EX-99
2
projectvulcanpressrelease.txt
PRESS RELEASE
Exhibit 99.1
FOR IMMEDIATE RELEASE September 30, 2005
Almost Family Completes Sale of Adult Day Care Segment
Is Now a Pure Play Home Care Company
Approaching $80 Million Revenue
Louisville, Ky. Almost Family, Inc. (NASDAQ SC:AFAM) announced that it has
completed the sale of its Adult Day Care Segment operations to Active Services,
Inc. (Active Services) in an asset sale.
As previously announced, the purchase price consists of $13.6 million cash plus
assumption of approximately $1.4 million of debt.
Pure Play Home Health Company Approaching $80 Million Revenue
With the transaction completed, Almost Family is now a pure play home health
care company with two operating segments: Caretenders Visiting Nurse (VN)
Medicare-certified operations with a current annual revenue run rate of
approximately $43 million and its Personal Care (PC) home health operations with
a current annual revenue run rate of approximately $35 million. Almost Family
has home health operations in Florida, Kentucky, Ohio, Connecticut,
Massachusetts and Alabama.
$20 Million Capital Available for Home Health Acquisitions
Proceeds of the transaction received today were used to repay substantially all
outstanding debt (excluding certain seller financing) leaving approximately $4
million in cash available (after setting aside related tax obligations due later
this year). Cash on hand, combined with borrowing capacity on its senior credit
facility, make over $20 million of capital immediately available to fund the
Company's acquisition and development activities. The Company expects that
amount of capital, plus internally generated growth and free cash flow, to be
sufficient to take it to over $100 million in revenues.
The disposition is expected to be immediately accretive to earnings per share.
Company Commentary
William B. Yarmuth, Almost Family's Chairman and CEO commented on this latest
development: "As we stated in our previous announcement, it is with somewhat
mixed emotions that we close this transaction and this chapter in our history.
Once again, we want to express our sincere gratitude to our ADC segment managers
and employees for their tremendous commitment to quality, their many years of
service dedicated to the care of their members, and for helping us make our ADC
segment what it is today".
Regarding the future, Yarmuth added: "This transaction frees all our remaining
management time and capital to pursue a more aggressive, single-minded pursuit
of home health development while also placing our adult day care operations in
the hands of a well-capitalized experienced company with a singular focus on
adult day care".
Yarmuth concluded: "We are now embarking on a new stage in the Company's
development. We are extremely excited by the prospects for the development and
expansion of our home health business and the progress we can make with a sole
focus on home health care".
The Company has noted in its previous announcements that it is actively pursuing
a number of potential acquisitions in Florida and other states and expects that
it will be able to complete additional transactions over the course of the next
year. The Company's 2004 Form 10-K includes a description of its business plan
which calls for an increase in emphasis on the Visiting Nurse segment.
Almost Family, Inc.TM and subsidiaries (collectively "Almost Family") is a
leading regional provider of home health nursing services. The Company has
service locations in Florida, Kentucky, Ohio, Connecticut, Massachusetts,
Alabama and Indiana (in order of revenue significance).
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, the
expectation that the divesture will be accretive to earnings per share, future
operating results of its home health agencies, the Company's ability to acquire
visiting nurse agencies at prices it is willing to pay, the Company's ability to
attract investment of additional capital, the Company's ability to generate
positive cash flows, and the Company's expectations with regard to market
conditions, are forward-looking statements. These forward-looking statements are
based on the Company's current expectations. Although the Company believes that
the expectations expressed or implied in such forward-looking statements are
reasonable, there can be no assurance that such expectations will prove to be
correct.
Because forward-looking statements involve risks and uncertainties, the
Company's actual results could differ materially. The potential risks and
uncertainties which could cause actual results to differ materially could
include: the impact of further changes in healthcare reimbursement systems,
including the ultimate outcome of potential changes to Medicare or Medicaid
reimbursement due to government budget shortfalls; the ability of an acquired
agency to maintain its level of admissions and operating performance, our
ability to integrate acquired agencies into our 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 potential effect of changes in competition
for home health agency admissions. For a more complete discussion regarding
these and other factors which could affect the Company's financial performance,
refer to the Company's Securities and Exchange Commission filing on Form 10-K
for the year ended December 31, 2004, in particular information under the
headings "Business" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations." The Company disclaims any intent or
obligation to update its forward-looking statements.

