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Last updated on April 20, 2014 at 5:20 EDT

Almost Family Reports Fourth Quarter and Full Year 2012 Results

February 27, 2013

LOUISVILLE, Ky., Feb. 27, 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 months and full year ended December 31, 2012.

Fourth Quarter Highlights:

  • Net service revenues of $87 million for the quarter
  • Net income was $3.7 million, or $0.40 per diluted share
  • Diluted EPS includes $0.02 for the impact of Hurricane Sandy, excluding which diluted EPS would have been $0.42
  • Visiting Nurse segment net revenues were $67 million, on 1% admission growth overall

Full Year Highlights:

  • Net service revenues were $349 million
  • Net income was $17 million, or $1.85 per diluted share
  • Visiting Nurse segment net revenues were $271 million, on 2% admission growth overall
  • Personal Care segment net revenues grew to $77 million from a combination of the Cambridge acquisition and 5% organic volume growth

Comments on Results
William Yarmuth, Chief Executive Officer, commented on the results: “All things considered, we emerge from 2012 pleased with the progress we’ve made and the position we’re in to capitalize on our future opportunities. We weathered storms, both literally and figuratively, that have had an impact on our quarterly operating results. We continued to make progress in our Florida operations while dealing with the ramifications of Medicare Advantage plan changes in our northern operations.”

“Looking at the year as a whole, we weathered our second straight year of Medicare rate cuts in the neighborhood of 5% and, with a keen eye on cost controls, managed to offset a meaningful portion of those cuts. Despite all this, we increased shareholder value by paying a $2 per share special dividend at the end of December without compromising our financial capability to pursue the opportunities we see coming our way. We enter 2013 in a very strong position with one of the strongest balance sheets in the industry.”

Fourth Quarter Financial Results
Almost Family reported fourth quarter results that included the impact of the 2012 Medicare reimbursement rate cut in the Visiting Nurse (VN) segment. The Medicare rate cuts reduced revenue and operating income by $3.0 million and earnings per diluted share by $0.20. A change in certain Medicare Advantage contracts we chose to renew that pay on a per visit versus episodic basis reduced revenue by $0.7 million and earnings per diluted share by $0.03. While total VN admissions increased approximately 1%, Medicare episodic admissions declined approximately 2% primarily as a result of those Medicare Advantage plans switching from episodic to per visit payment models. Admissions in 2011 included approximately 300 Medicare Advantage admissions under a contract that was terminated when payment switched from episodic to per visit.

Approximately 25% of our VN segment and 20% of our PC segment operations are located in the northeastern U.S. (New Jersey, Connecticut and Massachusetts), areas impacted by Hurricane Sandy which struck in late October 2012. Earnings per share for the fourth quarter were reduced by $0.02 as a result of business disruptions due to Hurricane Sandy primarily in our New Jersey and Connecticut markets.

Net service revenues for the fourth quarter were $86.6 million, a 3% decrease from $89.3 million reported in the fourth quarter of 2011, primarily as a result of the VN segment’s Medicare rate cut.

Net income for the fourth quarter of 2012 was $3.7 million, or $0.40 per diluted share, down from fourth quarter of 2011 net income of $5.3 million, or $0.57 per diluted share.

The effective tax rate for the fourth quarter of 2012 increased to 40.1% from 38.0% for the fourth quarter of 2011, primarily as a result of the shift of earnings to states with higher tax rates and the absence of tax credits.

Fourth Quarter Segment Results
VN segment fourth quarter results include the unfavorable impact of the Medicare rate cuts as well as the change of certain Medicare Advantage payors to per visit reimbursement. As a result, VN segment fourth quarter net service revenues declined 4% to $67.3 million, from $69.8 million in the fourth quarter of 2011, while operating income before corporate expenses for the fourth quarter of 2012 declined to $8.7 million from $10.7 million reported for the fourth quarter of 2011. Total admissions grew 1%, substantially all organic. Sequential VN segment sales force expansion decreased EPS by $0.03.

