• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Almost Family Announces Acquisition of Home Health Agencies from Central Florida Health Alliance

Posted on: Wednesday, 27 May 2009, 08:30 CDT

LOUISVILLE, Ky., May 27 /PRNewswire-FirstCall/ -- Almost Family, Inc. (Nasdaq: AFAM) today announced an agreement to acquire the assets of the Medicare-certified home health agencies affiliated with Florida-based Central Florida Health Alliance (CHFA), a two-hospital health care system with home health branches in Leesburg and The Villages.

Company Comments on Combination

William Yarmuth, Chief Executive Officer of Almost Family, commented, "We are thrilled to have the opportunity to work with CFHA in developing the full potential of home health care services in its market place. Working with them, we will build upon the existing foundation of high quality caregivers and the strong tradition of commitment to patients with our breadth of specialty programs and all the expertise we have accumulated throughout our over 100 locations and 30 plus years of Medicare home health operating experience. We are excited to bring Almost Family's special brand of Medicare-certified home health services to the CFHA service area."

Lee S. Huntley, President and Chief Executive Officer of CFHA, commented on the combination: "We are very pleased to have Almost Family assume the operation of our home health branches. We have a long history of close quality relationships between our hospitals and our home health branches and we expect those to continue unchanged. We are very excited about the enhancements to our home care program that can be made by bringing Almost Family's extensive Medicare expertise and resources to our patient population. We were very selective in choosing a nationally recognized home health provider with a long track record of high quality service to patients. In doing so we are ensuring that our patients and our home health employees will be in good hands."

The acquired operations generated approximately $4.5 million in revenue in their last fiscal year. The transaction, which is expected to close in June, is not expected to have a material effect on the Company's 2009 results of operations. Terms of the transaction were not disclosed.

Central Florida Health Alliance is a not-for-profit healthcare system with a family of hospitals and post-acute services. Leesburg Regional Medical Center and The Villages Regional Hospital serve Lake, Sumter, and Marion counties in addition to the entire Central Florida region.

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.

Contact: William Yarmuth or Steve Guenthner (502) 891-1000.

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

Because forward-looking statements involve risks and uncertainties, the Company's actual results could differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The potential risks and uncertainties which could cause actual results to differ materially include: regulatory approvals or third party consents may not be obtained, the impact of further changes in healthcare reimbursement systems, including the ultimate outcome of potential changes to Medicare reimbursement for home health services and to Medicaid reimbursement due to state budget shortfalls; the ability of the Company to maintain its level of operating performance and achieve its cost control objectives; changes in our relationships with referral sources; the ability of the Company to integrate acquired operations; government regulation; health care reform; pricing pressures from Medicare, Medicaid and other third-party payers; changes in laws and interpretations of laws relating to the healthcare industry; and the Company's self-insurance risks. For a more complete discussion regarding these and other factors which could affect the Company's financial performance, refer to the Company's various filings with the Securities and Exchange Commission, including its filing on Form 10-K for the year ended December 31, 2008, 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

More News in this Category