808

14.1%


(1,926)

-16.3%

Corporate expenses

6,168

6.9%


4,936

5.9%


1,232

25.0%

Operating income

3,714

4.2%


6,872

8.2%


(3,158)

-46.0%

Interest expense, net

(13)

0.0%


(17)

0.0%


4

-23.5%

Income tax expense

(1,462)

-1.6%


(2,708)

-3.2%


1,246

-46.0%

Net income from continuing operations

$          2,239

2.5%


$          4,147

4.9%


$         (1,908)

-46.0%










EBITDA from continuing operations

$          4,806

5.4%


$          7,900

9.4%


$         (3,094)

-39.2%

 ALMOST FAMILY, INC. AND SUBSIDIARIES 

 RESULTS OF OPERATIONS 

 (UNAUDITED) 

 (In thousands) 



 Nine Months Ended September 30, 


2013


2012


 Change 


 Amount 

 % Rev 


 Amount 

 % Rev 


 Amount 

%

Net service revenues:









 Visiting Nurse 

$      201,153

76.9%


$      199,255

77.5%


$          1,898

1.0%

 Personal Care 

60,318

23.1%


57,772

22.5%


2,546

4.4%


261,471

100.0%


257,027

100.0%


4,444

1.7%

Operating income before corporate expenses:









 Visiting Nurse 

22,497

11.2%


30,367

15.2%


(7,870)

-25.9%

 Personal Care 

7,739

12.8%


7,583

13.1%


156

2.1%


30,236

11.6%


37,950

14.8%


(7,714)

-20.3%

Corporate expenses

16,781

6.4%


15,941

6.2%


840

5.3%

Operating income

13,455

5.1%


22,009

8.6%


(8,554)

-38.9%

Interest expense, net

(42)

0.0%


(87)

0.0%


45

-51.7%

Income tax expense

(5,264)

-2.0%


(8,547)

-3.3%


3,283

-38.4%

Net income from continuing operations

$          8,149

3.1%


$        13,375

5.2%


$         (5,226)

-39.1%










EBITDA from continuing operations

$        16,499

6.3%


$        25,030

9.7%


$         (8,531)

-34.1%

ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Three Months Ended September 30,


2013


2012


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

110



104



6

5.8%










All payors:









Patient months

54,345



52,266



2,079

4.0%

Admissions

15,323



15,055



268

1.8%

Billable visits

484,197



453,422



30,775

6.8%










Medicare:









Admissions

14,031

92%


13,381

89%


650

4.9%

Revenue (in thousands)

$      62,740

93%


$      59,838

93%


$      2,902

4.8%

Revenue per admission

$        4,472



$        4,472



$           (0)

0.0%

Billable visits

414,591

86%


377,835

83%


36,756

9.7%

Recertifications

8,412



7,837



575

7.3%

Payor mix % of Admissions









Traditional Medicare Episodic

92.6%



94.0%



-1.4%


 Replacement Plans Paid Episodically

2.2%



2.9%



-0.7%


 Replacement Plans Paid Per Visit

5.2%



3.1%



2.1%











Non-Medicare:









Admissions

1,292

8%


1,673

11%


(381)

-22.8%

Revenue (in thousands)

$        5,062

7%


$        4,794

7%


$         268

5.6%

Revenue per admission

$        3,918



$        2,866



$      1,052

36.7%

Billable visits

69,606

14%


75,586

17%


(5,980)

-7.9%

Recertifications

1,311



1,603



(292)

-18.2%

Payor mix % of Admissions









Medicaid & other governmental

38.2%



40.4%



-2.2%


Private payors

61.8%



59.6%



2.2%




















PERSONAL CARE OPERATING METRICS











Three Months Ended September 30,


2013



2012



Change


Amount



Amount



Amount

%

Average number of locations

60



60



-

0.0%










Admissions

1,018



1,052



(34)

-3.2%

Patient months of care

17,590



17,689



(99)

-0.6%

Billable hours

1,176,802



1,072,936



103,866

9.7%

Revenue per billable hour

$        17.86



$        17.94



$      (0.08)

-0.5%

ALMOST FAMILY, INC. AND SUBSIDIARIES

VISITING NURSE SEGMENT OPERATING METRICS











Nine Months Ended September 30,


2013


2012


Change


Amount

% Rev


Amount

% Rev


Amount

%

Average number of locations

106



105



1

1.0%










All payors:









Patient months

163,349



159,104



4,245

2.7%

Admissions

47,240



46,676



564

1.2%

Billable visits

1,438,304



1,380,321



57,983

4.2%










Medicare:









Admissions

43,289

92%


41,976

90%


1,313

3.1%

Revenue (in thousands)

$    186,473

93%


$    184,519

93%


$      1,954

1.1%

Revenue per admission

$        4,308



$        4,396



$         (88)

-2.0%

Billable visits

1,229,145

85%


1,152,365

83%


76,780

6.7%

Recertifications

24,439



23,275



1,164

5.0%

Payor mix % of Admissions









Traditional Medicare Episodic

91.9%



94.0%



-2.1%


 Replacement Plans Paid Episodically

2.5%



3.4%



-0.9%


 Replacement Plans Paid Per Visit

5.6%



2.6%



3.0%











Non-Medicare:









Admissions

3,951

8%


4,700

10%


(749)

-15.9%

Revenue (in thousands)

$      14,680

7%


$      14,736

7%


$         (56)

-0.4%

Revenue per admission

$        3,716



$        3,135



$         580

18.5%

Billable visits

209,159

15%


227,956

17%


(18,797)

-8.2%

Recertifications

4,031



4,693



(662)

-14.1%

Payor mix % of Admissions









Medicaid & other governmental

33.0%



38.5%



-5.5%


Private payors

67.0%



61.5%



5.5%




















PERSONAL CARE OPERATING METRICS











Nine Months Ended September 30,


2013



2012



Change


Amount



Amount



Amount

%

Average number of locations

60



60



-

0.0%










Admissions

3,261



3,247



14

0.4%

Patient months of care

52,494



52,024



470

0.9%

Billable hours

3,393,413



3,195,530



197,883

6.2%

Revenue per billable hour

$        17.78



$        18.08



$      (0.30)

-1.7%

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, 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 September 30,


Nine Months Ended September 30,

(in thousands)

2013


2012


2013


2012

Net income from continuing operations

$      2,239


$      4,147


$      8,149


$    13,375

Add back:








Interest expense

13


17


42


87

Income tax expense

1,462


2,708


5,264


8,547

Depreciation and amortization

707


646


2,005


1,893

Amortization of stock-based compensation

385


382


1,039


1,128

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

$      4,806


$      7,900


$    16,499


$    25,030

About Almost Family, Inc.

Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations (following the closing of the SunCrest transaction) in Florida, Ohio, Tennessee, Kentucky, Connecticut, New Jersey, Massachusetts, Georgia, Pennsylvania, Indiana, Missouri, Illinois, Mississippi and Alabama (in order of revenue significance).  Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment.  Altogether, with SunCrest, Almost Family will operate over 240 branch locations in fourteen 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."  With regard to the Company's recent investment in Imperium, in particular given that it is a development stage enterprise, there can be no assurance that its operational and developmental objectives will be realized or that any savings in healthcare spending or any participation in Medicare Shared Savings Program payments will be realized.  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

[email protected]

[email protected]

SOURCE Almost Family, Inc.

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