ALMOST FAMILY INC LOUISVILLE, Ky., Nov. 5, 2014 /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 and nine months ended September 30, 2014.
Third Quarter Highlights:
-- Net service revenues of approximately $124 million
-- Adjusted Earnings from Operations (1) of $5.0 million or $0.53 per
diluted share
-- Net income attributable to Almost Family, Inc. of $3.8 million or $0.40
per diluted share
-- Results include Imperium-related operating results, which increased
diluted EPS from continuing operations for the quarter by $0.04, driven
by Medicare Shared Savings Payment success fee income
-- Visiting Nurse segment net revenues of $97.8 million and record Personal
Care segment revenues of $25.9 million
-- Acquired operations added $0.24 to diluted EPS from continuing
operations for the quarter with SunCrest contributing $0.23
-- Efficiency gains in the balance of the business improved diluted EPS by
$0.09, prior to the effects of Medicare rate cuts which reduced diluted
EPS by $0.05.
(1) See "Reconciliation of Non-GAAP Measures - Adjusted Earnings from Operations" to GAAP results
Comments on Third Quarter 2014 Results
William Yarmuth, Chairman and Chief Executive Officer, made the following comments with regard to results for the quarter: "We are exceptionally pleased to report third quarter Adjusted Earnings from Operations of $0.53 per diluted share as compared to $0.29 in the third quarter of 2013. During the quarter we achieved strong and improved performance by our core visiting nurse operations which generated over 3% same store organic admission growth year-over-year."
"With the substantial completion of the SunCrest integration work behind us, we are now turning our attention to future acquisitions. We are immensely appreciative of the hard work done and the trust in us shown by our SunCrest managers and employees in dealing with the transition and producing very impressive results."
"Finally, we're extremely excited that our Imperium ACO management company generated its first Medicare shared savings success fees totaling $1.6 million in the quarter, bringing its trailing 12 month performance to break even in its first year of operation under Almost Family. Recent program improvements and increased ACO commitments from CMS sustain our continued belief that time and capital committed to this effort will inure to the long term benefit of our Company."
"While we continue to recognize the stringent rate environment in which we operate, we are as optimistic as ever that our strategic plan for growth and development of our business will continue to produce success."
Steve Guenthner, President, added the following: "During the quarter we successfully consolidated several overlapping-territory Florida branches resulting from the SunCrest acquisition, and closed SunCrest's Nashville-based home office, completing the last substantial steps in our integration plan. These final steps resulted in the recording of certain one-time lease abandonment and other wind-down charges totaling $0.11 per diluted share."
"Despite continued rate pressure from our payers, we were able to drive cost efficiencies sufficient to permit us to share an across-the-board pay increase with our employee base, our first since the start of 2012, continuing to improve our competitive position in the marketplace. Our balance sheet remains strong, and we have solid capital markets relationships that will help fuel our continued growth and development."
"Additionally, CMS has now issued final regulations for home health for the 2015 fiscal year, consistent with our positive expectations and impressions from the preliminary regulations. With this issuance, we now have clarity of reimbursement at least through the first half of the four year Medicare rebasing period."
Yarmuth concluded: "While we have been through some challenging years recently, we are very encouraged by the changing tone and perspectives of our regulators towards home health care. We remain as convinced as ever that the home health care delivery system offers great opportunity in our country's goal to effectively manage the cost of its health care delivery system. With that in mind, our long track record of successful management, development and growth, combined with strong access to capital and an improving regulatory environment, position us well to continue our growth trajectory and drive quality returns for our shareholders"
Third Quarter Financial Results
Almost Family reported third quarter results that included a full quarter of operating results for the following acquisitions, as compared to our results for the third quarter of 2013:
-- The December 6, 2013 acquisition of SunCrest added $34.0 million to
revenue ($29.5 million VN and $4.5 million PC) and $0.23 to diluted EPS
from continuing operations.
-- Improved cost controls, in particular tighter adherence to our
agency-level labor staffing standards improved the efficiency of our
care delivery allowing us to lower labor costs on very similar volumes
improving diluted EPS by $0.09 as compared to the same quarter of last
year.
