LOUISVILLE, Ky., Aug. 8, 2012 /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 six month periods ended June 30, 2012.

Second Quarter Highlights:


    --  Net service revenues of $87 million for the quarter
    --  Net income was $4.5 million, or $0.49 per diluted share
    --  Diluted EPS includes $0.01 for transaction related costs, excluding
        which diluted EPS would have been $0.50
    --  Visiting Nurse segment net revenues were $68 million, on 2% admission
        growth overall, including 4% in Florida
    --  Personal Care segment net revenues grew to $19 million from a
        combination of the Cambridge acquisition and 5% organic volume growth

Comments on Results

William Yarmuth, Chief Executive Officer, commented on the results: "We're pleased with our results for the quarter as we continue to adjust our operations to meaningful Medicare rate cuts and an apparent slowing in the Medicare home health market. During the first half of 2012, our staff and management have been intensely focused on improving our operational performance. I'm pleased with the extent to which we've improved our results. Our charge for the second half of 2012 is to leverage the progress achieved in both segments, while turning a more substantial part of our focus toward improving the organic growth of our business."

Second Quarter Financial Results

Almost Family reported second quarter results that included: i) the favorable impact of our Cambridge Home Health Care Holdings, Inc. (Cambridge) acquisition, which closed in early August of 2011, ii) the unfavorable impact of higher than normal workers compensation costs which lowered EPS by $0.04 and iii) the unfavorable impact of the 2012 Medicare reimbursement rate cut in the Visiting Nurse (VN) segment. The Medicare rate changes reduced revenue and operating income by $2.8 million and earnings per diluted share by $0.18.

Net service revenues for the second quarter grew to $86.9 million, a 6% increase from $81.7 million reported in the second quarter of 2011, as a result of the Cambridge acquisition, partially offset by the VN segment's Medicare rate cut.

Net income for the second quarter of 2012 was $4.5 million, or $0.49 per diluted share, down from second quarter of 2011 net income of $5.0 million, or $0.53 per diluted share.

Diluted EPS for the quarter was increased by $0.07 as compared to the second quarter of 2011 as a result of the Cambridge acquisition. Unallocated corporate overhead included approximately $0.2 million of transitional expenses related to the Cambridge home office which is expected to wind down during the remainder of 2012. Diluted EPS for the quarter includes a $0.01 for transaction related costs, similar costs in the prior year quarter totaled $0.02. Our effective tax rate for the quarter declined to 39.5% from 40.2% in the prior year quarter, primarily due to a lower state tax rate from the Cambridge acquisition.

Second Quarter Segment Results

VN Segment second quarter results include the unfavorable impact of the Medicare rate cuts. As a result, VN segment second quarter net service revenues declined 5% to $67.6 million, from $71.2 million in the second quarter of 2011, while operating income before corporate expenses for the second quarter of 2012 declined to $10.8 million from $11.8 million reported for the second quarter of 2011. Total admissions grew 2%, substantially all organic, which was partially offset by a 0.6% decline in re-certifications. Organic VN admission growth in Florida was 4%.

Primarily as a result of our Cambridge acquisition, Personal Care (PC) segment net service revenues grew 83% or $8.8 million in the second quarter of 2012 to a record $19.3 million from $10.5 million in the second quarter of 2011, while operating income before unallocated corporate expenses increased 85%, or $1.1 million to $2.3 million in the second quarter of 2012.

Six Month Period Ended June 30, 2012

Almost Family reported six month results that included: i) the favorable impact of our Cambridge Home Health Care Holdings, Inc. (Cambridge) acquisition, which closed in early August of 2011 and ii) the unfavorable impact of the 2012 Medicare reimbursement rate cut in the Visiting Nurse (VN) segment. The Medicare rate changes reduced revenue and operating income by $5.7 million and earnings per diluted share by $0.37.

Net income for the six month period of 2012 was $9.5 million, or $1.02 per diluted share, down from the six month period of 2011 net income of $10.7 million, or $1.14 per diluted share. Fees and expenses related to governmental inquiries did not impact the 2012 six month period, while lowering the 2011 six month period EPS by approximately $0.05. Deal costs lowered year to date 2012 and 2011 EPS by approximately $0.01 and $0.03, respectively.

Six Month Period Segment Results

Net service revenues in the VN segment for the six month period declined to $138.3 million, a 3.9% decrease from $143.9 million in the six month period of 2011, after the effect of the previously mentioned Medicare rate cut which was partially offset by volume growth. Total admissions grew 4%, of which 2% was organic.

Operating income before corporate expenses in the VN segment for the six month period of 2012 was $21.8 million, a $3.0 million decrease from $24.9 million reported for the six month period of 2011, primarily as a result of the impact of the Medicare rate cut.

