Attached files
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| 8-K - FORM 8-K - ALMOST FAMILY INC | form8-k.htm |
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Almost Family, Inc.
Steve Guenthner
(502) 891-1000
|
FOR IMMEDIATE RELEASE
May 6, 2015
Almost Family Reports First Quarter 2015 Results
Louisville, KY, May 6, 2015 – Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing and personal care services, announced today its financial results for the period ended April 3, 2015.
First Quarter Highlights:
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·
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Net service revenues of approximately $128 million
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·
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Net income attributable to Almost Family, Inc. of $4.4 million, $0.46 per diluted share versus $0.13 in the first quarter of 2014.
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·
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Adjusted earnings from home health operations (1) of $4.8 million, $0.51 per diluted share versus $0.35 in the first quarter of 2014
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Record Visiting Nurse segment net revenues of $99.5 million
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Personal Care segment revenues of $28.8 million
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Visiting Nurse results improved diluted EPS by $0.12
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(1)
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See “Non-GAAP Financial Measures - Adjusted Earnings from Home Health Operations” on page 8
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Management Comments
William Yarmuth, Chairman and Chief Executive Officer, commented:
“We continue to be extremely pleased with both the progress of our internal operations and our business development activities. We are especially pleased with our organic growth rates in both our VN and PC segments and believe these reflect a period of renewed interest and belief by referral sources and payors that home health has a bright future and a critical role to play in improving patient experiences and controlling health care costs.”
Steve Guenthner, President, added:
“The recent Federal repeal of the physician SGR-cut removes an annual threat that has dissuaded some investors. The final two years of rebasing of Medicare rates and the current stability in the Federal political environment provide better reimbursement visibility and predictability than we’ve had for some time. The Medicaid programs in the states in which we operate are looking for new and creative ways to control their spending which mostly means keeping long-term care patients out of institutions. While these changes from time-to-time result in temporary cash flow issues, as they recently have in Tennessee and Ohio, we believe they will also continue to drive increasing use of home care, especially personal care services.
Almost Family Reports First Quarter 2015 Results
Page 2
May 6, 2015
Additionally, capital markets remain receptive to our investment thesis providing strong access to funding for acquisitions. Finally, we continue to see attractive acquisition candidates in all three of our business segments.”
Yarmuth concluded: “We accomplished a great deal during the first quarter, not only in our operating results but also in making strategic investments in both WillCare and NavHealth. Additionally, we improved our access to low-cost capital through our new and larger credit facility. We are as optimistic as ever about the future of home health care and the future of our business and remain focused on continuing our growth trajectory.”
First Quarter Financial Results
Improved VN segment cost controls, in particular tighter adherence to agency-level labor staffing standards, increased the efficiency of care delivery lowering labor costs on growing volumes improved diluted EPS by $0.08 as compared to the same quarter of last year. Changes in case-mix and Medicare reimbursement rates under the 2015 final rule combined to increase revenue by $0.6 million, and EPS by $0.04 as compared to the same period in 2014. PC segment results were consistent with the prior year period. Our Healthcare innovations segment loss increased slightly from the prior year on lower revenues.
Investing activities used approximately $4.4 million of cash in acquisitions and activities while operating activities used approximately $3.8 million primarily due to increased accounts receivable offsetting income generated. The Company noted that it is continuing to experience collection delays impacting days sales outstanding primarily in its personal care segment due to changes in patient enrollment and billing requirements enacted by the Medicaid managed care providers in the states of Tennessee and Ohio. The Company believes these are temporary issues that will be ameliorated over the next two quarters.
The effective tax rate for the first quarter of 2015 was 40.5% compared to 41.5% for the first quarter of 2014. The higher income tax rate in 2014 occurred primarily due to certain deal and transaction costs that were not currently deductible and that did not result in the establishment of a deferred tax asset.
Recent Corporate Developments
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·
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On January 29, 2015 Almost Family announced the formal creation of a new HealthCare Innovations business segment to house and separately report on the Company’s developmental activities outside its traditional home health business platform. At the same time the Company announced the investment of up to $2 million in NavHealth a development-stage enterprise that seeks to develop technology based tools and analytics to improve patient experiences and lower the overall costs of care.