-- The October 4, 2013 acquisition of our 61% interest in Imperium raised
diluted EPS from continuing operations by $0.04. During the third
quarter, Imperium earned its first Medicare Shared Savings Payment
(MSSP) and incurred operating costs of $0.5 million. Both the MSSP
related revenue and operating costs of Imperium are included in
corporate expenses.
-- One-time transition costs including abandonment (asset & lease), branch
re-alignment, severance, and wind-down costs related to the SunCrest
transaction approximated $1.7 million ($0.11 per diluted share) in the
quarter ended September 30, 2014.
Excluding acquired revenue, Medicare rate cuts from 2014's rebasing, reduced revenue and operating income by $0.8 million and diluted EPS from continuing operations by $0.05. VN segment Medicare admissions increased organically by 3.5%.
Our effective tax rate for the third quarter of 2014 was 42.4% compared to 39.5% for the third quarter of 2013. The lower income tax rate in 2013 occurred primarily due to the Work Opportunity Tax Credit (WOTC) not being extended for 2012 until 2013 which resulted in our 2013 effective tax rate including the WOTC benefit for 2 years (2013 and 2012). The WOTC has not yet been extended for 2014.
Nine Month Period Financial Results
Almost Family reported nine month results that included a full nine months of operating results for the following acquisitions, as compared to our results for the nine month period of 2013:
-- The December 6, 2013 acquisition of SunCrest added $102.8 million to
revenue ($90.2 million VN and $12.6 million PC) and $0.61 to diluted EPS
from continuing operations.
-- Approximately $6.0 million ($0.39 per diluted share) of transition
costs, primarily SunCrest, were incurred in the nine months ended
September 30, 2014.
-- The October 4, 2013 acquisition of our 61% interest in Imperium raised
diluted EPS from continuing operations by $0.03, as MSSP related
revenues earned exceeded year to date operating costs of $1.2 million.
Both the MSSP related revenue and operating costs of Imperium are
included in corporate expenses.
Medicare rate cuts in our VN segment, from 2014's rebasing cuts and sequestration for episodes ending after March 31, 2013, reduced revenue and operating income by $3.4 million and diluted EPS from continuing operations by $0.20. VN segment Medicare admissions increased organically by 1.0%.
Our effective tax rate for the nine month period of 2014 was 40.5% (which should approximate our effective tax rate for all of 2014) compared to 39.2% for the nine month period of 2013.
2015 Medicare Final Rule
On October 30, 2014, CMS issued the 2015 Final Rule. The final rule included the maximum rebasing cut in Medicare reimbursement rates (3.5% rate reduction in each of the years 2014-2017) allowable by the Patient Protection and Affordable Care Act (the ACA), which was signed into law in March 2010. The rebasing cuts are in addition to other legislated cuts for that same period by the ACA.
Discontinued Operations
In the first quarter of 2014, the Company's VN segment exited a market in the Northeast through the closure of a branch location. In conjunction with the SunCrest acquisition, the Company acquired some operations which had been discontinued prior to acquisition. During the quarter ended June 30, 2013, the Company completed the sale of two Alabama locations, which operated in the VN segment. The operations and any related gain on sale for these operations were reclassified from continuing operations into discontinued operations for all periods presented.
Definitions
As used herein "CMS" means the Centers for Medicare and Medicaid Services, "MedPac" means the Medicare Payment Advisory Commission and "ACO" means Accountable Care Organizations as established by the ACA.