EX - 99 2 projectvulcanpressrelease . txt PRESS RELEASE Exhibit 99 . 1 FOR IMMEDIATE RELEASE September 30 , 2005 Almost Family Completes Sale of Adult Day Care Segment Is Now a Pure Play Home Care Company Approaching $ 80 Million Revenue Louisville , Ky . Almost Family , Inc . ( NASDAQ SC : AFAM ) announced that it has completed the sale of its Adult Day Care Segment operations to Active Services , Inc . ( Active Services ) in an asset sale . As previously announced , the purchase price consists of $ 13.6 million cash plus assumption of approximately $ 1.4 million of debt . Pure Play Home Health Company Approaching $ 80 Million Revenue With the transaction completed , Almost Family is now a pure play home health care company with two operating segments : Caretenders Visiting Nurse ( VN ) Medicare - certified operations with a current annual revenue run rate of approximately $ 43 million and its Personal Care ( PC ) home health operations with a current annual revenue run rate of approximately $ 35 million . Almost Family has home health operations in Florida , Kentucky , Ohio , Connecticut , Massachusetts and Alabama . $ 20 Million Capital Available for Home Health Acquisitions Proceeds of the transaction received today were used to repay substantially all outstanding debt ( excluding certain seller financing ) leaving approximately $ 4 million in cash available ( after setting aside related tax obligations due later this year ) . Cash on hand , combined with borrowing capacity on its senior credit facility , make over $ 20 million of capital immediately available to fund the Company 's acquisition and development activities . The Company expects that amount of capital , plus internally generated growth and free cash flow , to be sufficient to take it to over $ 100 million in revenues . The disposition is expected to be immediately accretive to earnings per share . Company Commentary William B . Yarmuth , Almost Family 's Chairman and CEO commented on this latest development : " As we stated in our previous announcement , it is with somewhat mixed emotions that we close this transaction and this chapter in our history . Once again , we want to express our sincere gratitude to our ADC segment managers and employees for their tremendous commitment to quality , their many years of service dedicated to the care of their members , and for helping us make our ADC segment what it is today " . Regarding the future , Yarmuth added : " This transaction frees all our remaining management time and capital to pursue a more aggressive , single - minded pursuit of home health development while also placing our adult day care operations in the hands of a well - capitalized experienced company with a singular focus on adult day care " . Yarmuth concluded : " We are now embarking on a new stage in the Company 's development . We are extremely excited by the prospects for the development and expansion of our home health business and the progress we can make with a sole focus on home health care " . The Company has noted in its previous announcements that it is actively pursuing a number of potential acquisitions in Florida and other states and expects that it will be able to complete additional transactions over the course of the next year . The Company 's 2004 Form 10 - K includes a description of its business plan which calls for an increase in emphasis on the Visiting Nurse segment . Almost Family , Inc . TM and subsidiaries ( collectively " Almost Family " ) is a leading regional provider of home health nursing services . The Company has service locations in Florida , Kentucky , Ohio , Connecticut , Massachusetts , Alabama and Indiana ( in order of revenue significance ) . 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 , the expectation that the divesture will be accretive to earnings per share , future operating results of its home health agencies , the Company 's ability to acquire visiting nurse agencies at prices it is willing to pay , the Company 's ability to attract investment of additional capital , the Company 's ability to generate positive cash flows , and the Company 's expectations with regard to market conditions , are forward - looking statements . These forward - looking statements are based on the Company 's current expectations . Although the Company believes that the expectations expressed or implied in such forward - looking statements are reasonable , there can be no assurance that such expectations will prove to be correct . Because forward - looking statements involve risks and uncertainties , the Company 's actual results could differ materially . The potential risks and uncertainties which could cause actual results to differ materially could include : the impact of further changes in healthcare reimbursement systems , including the ultimate outcome of potential changes to Medicare or Medicaid reimbursement due to government budget shortfalls ; the ability of an acquired agency to maintain its level of admissions and operating performance , our ability to integrate acquired agencies into our 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 potential effect of changes in competition for home health agency admissions . For a more complete discussion regarding these and other factors which could affect the Company 's financial performance , refer to the Company 's Securities and Exchange Commission filing on Form 10 - K for the year ended December 31 , 2004 , in particular information under the headings " Business " and " Management 's Discussion and Analysis of Financial Condition and Results of Operations . " The Company disclaims any intent or obligation to update its forward - looking statements .
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