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On February 12, 2015 Almost Family established a new senior secured multi-bank credit facility that replaced its previous facility and provides for up to $175 million in borrowings with a maturity date of February 11, 2020.
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On February 24, 2015, Almost Family announced the signing of a definitive agreement to acquire the stock of WillCare, Inc. for between $46 million and $53 million based on
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Almost Family Reports First Quarter 2015 Results
Page 3
May 6, 2015
changes in earnings and working capital between execution of the definitive agreement and the expected close, sometime in the second half of FY2015 subject to New York approval. On March 1, 2015, Almost Family closed on the Ohio portion of the WillCare acquisition for a cash amount of $3 million.
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Effective with the first quarter of 2015 the Company has adopted a 52-53 fiscal reporting calendar under which it will report its annual results going forward in four equal 13-week quarters. Every fifth year, one quarter will include 14 weeks and that year will include 53 weeks of operating results. Once fully adopted, this approach will help minimize the impact of calendar differences when comparing different historical periods. As a result of this change the first quarter of 2015 includes the 13 week and 2 day period from January 1, 2015 to April 3, 2015 which is 2 more days than each 13 week quarter to be reported in the future. For prospective comparison, the 2 days (New Year’s Day and the day after) had a one-time effect of increasing revenue by $2.3 million, while lowering EPS by $0.01 due to the effect of the holiday. Had this reporting change not been made, first quarter 2015 reported revenue would have been lower by $5.4 million and EPS would have been lower by $0.02.
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Almost Family Reports First Quarter 2015 Results
Page 4
May 6, 2015
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CONSOLIDATED STATEMENTS OF INCOME
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(In thousands, except per share data)
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(UNAUDITED)
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Period Ended April 3,
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Three Months Ended
March 31,
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2015
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2014
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Net revenues
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$ | 128,399 | $ | 120,339 | ||||
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Cost of service revenues (excluding
depreciation & amortization)
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68,327 | 65,526 | ||||||
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Gross margin
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60,072 | 54,813 | ||||||
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General and administrative expenses:
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||||||||
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Salaries and benefits
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36,393 | 33,666 | ||||||
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Other
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15,902 | 15,714 | ||||||
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Deal, transition and other
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406 | 3,115 | ||||||
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Total general and administrative expenses
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52,701 | 52,495 | ||||||
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Operating income
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7,371 | 2,318 | ||||||
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Interest expense, net
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(360 | ) | (347 | ) | ||||
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Income before income taxes
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7,011 | 1,971 | ||||||
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Income tax expense
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(2,987 | ) | (817 | ) | ||||
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Net income from continuing operations
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4,024 | 1,154 | ||||||
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Discontinued operations:
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Loss from operations, net
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of tax of $3, ($48)
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5 | (70 | ) | |||||
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Net income
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4,029 | 1,084 | ||||||
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Net income - noncontrolling interests
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365 | 189 | ||||||
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Net income attributable to Almost Family, Inc.
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$ | 4,394 | $ | 1,273 | ||||
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Per share amounts-basic:
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Average shares outstanding
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9,353 | 9,293 | ||||||
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Income from continuing operations attributable to Almost Family, Inc.
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$ | 0.47 | $ | 0.14 | ||||
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Discontinued operations
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- | (0.01 | ) | |||||
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Net income attributable to Almost Family, Inc.
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$ | 0.47 | $ | 0.13 | ||||
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Per share amounts-diluted:
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Average shares outstanding
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9,521 | 9,426 | ||||||
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Income from continuing operations attributable to Almost Family, Inc.
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$ | 0.46 | $ | 0.14 | ||||
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Discontinued operations
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- | (0.01 | ) | |||||
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Net income attributable to Almost Family, Inc.
