Almost Family Announces Agreement to Acquire Bayonne VNA Home Health Agency in Hudson County, NJ
LOUISVILLE, Ky., Sept. 29, 2015 (GLOBE NEWSWIRE) — Almost Family, Inc. (NASDAQ:AFAM), today announced that it has entered into an agreement to acquire the assets of the Medicare-certified home health agency owned by Bayonne Visiting Nurse Association located in Bayonne, NJ.“We are very pleased to welcome the home health employees of Bayonne VNA to our growing family of home health providers,” said William B. Yarmuth, Chairman and Chief Executive Officer of Almost Family. “Bayonne adds to our already strong position in Northern NJ. Working with them, we will build upon an existing foundation of high quality caregivers and the strong tradition of commitment to patients with the breadth of expertise we have accumulated throughout our over 230 locations and 30 plus years of Medicare home health operating experience.”The agency generated approximately $4 million of revenue in 2014. Terms of the transaction were not disclosed. The transaction is expected to close before the end of 2015 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 high quality 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 over 230 branch locations in fifteen U.S. states.Forward Looking StatementsAll 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 identify and acquire home health and personal care agencies which satisfy the Company’s acquisition criteria; 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, 2014, 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.Almost Family, Inc.