Primarily as a result of our Cambridge acquisition, net service revenues in the PC segment for the six month period of 2012 grew 89% or $18.1 million to $38.5 million from $20.4 million in the six month period of 2011. Operating income before unallocated corporate expenses in the PC segment increased 76% to $4.7 million from $2.7 million in the six month period of 2011.

Conference Call

A conference call to review the results will begin at 11:00 a.m. ET on August 8, 2012, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, President and Principal Financial Officer. To participate in the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (International). In addition, a dial-up replay of the conference call will be available beginning August 8, 2012 at 2:00 p.m. ET and ending on August 22, 2012. The replay telephone number is 1-877-870-5176 (USA) or 1-858-384-5517 (International). Passcode 398221. A live Web cast of the call will also be available from the Investor Relations section of the corporate Web site at http://www.almostfamily.com. A Web cast replay can be accessed on the corporate Web site beginning August 8, 2012 at approximately 2:00 p.m. ET and will remain available until September 8, 2012.


    Almost Family, Inc. The Ruth Group
    Steve Guenthner     Investor Relations
    (502) 891-1000      Nick Laudico/Zack Kubow
                                                  (646) 536-7030/7020
                        nlaudico@theruthgroup.com
                        zkubow@theruthgroup.com

                                                                     ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                       CONSOLIDATED STATEMENTS OF INCOME
                                                                                  (UNAUDITED)
                                                                     (In thousands, except per share data)

                                                                                              Three Months Ended June 30,          Six months Ended June 30,
                                                                                              ---------------------------          -------------------------
                                                                                                 2012                     2011               2012                2011
                                                                                                 ----                     ----               ----                ----
    Net service revenues                                                                                $86,892                $81,721                       $176,842  $164,314
    Cost of service revenues (excluding depreciation & amortization)                                     45,338                 39,615                         91,106    78,580
                                                                                                         ------                 ------                         ------    ------
    Gross margin                                                                                         41,554                 42,106                         85,736    85,734
    General and administrative expenses:
    Salaries and benefits                                                                                24,547                 23,606                         49,828    47,945
    Other                                                                                                 9,456                 10,172                         20,360    19,859
                                                                                                          -----                 ------                         ------    ------
    Total general and administrative expenses                                                            34,003                 33,778                         70,188    67,804
                                                                                                         ------                 ------                         ------    ------
    Operating income                                                                                      7,551                  8,328                         15,548    17,930
    Interest expense, net                                                                                   (32)                   (44)                           (70)      (99)
                                                                                                            ---                    ---                            ---       ---
    Income before income taxes                                                                            7,519                  8,284                         15,478    17,831
    Income tax expense                                                                                   (2,970)                (3,334)                        (5,998)   (7,177)
                                                                                                         ------                 ------                         ------    ------
    Net income                                                                                           $4,549                 $4,950                         $9,480   $10,654
                                                                                                         ======                 ======                         ======   =======

    Per share amounts-basic:
    Average shares outstanding                                                                            9,255                  9,284                          9,265     9,249
                                                                                                          =====                  =====                          =====     =====
    Net income                                                                                            $0.49                  $0.53                          $1.02     $1.15
                                                                                                          =====                  =====                          =====     =====

    Per share amounts-diluted:
    Average shares outstanding                                                                            9,315                  9,377                          9,328     9,360
                                                                                                          =====                  =====                          =====     =====
    Net income                                                                                            $0.49                  $0.53                          $1.02     $1.14
                                                                                                          =====                  =====                          =====     =====

                                            ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                CONSOLIDATED BALANCE SHEETS
                                                       (In thousands)

                                                                June 30, 2012             December 31,
                                                                                              2011
                          ASSETS                                 (UNAUDITED)
                                                                  ----------
    CURRENT ASSETS:
    Cash and cash equivalents                                                    $37,609                $33,693
    Accounts receivable - net                                                     47,897                 45,166
    Prepaid expenses and other current
     assets                                                                        6,463                  6,437
    Deferred tax assets                                                            7,731                  7,470
                                                                                   -----                  -----
    TOTAL CURRENT ASSETS                                                          99,700                 92,766

    PROPERTY AND EQUIPMENT - NET                                                   5,130                  5,229
    GOODWILL                                                                     133,096                132,653
    OTHER INTANGIBLE ASSETS                                                       19,676                 19,709
    OTHER ASSETS                                                                     649                    465
                                                                                     ---                    ---
                                                                                $258,251               $250,822
                                                                                ========               ========