Personal Care (PC) segment net service revenues declined slightly to $19.3 million in the fourth quarter of 2012 from $19.5 million in 2011, due to a 4% decline in volumes which was partially offset by higher rates per hour. Operating income before unallocated corporate expenses decreased 25% or $0.8 million to $2.4 million in the fourth quarter of 2012 due to a combination of lower volumes and wage increases.

Full Year Ended December 31, 2012
Almost Family reported full year results that included: i) the favorable impact of a full year of operations from our Cambridge acquisition, which closed in early August of 2011, ii) the unfavorable impact of the 2012 Medicare reimbursement rate cut and iii) the unfavorable impact of the change of certain Medicare Advantage payors to per visit reimbursement for contracts we chose to renew, which lowered EPS by $0.06. The Medicare rate cuts reduced revenue and operating income by $12.3 million and earnings per diluted share by $0.80.

Net income for 2012 was $17.3 million, or $1.85 per diluted share, down from 2011 net income of $20.8 million, or $2.22 per diluted share. Fees and expenses related to governmental inquiries did not impact 2012, while lowering 2011 EPS by approximately $0.08. Deal costs lowered both 2012 and 2011 EPS by approximately $0.03 and $0.04, respectively.

Full Year Segment Results
Net service revenues in the VN segment for 2012 declined to $271.5 million, a 4.3% decrease from $283.6 million in 2011, after the effect of the previously mentioned Medicare rate cut. Total admissions grew 2%, of which all was organic.

Operating income before corporate expenses in the VN segment for 2012 was $39.4 million, a $6.3 million decrease from $45.7 million reported for 2011, primarily as a result of the impact of the Medicare rate cut, the shift of certain Medicare Advantage contracts we chose to renew to per visit reimbursement and a $0.9 million increase in bad debt provision, which were partially offset by a focused effort to reduce labor costs relative to patients served.

Primarily as a result of our Cambridge acquisition, net service revenues in the PC segment for 2012 grew 37% or $20.8 million to $77.0 million from $56.3 million 2011. As a result, operating income before unallocated corporate expenses in the PC segment increased 16% to $10.0 million from $8.7 million 2011.

Conference Call
A conference call to review the results will begin at 11:00 a.m. ET on February 27, 2013, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, President and Principal Financial Officer. To participate in the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (International). In addition, a dial-up replay of the conference call will be available beginning February 27, 2013 at 2:00 p.m. ET and ending on March 13, 2013. The replay telephone number is 1-877-870-5176 (USA) or 1-858-384-5517 (International). Passcode 409361. 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 February 27, 2013 at approximately 2:00 p.m. ET and will remain available until March 27, 2013.

    Almost Family, Inc. The Ruth Group
    Steve Guenthner     Investor Relations
    (502) 891-1000      Nick Laudico/Zack Kubow
                                                  (646) 536-7030/7020
                        nlaudico@theruthgroup.com
                        zkubow@theruthgroup.com

                                          ALMOST FAMILY, INC. AND SUBSIDIARIES
                                            CONSOLIDATED STATEMENTS OF INCOME
                                                       (UNAUDITED)
                                          (In thousands, except per share data)

                                                           Three Months Ended December 31,            Year Ended December 31,
                                                          -------------------------------           -----------------------
                                                                      2012                    2011            2012                2011
                                                                      ----                    ----            ----                ----
     Net service revenues                                          $86,554                 $89,331        $348,524            $339,853
     Cost of service revenues (excluding                            45,252                  45,126         180,824             167,066
          depreciation & amortization)
                                                                                                                                   ---
     Gross margin                                                   41,302                  44,205         167,700             172,787
     General and administrative expenses:
     Salaries and benefits                                          24,793                  24,744          98,441              97,526
     Other                                                          10,305                  10,869          40,715              40,700
                                                                    ------                  ------          ------              ------
     Total general and administrative                               35,098                  35,613         139,156             138,226
         expenses
                                                                                                                                   ---
     Operating income                                                6,204                   8,592          28,544              34,561
     Interest expense, net                                             (17)                    (39)           (104)               (180)
                                                                       ---                     ---            ----                ----
     Income before income taxes                                      6,187                   8,553          28,440              34,381
     Income tax expense                                             (2,482)                 (3,248)        (11,156)            (13,579)
                                                                    ------                  ------         -------             -------
     Net income                                                     $3,705                  $5,305         $17,284             $20,802
                                                                    ======                  ======         =======             =======