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$ | 0.46 | $ | 0.13 | ||||
Almost Family Reports First Quarter 2015 Results
Page 5
May 6, 2015
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ALMOST FAMILY, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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(In thousands)
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||||||||
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April 3, 2015
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ASSETS
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(UNAUDITED)
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December 31, 2014
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CURRENT ASSETS:
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Cash and cash equivalents
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$ | 5,960 | $ | 6,886 | ||||
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Accounts receivable - net
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85,491 | 74,894 | ||||||
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Prepaid expenses and other current assets
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6,869 | 10,420 | ||||||
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Deferred tax assets
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12,695 | 12,230 | ||||||
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TOTAL CURRENT ASSETS
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111,015 | 104,430 | ||||||
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PROPERTY AND EQUIPMENT - NET
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5,165 | 5,575 | ||||||
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GOODWILL
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195,066 | 192,523 | ||||||
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OTHER INTANGIBLE ASSETS
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54,645 | 54,402 | ||||||
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OTHER ASSETS
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2,514 | 558 | ||||||
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TOTAL ASSETS
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$ | 368,405 | $ | 357,488 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$ | 7,925 | $ | 9,257 | ||||
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Accrued other liabilities
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39,673 | 42,326 | ||||||
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Current portion - notes payable and capital leases
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36 | 51 | ||||||
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TOTAL CURRENT LIABILITIES
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47,634 | 51,634 | ||||||
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LONG-TERM LIABILITIES:
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Revolving credit facility
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55,099 | 46,447 | ||||||
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Deferred tax liabilities
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25,102 | 23,510 | ||||||
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Other
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2,993 | 2,705 | ||||||
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TOTAL LONG-TERM LIABILITIES
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83,194 | 72,662 | ||||||
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TOTAL LIABILITIES
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130,828 | 124,296 | ||||||
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NONCONTROLLING INTEREST - REDEEMABLE -
HEALTHCARE INNOVATIONS
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3,639 | 3,639 | ||||||
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STOCKHOLDERS' EQUITY:
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Preferred stock, par value $0.05; authorized
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2,000 shares; none issued or outstanding
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- | - | ||||||
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Common stock, par value $0.10; authorized
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25,000; 9,617 and 9,574
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issued and outstanding
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961 | 957 | ||||||
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Treasury stock, at cost, 102 and 94 shares of common stock
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(2,668 | ) | (2,392 | ) | ||||
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Additional paid-in capital
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106,490 | 105,862 | ||||||
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Noncontrolling interest - nonredeemable
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(586 | ) | (420 | ) | ||||
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Retained earnings
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129,741 | 125,546 | ||||||
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TOTAL STOCKHOLDERS' EQUITY
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233,938 | 229,553 | ||||||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 368,405 | $ | 357,488 | ||||
Almost Family Reports First Quarter 2015 Results
Page 6
May 6, 2015
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(UNAUDITED)
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(In thousands)
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Period Ended April 3,
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Three Months Ended
March 31,
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2015
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2014
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Cash flows of operating activities:
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Net income
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$ | 4,029 | $ | 1,084 | ||||
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Loss on discontinued operations, net of tax
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5 | (70 | ) | |||||
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Net income from continuing operations
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4,024 | 1,154 | ||||||
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Adjustments to reconcile income to net cash of operating activities:
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Depreciation and amortization
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918 | 1,102 | ||||||
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Provision for uncollectible accounts
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1,861 | 2,144 | ||||||
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Stock-based compensation
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520 | 414 | ||||||
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Deferred income taxes
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1,032 | (362 | ) | |||||
| 8,355 | 4,452 | |||||||
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Change in certain net assets and liabilities, net of the effects of acquisitions:
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Accounts receivable
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(11,960 | ) | (2,839 | ) | ||||
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Prepaid expenses and other current assets
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3,713 | 1,554 | ||||||
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Other assets