              LIABILITIES AND STOCKHOLDERS'
                          EQUITY
    CURRENT LIABILITIES:
    Accounts payable                                                              $6,901                 $6,489
    Accrued other liabilities                                                     19,983                 21,129
    Current portion -capital leases
     and notes payable                                                               500                  1,200
                                                                                     ---                  -----
    TOTAL CURRENT LIABILITIES                                                     27,384                 28,818

    LONG-TERM LIABILITIES:
    Notes payable                                                                    625                  1,125
    Deferred tax liabilities                                                      14,929                 13,631
    Other liabilities                                                                714                    951
                                                                                     ---                    ---
    TOTAL LONG-TERM LIABILITIES                                                   16,268                 15,707
                                                                                  ------                 ------
    TOTAL LIABILITIES                                                             43,652                 44,525
                                                                                  ------                 ------

    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; 9,420 and 9,381
    issued and outstanding                                                           942                    938
    Treasury stock, at cost, 89 and 13
     shares                                                                       (2,283)                  (431)
    Additional paid-in capital                                                   101,348                100,678
    Retained earnings                                                            114,592                105,112
                                                                                 -------                -------
    TOTAL STOCKHOLDERS' EQUITY                                                   214,599                206,297
                                                                                 -------                -------
                                                                                $258,251               $250,822
                                                                                ========               ========

                                                                                       ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                   (UNAUDITED)
                                                                                                  (In thousands)
                                                                                                                            Six Months Ended June 30,
                                                                                                                            -------------------------
                                                                                                                              2012                    2011
                                                                                                                              ----                    ----
    Cash flows from operating activities:
    Net income                                                                                                                        $9,480               $10,654
    Adjustments to reconcile income to net cash provided by operating activities:
    Depreciation and amortization                                                                                                      1,259                 1,475
    Provision for uncollectible accounts                                                                                               1,181                   684
    Stock-based compensation                                                                                                             746                   730
    Deferred income taxes                                                                                                              1,134                 2,567
                                                                                                                                       -----                 -----
                                                                                                                                      13,800                16,110
    Change in certain net assets and liabilities, net of the effects of acquisitions:
    Decrease (increase) in:
    Accounts receivable                                                                                                               (4,157)                  115
    Prepaid expenses and other current assets                                                                                           (408)                  386
    Other assets                                                                                                                        (185)                  115
    Decrease in:
    Accounts payable and accrued expenses                                                                                               (978)               (2,984)
                                                                                                                                        ----                ------
    Net cash provided by operating activities                                                                                          8,072                13,742
                                                                                                                                       -----                ------

    Cash flows from investing activities:
    Capital expenditures                                                                                                              (1,032)               (1,104)
                                                                                                                                      ------                ------
    Acquisitions, net of cash acquired                                                                                                     -                (4,249)
                                                                                                                                         ---                ------
    Net cash used in investing activities                                                                                             (1,032)               (5,353)
                                                                                                                                      ------                ------

    Cash flows from financing activities:
    Proceeds from exercise of stock options                                                                                               70                   292
    Purchase of common stock in connection with share awards                                                                          (1,852)                 (428)
    Tax impact of share awards                                                                                                          (142)                1,577
    Principal payments on capital leases and notes payable                                                                            (1,200)               (1,595)
                                                                                                                                      ------                ------
    Net cash used in financing activities                                                                                             (3,124)                 (154)
                                                                                                                                      ------                  ----

    Net change in cash and cash equivalents                                                                                            3,916                 8,235
    Cash and cash equivalents at beginning of period                                                                                  33,693                47,943
                                                                                                                                      ------                ------
    Cash and cash equivalents at end of period                                                                                       $37,609               $56,178
                                                                                                                                     =======               =======

    Summary of non-cash investing and financing activities:
    Settlement of Directors Deferred Compensation Plan                                                                           $         -                  $501
    Acquisitions funded by notes payable                                                                                         $         -                $1,000

                                                                          ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                                  RESULTS OF OPERATIONS
                                                                                       (UNAUDITED)
                                                                                     (In thousands)