     Per share amounts-basic:
     Average shares outstanding                                      9,280                   9,296           9,285               9,278
                                                                     =====                   =====           =====               =====
     Net income                                                      $0.40                   $0.57           $1.86               $2.24
                                                                     =====                   =====           =====               =====

     Per share amounts-diluted:
     Average shares outstanding                                      9,313                   9,328           9,324               9,360
                                                                     =====                   =====           =====               =====
     Net income                                                      $0.40                   $0.57           $1.85               $2.22
                                                                     =====                   =====           =====               =====

                                      ALMOST FAMILY, INC. AND SUBSIDIARIES
                                           CONSOLIDATED BALANCE SHEETS
                                                 (In thousands)

                                                     December 31, 2012
                       ASSETS                           (UNAUDITED)             December 31, 2011
                                                        ----------              -----------------
     CURRENT ASSETS:
     Cash and cash equivalents                                         $26,120                  $33,693
     Accounts receivable - net                                          49,971                   45,166
     Prepaid expenses and other
      current assets                                                     7,021                    6,221
     Deferred tax assets                                                 6,580                    7,470
                                                                         -----                    -----
     TOTAL CURRENT ASSETS                                               89,692                   92,550

     PROPERTY AND EQUIPMENT -NET                                         5,401                    5,229
     GOODWILL                                                          133,418                  132,653
     OTHER INTANGIBLE ASSETS                                            19,967                   19,709
     OTHER ASSETS                                                          781                    1,019
                                                                           ---                    -----
                                                                      $249,259                 $251,160
                                                                      ========                 ========

                   LIABILITIES AND
                 STOCKHOLDERS' EQUITY
     CURRENT LIABILITIES:
     Accounts payable                                                   $4,599                   $6,489
     Accrued other liabilities                                          21,874                   21,467
     Current portion -capital
      leases and notes payable                                             625                    1,200
                                                                           ---                    -----
     TOTAL CURRENT LIABILITIES                                          27,098                   29,156

     LONG-TERM LIABILITIES:
     Notes payable                                                         500                    1,125
     Deferred tax liabilities                                           16,785                   13,630
     Other liabilities                                                     561                      952
                                                                           ---                      ---
     TOTAL LONG-TERM LIABILITIES                                        17,846                   15,707
                                                                        ------                   ------
     TOTAL LIABILITIES                                                  44,944                   44,863
                                                                        ------                   ------

     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; 9,421 and 9,381
     issued and outstanding                                                942                      938
     Treasury stock, at cost, 91
      and 13 shares                                                     (2,320)                    (431)
     Additional paid-in capital                                        101,945                  100,678
     Retained earnings                                                 103,748                  105,112
                                                                       -------                  -------
     TOTAL STOCKHOLDERS' EQUITY                                        204,315                  206,297
                                                                       -------                  -------
                                                                      $249,259                 $251,160
                                                                      ========                 ========