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2014 2013 2014 2013
---- ---- ---- ----
Net service revenues $123,742 $88,471 $368,711 $260,325
Cost of service revenues (excluding 66,487 47,375 197,446 138,967
depreciation & amortization)
---
Gross margin 57,255 41,096 171,265 121,358
General and administrative expenses:
Salaries and benefits 34,992 25,569 104,596 74,755
Other 13,244 10,891 43,966 32,106
Deal and transition costs 1,655 848 6,012 987
----- --- ----- ---
Total general and administrative expenses 49,891 37,308 154,574 107,848
Operating income 7,364 3,788 16,691 13,510
Interest expense, net (396) (11) (1,073) (40)
---- --- ------ ---
Income before income taxes 6,968 3,777 15,618 13,470
Income tax expense (2,810) (1,462) (6,245) (5,264)
------ ------ ------ ------
Net income from continuing operations 4,158 2,315 9,373 8,206
Discontinued operations:
Loss from operations, net
of tax of ($26), ($72), ($116) and ($74) (38) (186) (173) (476)
Gain on sale, net of tax of $973 - - - 168
--- --- --- ---
Loss on discontinued operations (38) (186) (173) (308)
--- ---- ---- ----
Net income 4,120 2,129 9,200 7,898
Net income - noncontrolling interests (338) - (185) -
---- --- ---- ---
Net income attributable to Almost Family, Inc. $3,782 $2,129 $9,015 $7,898
====== ====== ====== ======
Per share amounts-basic:
Average shares outstanding 9,347 9,302 9,326 9,269
Income from continuing operations attributable to Almost Family, Inc. $0.41 $0.25 $0.99 $0.89
Discontinued operations - (0.02) (0.02) (0.03)
--- ----- ----- -----
Net income attributable to Almost Family, Inc. $0.41 $0.23 $0.97 $0.86
===== ===== ===== =====
Per share amounts-diluted:
Average shares outstanding 9,443 9,348 9,444 9,354
Income from continuing operations attributable to Almost Family, Inc. $0.40 $0.25 $0.97 $0.88
Discontinued operations - (0.02) (0.02) (0.03)
--- ----- ----- -----
Net income attributable to Almost Family, Inc. $0.40 $0.23 $0.95 $0.85
===== ===== ===== =====
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, 2014
ASSETS (UNAUDITED) December 31, 2013
---------- -----------------
CURRENT ASSETS:
Cash and cash equivalents $5,358 $12,246
Accounts receivable - net 72,092 61,651
Prepaid expenses and other current assets 9,344 10,278
Deferred tax assets 14,398 11,532
------ ------
TOTAL CURRENT ASSETS 101,192 95,707
PROPERTY AND EQUIPMENT - NET 6,119 8,142
GOODWILL 190,656 192,575
OTHER INTANGIBLE ASSETS 56,308 55,075
OTHER ASSETS 614 774
--- ---
TOTAL ASSETS $354,889 $352,273
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $10,326 $11,526
Accrued other liabilities 40,333 38,916
Current portion - notes payable and capital leases 92 702
--- ---
TOTAL CURRENT LIABILITIES 50,751 51,144
LONG-TERM LIABILITIES:
Revolving credit facility 52,525 56,000
Deferred tax liabilities 21,016 25,580
Other 2,420 1,856
----- -----
TOTAL LONG-TERM LIABILITIES 75,961 83,436
TOTAL LIABILITIES 126,712 134,580
NONCONTROLLING INTEREST - REDEEMABLE 3,639 3,639
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; 9,562 and 9,500
issued and outstanding 956 950
Treasury stock, at cost, 94 and 92 shares of common stock (2,393) (2,340)
Additional paid-in capital 105,189 103,858
Noncontrolling interest - nonredeemable (170) (203)
Retained earnings 120,956 111,789
------- -------
TOTAL STOCKHOLDERS' EQUITY 224,538 214,054
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $354,889 $352,273
======== ========
ALMOST FAMILY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
Nine Months Ended September 30,
-------------------------------
2014 2013
---- ----
Cash flows of operating activities:
Net income $9,200 $7,898
Loss on discontinued operations, net of tax (173) (308)
---- ----