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(34 | ) | 55 | |||||
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Accounts payable and accrued expenses
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(3,883 | ) | (3,233 | ) | ||||
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Net cash used in operating activities
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(3,809 | ) | (11 | ) | ||||
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Cash flows of investing activities:
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Capital expenditures
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(401 | ) | (350 | ) | ||||
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Cost basis investment
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(1,000 | ) | - | |||||
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Acquisitions, net of cash acquired
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(3,000 | ) | - | |||||
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Net cash used in investing activities
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(4,401 | ) | (350 | ) | ||||
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Cash flows of financing activities:
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Credit facility borrowings
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47,813 | 53,000 | ||||||
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Credit facility repayments
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(39,161 | ) | (56,000 | ) | ||||
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Debt issuance fees
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(1,151 | ) | - | |||||
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Proceeds from stock option exercises
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23 | 39 | ||||||
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Purchase of common stock in connection with share awards
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(276 | ) | (52 | ) | ||||
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Tax impact of share awards
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88 | (54 | ) | |||||
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Payment of special dividend in connection with share awards
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(50 | ) | (35 | ) | ||||
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Principal payments on notes payable and capital leases
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(23 | ) | (558 | ) | ||||
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Net cash provided by (used in) financing activities
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7,263 | (3,660 | ) | |||||
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Cash flows from discontinued operations
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Operating activities
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21 | 134 | ||||||
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Investing activities
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- | - | ||||||
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Net cash provided by discontinued operations
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21 | 134 | ||||||
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Net change in cash and cash equivalents
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(926 | ) | (3,887 | ) | ||||
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Cash and cash equivalents at beginning of period
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6,886 | 12,246 | ||||||
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Cash and cash equivalents at end of period
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$ | 5,960 | $ | 8,359 | ||||
Almost Family Reports First Quarter 2015 Results
Page 7
May 6, 2015
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RESULTS OF OPERATIONS
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(UNAUDITED)
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(In thousands)
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Period Ended
April 3,
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Three Months Ended
March 31,
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2015
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2014
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Change
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Amount
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% Rev
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Amount
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% Rev
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Amount
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%
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Home Health Operations
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Net service revenues:
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Visiting Nurse
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$ | 99,536 | 77.6 | % | $ | 93,172 | 77.6 | % | $ | 6,364 | 6.8 | % | ||||||||||||
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Personal Care
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28,761 | 22.4 | % | 26,860 | 22.4 | % | 1,901 | 7.1 | % | |||||||||||||||
| 128,297 | 100.0 | % | 120,032 | 100.0 | % | 8,265 | 6.9 | % | ||||||||||||||||
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Operating income before corporate expenses:
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Visiting Nurse
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12,416 | 12.5 | % | 8,749 | 9.4 | % | 3,667 | 41.9 | % | |||||||||||||||
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Personal Care
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2,860 | 9.9 | % | 2,639 | 9.8 | % | 221 | 8.4 | % | |||||||||||||||
| 15,276 | 11.9 | % | 11,388 | 9.5 | % | 3,888 | 34.1 | % | ||||||||||||||||
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Healthcare Innovations
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Revenue
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102 | 307 | (205 | ) | -66.8 | % | ||||||||||||||||||
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Operatingloss before
noncontrolling interest
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(517 | ) | -506.9 | % | (255 | ) | -83.1 | % | (262 | ) | 102.7 | % | ||||||||||||
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Corporate expenses
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6,980 | 5.4 | % | 5,700 | 4.7 | % | 1,280 | 22.5 | % | |||||||||||||||
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Deal and transition costs
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408 | 0.3 | % | 3,115 | 2.6 | % | (2,707 | ) | -86.9 | % | ||||||||||||||
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Operating income
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7,371 | 5.7 | % | 2,318 | 1.9 | % | 5,053 | 218.0 | % | |||||||||||||||
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Interest expense, net
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(360 | ) | -0.3 | % | (347 | ) | -0.3 | % | (13 | ) | 3.7 | % | ||||||||||||
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Income tax expense
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(2,987 | ) | -2.3 | % | (817 | ) | -0.7 | % | (2,170 | ) | 265.6 | % | ||||||||||||
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Net income from continuing operations
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$ | 4,024 | 3.1 | % | $ | 1,154 | 1.0 | % | $ | 2,870 | 248.7 | % | ||||||||||||