                                                                                       ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                    (UNAUDITED)
                                                                                                  (In thousands)
                                                                                                                                Year Ended December 31,
                                                                                                                               -----------------------
                                                                                                                                               2012          2011
                                                                                                                                               ----          ----
     Cash flows from operating activities:
     Net income                                                                                                                             $17,284       $20,802
     Adjustments to reconcile income to net cash provided by operating activities:
     Depreciation and amortization                                                                                                            2,578         2,816
     Provision for uncollectible accounts                                                                                                     2,825         2,355
     Stock-based compensation                                                                                                                 1,473         1,422
     Deferred income taxes                                                                                                                    3,753         4,371
                                                                                                                                              -----         -----
                                                                                                                                             27,913        31,766
     Change in certain net assets and liabilities, net of the effects of acquisitions:
     (Increase) decrease in:
     Accounts receivable                                                                                                                     (8,228)       (1,641)
     Prepaid expenses and other current assets                                                                                               (1,137)          633
     Other assets                                                                                                                               236           252
     (Decrease) increase in:
     Accounts payable and accrued expenses                                                                                                   (1,751)       (5,075)
                                                                                                                                             ------        ------
     Net cash provided by operating activities                                                                                               17,033        25,935
                                                                                                                                             ------        ------

     Cash flows from investing activities:
     Capital expenditures                                                                                                                    (2,487)       (2,890)
     Acquisitions, net of cash acquired                                                                                                        (538)      (38,064)
                                                                                                                                               ----       -------
     Net cash used in investing activities                                                                                                   (3,025)      (40,954)
                                                                                                                                             ------       -------

     Cash flows from financing activities:
     Proceeds from exercise of stock options                                                                                                     70           288
     Purchase of common stock in connection with share awards                                                                                (1,889)         (440)
     Tax benefit from stock-based compensation                                                                                                    -         1,614
     Payment of special dividend                                                                                                            (18,562)            -
     Principal payments on notes payable                                                                                                     (1,200)         (693)
                                                                                                                                             ------          ----
     Net cash used in financing activities                                                                                                  (21,581)          769
                                                                                                                                            -------           ---

     Net change in cash and cash equivalents                                                                                                 (7,573)      (14,250)
     Cash and cash equivalents at beginning of period                                                                                        33,693        47,943
                                                                                                                                             ------        ------
     Cash and cash equivalents at end of period                                                                                             $26,120       $33,693
                                                                                                                                            =======       =======

     Summary of non-cash investing and financing activities:
     Settlement of Directors Deferred Compensation Plan                                                                      $                    -          $501
     Acquisitions funded by notes payable                                                                                    $                    -        $1,000
     Dividends declared, not paid                                                                                                               $86     $       -

                                                                                 ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                                         RESULTS OF OPERATIONS
                                                                                              (UNAUDITED)
                                                                                            (In thousands)

                                                        Three Months Ended December 31,
                                                       -------------------------------
                                                                 2012                                 2011                               Change
                                                                 ----                                 ----                              ------
                                                 Amount                         % Rev                                  Amount            % Rev         Amount            %
                                                ------                          -----                                 ------             -----         ------           ---
    Net service revenues:
     Visiting Nurse                                           $67,279                    77.7%                                 $69,801           78.1%         $(2,522)      -3.6%
     Personal Care                                             19,275                    22.3%                                  19,530           21.9%            (255)      -1.3%
                                                               ------                                                           ------                            ----
                                                               86,554                   100.0%                                  89,331          100.0%          (2,777)      -3.1%
                                                               ------                                                           ------                          ------
    Operating income before corporate
    expenses:
    Visiting Nurse                                              8,726                    13.0%                                  10,740           15.4%          (2,014)     -18.8%
     Personal Care                                              2,446                    12.7%                                   3,264           16.7%            (818)     -25.1%
                                                                -----                                                            -----                            ----
                                                               11,172                    12.9%                                  14,004           15.7%          (2,832)     -20.2%
    Corporate expenses                                          4,968                     5.7%                                   5,412            6.1%            (444)      -8.2%
                                                                -----                                                            -----                            ----
    Operating income                                            6,204                     7.2%                                   8,592            9.6%          (2,388)     -27.8%
    Interest expense, net                                         (17)                    0.0%                                     (39)           0.0%              22      -56.4%
    Income tax expense                                         (2,482)                   -2.9%                                  (3,248)          -3.6%             766      -23.6%
                                                               ------                                                           ------                             ---
    Net income                                                 $3,705                     4.3%                                  $5,305            5.9%         $(1,600)     -30.2%
                                                               ======                                                           ======                         =======

