LOUISVILLE, Ky., May 25, 2016 (GLOBE NEWSWIRE) -- Almost Family, Inc. (NASDAQ:AFAM), today announced that it has entered into a transaction for entry into the State of Wisconsin through the acquisition of certain home health agency assets from ResCare Inc. Annualized revenues of $15 million, principally for personal care services, are expected to be generated across 8 branches in Wisconsin.
“We are extremely excited to add the State of Wisconsin to our growing geographic footprint. We are looking forward to building upon the existing foundation of high quality caregivers and the strong tradition of commitment to patients and combining them with the breadth of expertise we have accumulated over our 30 plus years of home health operating experience.” said William B. Yarmuth, Chairman and Chief Executive Officer of Almost Family. “We are very pleased to welcome the new employees to our growing family of home health providers.”
Terms of the transaction, which also included home health agency assets in certain other states in which the Company already operates, were not disclosed. The transaction is expected to close in 30-60 days subject to regulatory approvals.
The Company noted that while it is continuing the integration of its recent acquisitions, it continues to seek opportunities for the acquisition of home health and personal care agencies that fit the Company’s geographic, service line, value and quality criteria.
About Almost Family, Inc.
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing services, with branch locations in Florida, Ohio, Tennessee, New York, Connecticut, Kentucky, 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 this transaction, Almost Family will operate approximately 240 branch locations in sixteen 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 including obtaining synergies, integration objectives and anticipated timelines; 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 year ended December 31, 2015, 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.