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.

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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.”

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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

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