    EBITDA                                                     $7,217                     8.3%                                  $9,621           10.8%         $(2,404)     -25.0%

                                                                            ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                                    RESULTS OF OPERATIONS
                                                                                         (UNAUDITED)
                                                                                       (In thousands)

                                                          Year Ended December 31,
                                                         -----------------------
                                                                 2012                                 2011                               Change
                                                                 ----                                 ----                              ------
                                                 Amount                         % Rev                                  Amount            % Rev         Amount            %
                                                ------                          -----                                 ------             -----         ------           ---
    Net service revenues:
     Visiting Nurse                                          $271,477                    77.9%                                $283,596           83.4%        $(12,119)      -4.3%
     Personal Care                                             77,047                    22.1%                                  56,257           16.6%          20,790       37.0%
                                                               ------                                                           ------                          ------
                                                              348,524                   100.0%                                 339,853          100.0%           8,671        2.6%
                                                              -------                                                          -------                           -----
    Operating income before corporate expenses:
     Visiting Nurse                                            39,424                    14.5%                                  45,744           16.1%          (6,320)     -13.8%
     Personal Care                                             10,029                    13.0%                                   8,682           15.4%           1,347       15.5%
                                                               ------                                                            -----                           -----
                                                               49,453                    14.2%                                  54,426           16.0%          (4,973)      -9.1%
    Corporate expenses                                         20,909                     6.0%                                  19,865            5.8%           1,044        5.3%
                                                               ------                                                           ------                           -----
    Operating income                                           28,544                     8.2%                                  34,561           10.2%          (6,017)     -17.4%
    Interest expense, net                                        (104)                    0.0%                                    (180)          -0.1%              76      -42.2%
    Income tax expense                                        (11,156)                   -3.2%                                 (13,579)          -4.0%           2,423      -17.8%
                                                              -------                                                          -------                           -----
    Net income                                                $17,284                     5.0%                                 $20,802            6.1%         $(3,518)     -16.9%
                                                              =======                                                          =======                         =======

    EBITDA                                                    $32,595                     9.4%                                 $38,799           11.4%         $(6,204)     -16.0%

                                                                                                          ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                                                        VISITING NURSE SEGMENT OPERATING METRICS

                                                                       Three Months Ended December 31,
                                                                       -------------------------------
                                                                                 2012                               2011                                   Change
                                                                                 ----                               ----                                   ------
                                                                 Amount                        % Rev                                    Amount              % Rev       Amount           %
                                                                 ------                        -----                                    ------              -----       ------          ---
    Average number of locations                                                   106                                                                  106                -                  0.0%

    All payors:
    Patients months                                                            54,251                                                               53,446                         805       1.5%
    Admissions                                                                 15,770                                                               15,611                         159       1.0%
    Billable visits                                                           474,340                                                              475,097                        (757)     -0.2%

    Medicare Statistics (1):
    Revenue (in thousands)                                                    $60,396                  89.8%                                       $64,393        92.3%        $(3,997)     -6.2%
    Billable visits                                                           384,806                                                              400,718                     (15,912)     -4.0%
    Admissions                                                                 13,668                                                               13,995                        (327)     -2.3%
    Recertifications                                                            7,994                                                                8,238                        (244)     -3.0%
    Episodes completed                                                         21,184                                                               21,845                        (661)     -3.0%

    Revenue per completed episode                                              $2,882                                                               $2,996                       $(114)     -3.8%
    Visits per episode                                                           17.8                                                                 18.2                        (0.4)     -2.2%

    (1)  Episodic data which includes Medicare Advantage plans that pay episodically

                                                                                                       PERSONAL CARE OPERATING METRICS

                                                                     Three Months Ended December 31,
                                                                     -------------------------------
                                                                                 2012                                                                 2011              Change
                                                                                 ----                                                                 ----              ------
                                                                 Amount                                                                 Amount                          Amount           %
                                                                 ------                                                                 ------                          ------          ---
    Average number of locations                                                    61                                                                   60                           1       1.7%