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Adjusted EBITDA from home health operations
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$ | 9,833 | 7.7 | % | $ | 7,239 | 6.0 | % | $ | 2,593 | 35.8 | % | ||||||||||||
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Adjusted earnings from home health operations
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$ | 4,820 | 3.8 | % | $ | 3,289 | 2.7 | % | $ | 1,531 | 46.5 | % | ||||||||||||
Almost Family Reports First Quarter 2015 Results
Page 8
May 6, 2015
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VISITING NURSE SEGMENT OPERATING METRICS
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Period Ended
April 3,
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Three Months Ended
March 31,
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2015
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2014
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Change
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Amount
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%
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Amount
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%
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Amount
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%
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|||||||||||||||||||
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Average number of locations
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160 | 172 | (12 | ) | -7.0 | % | ||||||||||||||||||
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All payors:
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Patient months
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80,982 | 79,188 | 1,794 | 2.3 | % | |||||||||||||||||||
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Admissions
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26,279 | 25,106 | 1,173 | 4.7 | % | |||||||||||||||||||
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Billable visits
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642,592 | 611,044 | 31,548 | 5.2 | % | |||||||||||||||||||
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Medicare:
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Admissions
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23,722 | 90 | % | 22,461 | 89 | % | 1,261 | 5.6 | % | |||||||||||||||
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Revenue (in thousands)
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$ | 95,122 | 96 | % | $ | 87,350 | 94 | % | $ | 7,772 | 8.9 | % | ||||||||||||
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Revenue per admission
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4,010 | 3,889 | $ | 121 | 3.1 | % | ||||||||||||||||||
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Billable visits
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584,438 | 91 | % | 552,401 | 90 | % | 32,037 | 5.8 | % | |||||||||||||||
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Recertifications
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11,927 | 11,915 | 12 | 0.1 | % | |||||||||||||||||||
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Payor mix % of Admissions
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||||||||||||||||||||||||
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Traditional Medicare Episodic
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84.1 | % | 83.3 | % | 0.8 | % | ||||||||||||||||||
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Replacement Plans Paid Episodically
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4.0 | % | 3.1 | % | 0.9 | % | ||||||||||||||||||
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Replacement Plans Paid Per Visit
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11.9 | % | 13.6 | % | -1.7 | % | ||||||||||||||||||
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Non-Medicare:
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Admissions
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2,557 | 10 | % | 2,645 | 11 | % | (88 | ) | -3.3 | % | ||||||||||||||
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Revenue (in thousands)
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$ | 4,414 | 4 | % | $ | 5,822 | 6 | % | $ | (1,408 | ) | -24.2 | % | |||||||||||
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Revenue per admission
|
1,726 | 2,201 | $ | (475 | ) | -21.6 | % | |||||||||||||||||
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Billable visits
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58,154 | 9 | % | 58,643 | 10 | % | (489 | ) | -0.8 | % | ||||||||||||||
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Recertifications
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427 | 464 | (37 | ) | -8.0 | % | ||||||||||||||||||
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Payor mix % of Admissions
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||||||||||||||||||||||||
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Medicaid & other governmental
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30.8 | % | 21.3 | % | 9.5 | % | ||||||||||||||||||
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Private payors
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69.2 | % | 78.7 | % | -9.5 | % | ||||||||||||||||||
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PERSONAL CARE OPERATING METRICS
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Period Ended
April 3,
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Three Months Ended
March 31,
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|||||||||||||||||||||||
| 2015 | 2014 |
Change
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|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||||||||||||||||||
|
Average number of locations
|
61 | 61 | - | 0.0 | % | |||||||||||||||||||
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Admissions
|
22,766 | 21,857 | 909 | 4.2 | % | |||||||||||||||||||
|
Patient months of care
|
1,427 | 1,519 | (92 | ) | -6.1 | % | ||||||||||||||||||
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Billable hours
|
1,286,884 | 1,287,290 | (406 | ) | 0.0 | % | ||||||||||||||||||
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Revenue per billable hour
|
$ | 22.35 | $ | 20.87 | $ | 1.48 | 7.1 | % | ||||||||||||||||
Almost Family Reports First Quarter 2015 Results
Page 9
May 6, 2015
|
HEALTHCARE INNOVATIONS SUPPLEMENTAL DATA
|
||||||||
|
Period Ended
April 3,
|
Three Months Ended
March 31,
|
|||||||
|
2015
|
2014
|
Change
|
||||||
|
Amount
|
%
|
Amount
|
%
|
Amount
|
%
|
|||
|
Medicare enrollees under management
|
80,735
|
43,362
|
37,373
|
86.2%
|
||||
|
ACOs under contract
|
11
|
7
|
4
|
57.1%
|
||||
|
Net income - noncontrolling interest
|
(517)
|
(255)
|
(262)
|
102.7%
|
||||
|
Assets
|
9,820
|
9,001
|
819
|
9.1%
|
||||
|
Liabilities
|
246
|
296
|
(50)
|
-16.9%
|
||||
|
Non-controlling interest - redeemable
|
3,639
|
3,639
|
-
|
0.0%
|
||||
|
Non-controlling interest - nonredeemable
|
(199)
|
(94)
|
(105)
|
111.7%
|
||||
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 Home Health Operations
Adjusted earnings from home health 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 home health 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 attributable to Almost Family, Inc. to adjusted earnings from home health operations:
Almost Family Reports First Quarter 2015 Results
Page 10
May 6, 2015
|
RECONCILIATION OF ADJUSTED EARNINGS
|
||||||||
|
FROM HOME HEALTH OPERATIONS
|
||||||||
|
(In thousands)
|
||||||||
|
Period Ended April 3,
|
Three Months Ended
March 31,
|
|||||||
|
(in thousands)
|
2015
|
2014
|
||||||
|
Net income attributable to Almost Family, Inc.
