LOUISVILLE, Ky., Jan. 03, 2017 (GLOBE NEWSWIRE) -- Almost Family, Inc. (Nasdaq:AFAM), a leading provider of home health nursing services, today announced that it has completed its previously announced acquisition of a controlling interest in the entity holding the home health and hospice assets of Community Health Systems, Inc. (NYSE:CYH) (CHS) (referred to herein as CHS Home Health, pertaining solely to the home health and hospice business of CHS). CHS Home Health, a provider of skilled home health and hospice services, currently operates 74 home health and 15 hospice branch locations in 22 states. With the completion of this transaction, Almost Family now operates 340 branches across 26 states and its annual net revenue run rate is expected to exceed the $800 million mark.
Additionally, the Company simultaneously expanded its revolving credit facility to $350 million.
Company Comments on the Transaction
William B. Yarmuth, CEO of Almost Family, noted: “We’re exceptionally pleased to announce the completion of this acquisition. I’d like to extend a warm and personal welcome to the over 2,800 employees of the joint venture now joining our ever-growing family of home health providers. We are very excited to be entering 2017 to pursue the opportunities we have in these locations with CHS’ as our partner.”
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. Statements about the Company’s or CHS Home Health’s past financial results do not, and are not meant to, predict future results. The Company can provide no assurance that such results and performance will continue.
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: the satisfaction of the conditions precedent to the consummation of the proposed transaction, including, without limitation, disruptions of the Company’s and CHS Home Health’s current plans, operations and relationships caused by the announcement and execution of the transaction; 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; unanticipated difficulties or expenditures relating to the proposed transaction, including, without limitation, difficulties that result in the failure to achieve expected synergies, efficiencies and cost savings from the proposed transaction within the expected time period (if at all); 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; the ability of the Company to integrate, manage and keep secure our information systems; changes in the marketplace and regulatory environment for Health Risk Assessments 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 fiscal year ended January 1, 2016, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and “Risk Factors.” With regard to the Company’s investment in development-stage enterprises in its Healthcare Innovations segment, there can be no assurance that its operational and developmental objectives will be realized or that the Company’s investments will result in future returns. The Company undertakes no obligation to update or revise its forward-looking statements.