Net income from continuing operations 9,373 8,206
Adjustments to reconcile income to net cash of operating activities:
Depreciation and amortization 3,165 2,004
Provision for uncollectible accounts 6,745 3,884
Stock-based compensation 1,337 1,039
Deferred income taxes 1,577 1,108
22,197 16,241
Change in certain net assets and liabilities, net of the effects of acquisitions:
Accounts receivable (23,290) (1,602)
Prepaid expenses and other current assets 235 (131)
Other assets 160 151
Accounts payable and accrued expenses (176) (270)
---- ----
Net cash (used in) provided by operating activities (874) 14,389
---- ------
Cash flows of investing activities:
Capital expenditures (870) (1,620)
Acquisitions, net of cash acquired (969) (12,011)
---- -------
Net cash used in investing activities (1,839) (13,631)
------ -------
Cash flows of financing activities:
Credit facility repayments, net (3,475) -
Proceeds from stock options exercises 39 4
Purchase of common stock in connection with share awards (52) -
Tax impact of share awards (39) (61)
Payment of special dividend in connection with share awards (35) -
Principal payments on notes payable and capital leases (655) (532)
Net cash used in financing activities (4,217) (589)
------ ----
Cash flows from discontinued operations
Operating activities 40 (1,268)
Investing activities 2 3,075
--- -----
Net cash provided by discontinued operations 42 1,807
--- -----
Net change in cash and cash equivalents (6,888) 1,976
Cash and cash equivalents at beginning of period 12,246 26,120
Cash and cash equivalents at end of period $5,358 $28,096
====== =======
Summary of non-cash investing and financing activities:
Acquisitions funded by stock $ - $ -
Acquisitions funded by notes payable $ - $ -
Dividends declared, not paid $ - $ -
ALMOST FAMILY, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(UNAUDITED)
(In thousands)
Three Months Ended September 30,
--------------------------------
2014 2013 Change
---- ---- ------
Amount % Rev Amount % Rev Amount %
------ ----- ------ ----- ------ ---
Net service revenues:
Visiting Nurse $97,835 79.1% $67,455 76.2% $30,380 45.0%
Personal Care 25,907 20.9% 21,016 23.8% 4,891 23.3%
------ ------ -----
123,742 100.0% 88,471 100.0% 35,271 39.9%
------- ------ ------
Operating income before corporate expenses:
Visiting Nurse 12,544 12.8% 7,389 11.0% 5,155 69.8%
Personal Care 2,873 11.1% 2,566 12.2% 307 12.0%
----- ----- ---
15,417 12.5% 9,955 11.3% 5,462 54.9%
Corporate expenses 6,398 5.2% 5,319 6.0% 1,079 20.3%
Deal and transition costs 1,655 1.3% 848 1.0% 807 NM
----- --- ---
Operating income 7,364 6.0% 3,788 4.3% 3,576 94.4%
Interest expense, net (396) -0.3% (11) 0.0% (385) NM
Income tax expense (2,810) -2.3% (1,462) -1.7% (1,348) 92.2%
------ ------ ------
Net income from continuing operations $4,158 3.4% $2,315 2.6% $1,843 79.6%
====== ====== ======
Adjusted EBITDA from continuing operations $10,496 8.5% $5,728 6.5% $4,768 83.2%
ALMOST FAMILY, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(UNAUDITED)
(In thousands)
Nine Months Ended September 30,
-------------------------------
2014 2013 Change
---- ---- ------
Amount % Rev Amount % Rev Amount %
------ ----- ------ ----- ------ ---
Net service revenues:
Visiting Nurse $293,029 79.5% $200,007 76.8% $93,022 46.5%
Personal Care 75,682 20.5% 60,318 23.2% 15,364 25.5%
------ ------ ------
368,711 100.0% 260,325 100.0% 108,386 41.6%
------- ------- -------
Operating income before corporate expenses:
Visiting Nurse 35,487 12.1% 22,562 11.3% 12,925 57.3%
Personal Care 8,733 11.5% 7,739 12.8% 994 12.8%
----- ----- ---
44,220 12.0% 30,301 11.6% 13,919 45.9%
Corporate expenses 21,517 5.8% 15,804 6.1% 5,713 36.1%
Deal and transition costs 6,012 1.6% 987 0.4% 5,025 NM
----- --- -----