|
$ | 4,394 | $ | 1,273 | ||||
|
Addbacks:
|
||||||||
|
Deal, transition and other, net of tax
|
242 | 1,853 | ||||||
|
Loss on discontinued operations, net of tax
|
(5 | ) | 70 | |||||
|
Adjusted earnings
|
4,631 | 3,196 | ||||||
|
Healthcare Innovation operating loss after NCI, net of tax
|
189 | 93 | ||||||
|
Adjusted earnings from home health operations
|
$ | 4,820 | $ | 3,289 | ||||
|
Per share amounts-diluted:
|
||||||||
|
Average shares outstanding
|
9,521 | 9,426 | ||||||
|
Net income attributable to Almost Family, Inc.
|
$ | 0.46 | $ | 0.13 | ||||
|
Addbacks:
|
||||||||
|
Deal, transition and other, net of tax
|
0.03 | 0.20 | ||||||
|
Loss on discontinued operations, net of tax
|
(0.00 | ) | 0.01 | |||||
|
Adjusted earnings
|
0.49 | 0.34 | ||||||
|
Healthcare Innovation operating loss after NCI, net of tax
|
0.02 | 0.01 | ||||||
|
Adjusted earnings from home health operations
|
$ | 0.51 | $ | 0.35 | ||||
Almost Family Reports First Quarter 2015 Results
Page 11
May 6, 2015
Adjusted EBITDA from Home Health Operations
Adjusted earnings before interest, income tax, depreciation and amortization, amortization of stock-based compensation, deal, transition and other and healthcare innovation operating loss (Adjusted EBTIDA from Home Health 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 items excluded from Adjusted EBITDA from Home Health Operations are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates Adjusted EBITDA from Home Health Operations and believes that it is useful to investors because it provides a common 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 from continuing operations to Adjusted EBITDA from Home Health Operations:
|
RECONCILIATION OF ADJUSTED EBITDA
|
||||||||
|
FROM HOME HEALTH OPERATIONS
|
||||||||
|
(In thousands)
|
||||||||
|
Period Ended April 3,
|
Three Months Ended
March 31,
|
|||||||
|
(in thousands)
|
2015
|
2014
|
||||||
|
Net income from continuing operations
|
$ | 4,024 | $ | 1,154 | ||||
|
Add back:
|
||||||||
|
Interest expense
|
360 | 347 | ||||||
|
Income tax expense
|
2,987 | 817 | ||||||
|
Depreciation and amortization
|
918 | 1,102 | ||||||
|
Stock-based compensation from home health operations
|
520 | 414 | ||||||
|
Deal and transition costs
|
406 | 3,115 | ||||||
|
Adjusted EBITDA
|
9,215 | 6,949 | ||||||
|
Healthcare Innovation operating loss
|
618 | 290 | ||||||
|
Adjusted EBITDA from home health operations
|
$ | 9,833 | $ | 7,239 | ||||
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, a personal care segment and a healthcare innovations segment. Almost Family operates over 220 branch locations in fourteen U.S. states.
Almost Family Reports First Quarter 2015 Results
Page 12
May 6, 2015
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, 2014, in particular information under the headings “Special Caution Regarding Forward-Looking Statements” and “Risk Factors.” With regard to the Company’s investments in its HealthCare Innovations segment, there can be no assurance that its operational and developmental objectives will be realized or that any savings in healthcare spending or any future participation in Medicare Shared Savings Program payments will be realized. The Company undertakes no obligation to update or revise its forward-looking statements.