Almost Family’s $40 Million Acquisition, Record Revenue
A leading provider of home health nursing services announced both record-high third-quarter revenue and a $40 million acquisition on Wednesday.
Louisville, Kentucky-based Almost Family (Nasdaq: AFAM) has been “very acquisitive” so far this year, Chairman and CEO William Yarmuth said in a press release detailing the company’s third-quarter results.
“Additionally, with the year not yet over, 2015 already ranks as our second most acquisitive year with four separate transactions announced, almost $100 million of capital deployed and over $120 million in revenues from acquired operations,” American Family President Steve Guenthner explained in a prepared statement.
Almost Family reported a third-quarter net income attributable to the company of $7.8 million, or 81 cents per share, compared with a net income attributable to the company of $3.78 million, or 41 cents per share, in the year-ago period.
The company also reported a third-quarter net revenue of $131.23 million, compared with a third-quarter net revenue of $125.54 million last year.
Meanwhile, Almost Family announced it has acquired the stock of Black Stone Operations, a provider of in-home personal care and skilled home health services in the western half of Ohio. Black Stone operates under the name “Home Care by Black Stone.”
The acquisition went into effect on Wednesday.
In a press release detailing the strategic rationale behind the transaction, Almost Family said the acquisition complements its existing operations in Ohio and bumps expected revenue from the state to more than $120 million per year.
With the inclusion of Home Care by Black Stone, Ohio is now the second state — Florida being the first — where the company’s revenues are anticipated to exceed $100 million, Guenthner said.
“We believe our combined Ohio organization – to be led by [Black Stone CEO] David [Tramontana] and his team – will be the largest senior focused home health provider in the state,” Yarmuth said in a prepared statement. “We are very excited to see the progress we can make applying Black Stone’s focus on the dually-eligible senior population throughout our existing operations in the state.”
Written by Mary Kate Nelson