Operating income 16,691 4.5% 13,510 5.2% 3,181 23.5%
Interest expense, net (1,073) -0.3% (40) 0.0% (1,033) NM
Income tax expense (6,245) -1.7% (5,264) -2.0% (981) 18.6%
------ ------ ----
Net income from continuing operations $9,373 2.5% $8,206 3.2% $1,167 14.2%
====== ====== ======
Adjusted EBITDA from continuing operations $27,205 7.4% $17,540 6.7% $9,665 55.1%
ALMOST FAMILY, INC. AND SUBSIDIARIES
VISITING NURSE SEGMENT OPERATING METRICS
Three Months Ended September 30,
--------------------------------
2014 2013 Change
Amount Amount Amount %
------ ------ ------ ---
Average number of locations 160 109 51 46.8%
All payors:
Patient months 81,893 53,883 28,010 52.0%
Admissions 24,480 15,299 9,181 60.0%
Billable visits 675,787 481,965 193,822 40.2%
Medicare:
Admissions 21,531 88% 14,015 92% 7,516 53.6%
Revenue (in thousands) $87,436 89% $62,399 93% $25,037 40.1%
Revenue per admission $4,061 $4,452 $(391) -8.8%
Billable visits 564,614 84% 412,637 86% 151,977 36.8%
Recertifications 11,907 8,380 3,527 42.1%
Payor mix % of Admissions
Traditional Medicare Episodic 84.0% 92.6% -8.6%
Replacement Plans Paid Episodically 3.8% 2.2% 1.6%
Replacement Plans Paid Per Visit 12.2% 5.2% 7.0%
Non-Medicare:
Admissions 2,949 12% 1,284 8% 1,665 129.7%
Revenue (in thousands) $10,399 11% $5,056 7% $5,343 105.7%
Revenue per admission $3,526 $3,938 $(411) -10.4%
Billable visits 111,173 16% 69,328 14% 41,845 60.4%
Recertifications 1,467 1,311 156 11.9%
Payor mix % of Admissions
Medicaid & other governmental 26.9% 38.9% -12.0%
Private payors 73.1% 62.1% 11.0%
PERSONAL CARE OPERATING METRICS
Three Months Ended September 30,
--------------------------------
2014 2013 Change
---- ---- ------
Amount Amount Amount %
------ ------ ------ ---
Average number of locations 61 60 1 1.7%
Admissions 1,558 1,018 540 53.0%
Patient months of care 20,368 17,590 2,778 15.8%
Billable hours 1,331,501 1,176,802 154,699 13.1%
Revenue per billable hour $19.46 $17.86 $1.60 9.0%
ALMOST FAMILY, INC. AND SUBSIDIARIES
VISITING NURSE SEGMENT OPERATING METRICS
Nine Months Ended September 30,
-------------------------------
2014 2013 Change
Amount Amount Amount %
------ ------ ------ ---
Average number of locations 169 105 64 61.0%
All payors:
Patient months 246,053 162,442 83,611 51.5%
Admissions 74,334 47,074 27,260 57.9%
Billable visits 2,018,034 1,429,766 588,268 41.1%
Medicare:
Admissions 65,868 89% 43,149 92% 22,719 52.7%
Revenue (in thousands) $262,863 90% $185,337 93% $77,526 41.8%
Revenue per admission $3,991 $4,295 $(305) -7.1%
Billable visits 1,693,016 84% 1,221,728 85% 471,288 38.6%
Recertifications 35,962 24,339 11,623 47.8%
Payor mix % of Admissions
Traditional Medicare Episodic 83.9% 91.8% -7.9%
Replacement Plans Paid Episodically 3.4% 2.5% 0.9%
Replacement Plans Paid Per Visit 12.7% 5.7% 7.0%
Non-Medicare:
Admissions 8,466 11% 3,925 8% 4,541 115.7%
Revenue (in thousands) $30,166 10% $14,670 7% $15,496 105.6%
Revenue per admission $3,563 $3,738 $(174) -4.7%
Billable visits 325,018 16% 208,038 15% 116,980 56.2%
Recertifications 4,446 4,030 416 10.3%
Payor mix % of Admissions
Medicaid & other governmental 25.3% 32.6% -7.3%
Private payors 74.7% 67.4% 7.3%
PERSONAL CARE OPERATING METRICS
Nine Months Ended September 30,
-------------------------------
2014 2013 Change
---- ---- ------
Amount Amount Amount %
------ ------ ------ ---
Average number of locations 61 60 1 1.7%
Admissions 4,527 3,261 1,266 38.8%
Patient months of care 60,167 52,494 7,673 14.6%
Billable hours 3,925,653 3,393,413 532,240 15.7%
Revenue per billable hour $19.28 $17.78 $1.50 8.5%
Non-GAAP Financial Measures
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, a reconciliation of those measures to the most directly comparable GAAP measures.