    Admissions                                                                  1,072                                                                1,019                          53       5.2%
    Patient months of care                                                     17,280                                                               17,091                         189       1.1%
    Patient days of care                                                      263,854                                                              255,581                       8,273       3.2%
    Billable hours                                                          1,044,996                                                            1,093,408                     (48,412)     -4.4%
    Revenue per billable hour                                                  $18.44                                                               $17.86                       $0.58       3.2%

                                                                                                               ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                                                             VISITING NURSE SEGMENT OPERATING METRICS

                                                                                              Year Ended December 30,
                                                                                              -----------------------
                                                                                                    2012                               2011                            Change
                                                                                                    ----                               ----                            ------
                                                                                     Amount                       % Rev                               Amount            % Rev       Amount            %
                                                                                     ------                       -----                               ------            -----       ------            ---
    Average number of locations                                                                      108                                                            98                            10           10.2%

    All payors:
    Patients months                                                                              217,563                                                       215,342                         2,221            1.0%
    Admissions                                                                                    63,164                                                        61,775                         1,389            2.2%
    Billable visits                                                                            1,890,103                                                     1,935,967                       (45,864)          -2.4%

    Medicare Statistics (1):
    Revenue (in thousands)                                                                      $246,329                  90.7%                               $261,960        92.4%         $(15,631)          -6.0%
    Billable visits                                                                            1,544,958                                                     1,616,288                       (71,330)          -4.4%
    Admissions                                                                                    55,369                                                        56,007                          (638)          -1.1%
    Recertifications                                                                              31,862                                                        32,549                          (687)          -2.1%
    Episodes completed                                                                            86,686                                                        87,533                          (847)          -1.0%

    Revenue per completed episode                                                                 $2,850                                                        $3,002                         $(152)          -5.1%
    Visits per episode                                                                              17.5                                                          18.1                          (0.6)          -3.3%

    (1)  Episodic data which includes Medicare Advantage plans that pay episodically

                                                                                                             PERSONAL CARE OPERATING METRICS

                                                                                            Year Ended December 30,
                                                                                            -----------------------
                                                                                                    2012                                                          2011              Change
                                                                                                    ----                                                          ----              ------
                                                                                     Amount                                                           Amount                        Amount                 %
                                                                                     ------                                                           ------                        ------                ---
    Average number of locations                                                                       60                                                            30                            30          100.0%

    Admissions                                                                                     4,319                                                         3,262                         1,057           32.4%
    Patient months of care                                                                        69,304                                                        53,802                        15,502           28.8%
    Patient days of care                                                                       1,017,530                                                       755,002                       262,528           34.8%
    Billable hours                                                                             4,202,386                                                     3,120,715                     1,081,671           34.7%
    Revenue per billable hour                                                                     $18.33                                                        $18.03                         $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 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                 Year Ended December 31,
                            December 31,
                            ------------
                               2012                    2011            2012            2011
                               ----                    ----            ----            ----
     Net
     income                  $3,705                  $5,305         $17,284         $20,802
     Add
     back:
     Interest
     expense                     17                      39             104             180
     Income
     tax
     expense                  2,482                   3,248          11,156          13,579
     Depreciation
     and
     amortization               667                     646           2,578           2,816
     Amortization
     of
     stock-
     based                      346                     383           1,473           1,422
        compensation

     Earnings
     before
     interest,
     income
     taxes,
     depreciation
     and
     amortization
     (EBITDA)                $7,217                  $9,621         $32,595         $38,799
                             ======                  ======         =======         =======

About Almost Family
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing and personal care services with locations in Florida, Ohio, Kentucky, Connecticut, New Jersey, 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 160 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 Fourth 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 Fourth-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.

SOURCE Almost Family, Inc.


Source: PR Newswire