Adjusted Earnings from Operations
Adjusted Earnings from Operations 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 presentation of Adjusted Earnings from Operations provides investors with pertinent information to enable comparison of financial performance between periods by excluding certain items that the Company believes are not representative of its ongoing operations due to the nature of the items.
The following tables set forth a reconciliation of net income to Adjusted Earnings from Operations:
ALMOST FAMILY, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EARNINGS FROM OPERATIONS
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
(in thousands) 2014 2013 2014 2013
---- ---- ---- ----
Net income attributable to Almost Family, Inc. $3,782 $2,129 $9,015 $7,898
Addbacks:
Deal and transition costs, net of tax 985 505 3,577 587
Normalization of income taxes to statutory rate (1) 156 (67) - (191)
Loss on discontinued operations, net of tax 38 186 173 308
Adjusted Earnings from Operations $4,961 $2,753 $12,765 $8,602
====== ====== ======= ======
Per share amounts-diluted:
Average shares outstanding 9,443 9,348 9,444 9,354
Net income attributable to Almost Family, Inc. $0.40 $0.23 $0.95 $0.85
Addbacks:
Deal and transition costs, net of tax 0.11 0.05 0.38 0.06
Normalization of income taxes to statutory rate (1) 0.02 (0.01) - (0.02)
Loss on discontinued operations, net of tax 0.00 0.02 0.02 0.03
Adjusted Earnings from Operations $0.53 $0.29 $1.35 $0.92
===== ===== ===== =====
(1) - Reflects normalization of income tax expense to the Company's current estimated statutory rate of 40.5%,
for all periods presented.
Adjusted EBITDA
Adjusted 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 Adjusted EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates Adjusted 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. Adjusted EBITDA is also used in certain covenants contained in our credit agreement.
The following tables set forth a reconciliation of net income to Adjusted EBITDA:
ALMOST FAMILY, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA
(In thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
(in thousands) 2014 2013 2014 2013
---- ---- ---- ----
Net income from continuing operations $4,158 $2,315 $9,373 $8,206
Add back:
Interest expense 396 11 1,073 40
Income tax expense 2,810 1,462 6,245 5,264
Depreciation and amortization 1,012 707 3,165 2,004
Amortization of stock-based compensation 465 385 1,337 1,039
Deal and transition costs 1,655 848 6,012 987
Earnings before interest, income taxes, depreciation and amortization,
amortization of stock-based compensation and deal and transition costs
(Adjusted EBITDA) from continuing operations 10,496 5,728 27,205 17,540
====== ===== ====== ======
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, Kentucky, Connecticut, New Jersey, Massachusetts, Indiana, Pennsylvania, Georgia, 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. Almost Family operates over 220 branch locations in fourteen 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; 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, 2013, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." With regard to the Company's recent investment in Imperium, in particular given that it is a development stage enterprise, there can be no assurance that its operational and developmental objectives will be realized or that any savings in healthcare spending or any participation in Medicare Shared Savings Program payments will be realized. The Company undertakes no obligation to update or revise its forward-looking statements.
Almost Family, Inc. The Ruth Group
Steve Guenthner Investor Relations
(502) 891-1000 Nick Laudico
(646) 536-7030
nlaudico@theruthgroup.com
SOURCE Almost Family, Inc.