                                                                                Three Months Ended June 30,
                                                                                ---------------------------
                                                                 2012                                          2011             Change
                                                                 ----                                          ----             ------
                                                Amount                % Rev                       Amount             % Rev             Amount         %
                                                ------                -----                       ------             -----             ------        ---
    Net service revenues:
    Visiting Nurse                                      $67,614                           77.8%                      $71,208                   87.1%     $(3,594)  -5.0%
    Personal Care                                        19,278                           22.2%                       10,513                   12.9%       8,765   83.4%
                                                         ------                                                       ------                               -----
                                                         86,892                          100.0%                       81,721                  100.0%       5,171    6.3%
                                                         ------                                                       ------                               -----
    Operating income before corporate expenses:
    Visiting Nurse                                       10,795                           16.0%                       11,835                   16.6%      (1,040)  -8.8%
    Personal Care                                         2,294                           11.9%                        1,243                   11.8%       1,051   84.6%
                                                          -----                                                        -----                               -----
                                                         13,089                           15.1%                       13,078                   16.0%          11    0.1%
    Corporate expenses                                    5,538                            6.4%                        4,750                    5.8%         788   16.6%
                                                          -----                                                        -----                                 ---
    Operating income                                      7,551                            8.7%                        8,328                   10.2%        (777)  -9.3%
    Interest expense, net                                   (32)                           0.0%                          (44)                   0.1%          12  -27.3%
    Income tax expense                                   (2,970)                           3.4%                       (3,334)                   4.1%         364  -10.9%
                                                         ------                                                       ------                                 ---
    Net income                                           $4,549                            5.2%                       $4,950                    6.1%       $(401)  -8.1%
                                                         ======                                                       ======                               =====

    EBITDA                                               $8,573                            9.9%                       $9,396                   11.5%       $(823)  -8.8%


                                                                           Six Months Ended June 30,
                                                                           -------------------------
                                                                 2012                                          2011           Change
                                                                 ----                                          ----           ------
                                                Amount                % Rev                       Amount             % Rev             Amount         %
                                                ------                -----                       ------             -----             ------        ---
    Net service revenues:
    Visiting Nurse                                     $138,317                           78.2%                     $143,897                   87.6%     $(5,580)  -3.9%
    Personal Care                                        38,525                           21.8%                       20,417                   12.4%      18,108   88.7%
                                                         ------                                                       ------                              ------
                                                        176,842                          100.0%                      164,314                  100.0%      12,528    7.6%
                                                        -------                                                      -------                              ------
    Operating income before corporate expenses:
    Visiting Nurse                                       21,844                           15.8%                       24,867                   17.3%      (3,023) -12.2%
    Personal Care                                         4,746                           12.3%                        2,701                   13.2%       2,045   75.7%
                                                          -----                                                        -----                               -----
                                                         26,590                           15.0%                       27,568                   16.8%        (978)  -3.5%
    Corporate expenses                                   11,042                            6.2%                        9,638                    5.9%       1,404   14.6%
                                                         ------                                                        -----                               -----
    Operating income                                     15,548                            8.8%                       17,930                   10.9%      (2,382) -13.3%
    Interest expense, net                                   (70)                           0.0%                          (99)                   0.1%          29  -29.3%
    Income tax expense                                   (5,998)                           3.4%                       (7,177)                   4.4%       1,179  -16.4%
                                                         ------                                                       ------                               -----
    Net income                                           $9,480                            5.4%                      $10,654                    6.5%     $(1,174) -11.0%
                                                         ======                                                      =======                             =======

    EBITDA                                              $17,553                            9.9%                      $20,135                   12.3%     $(2,582) -12.8%

                                                                    ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                  VISITING NURSE SEGMENT OPERATING METRICS

                                                                       Three Months Ended June 30,
                                                                       ---------------------------
                                                     2012                                         2011                     Change
                                                     ----                                         ----                     ------
                                  Amount                  % Rev                      Amount                        % Rev      Amount          %
                                  ------                  -----                      ------                        -----      ------         ---
    Average number of locations                  110                                                            93                               17                        18.3%

    All payors:
    Patients Months                           52,851                                                        52,464                              387                         0.7%
    Admissions                                15,560                                                        15,292                              268                         1.8%
    Billable Visits                          471,387                                                       482,593                         (11,206)                        -2.3%

    Medicare Statistics:
    Revenue (in thousands)                   $61,437                         90.9%                                 $65,755           92.3%                     $(4,318)           -6.6%
    Billable visits                          384,881                                                               407,957                                     (23,076)           -5.7%
    Admissions                                13,728                                                                14,023                                        (295)           -2.1%
    Recertifications                           7,860                                                                 7,907                                         (47)           -0.6%
    Episodes Completed                        21,490                                                                22,267                                        (777)           -3.5%

    Revenue per completed episode             $2,880                                                                $3,052                                       $(172)           -5.6%
    Visits per episode                          17.7                                                                  18.4                                        (0.7)           -3.8%

                                                           PERSONAL CARE OPERATING METRICS

                                                                 Three Months Ended June 30,
                                                                 ---------------------------
                                                                                                                                                           Change
                                      2012                                                                   2011
                                      ----                                                                   ----
                                  Amount                                                                 Amount                                     Amount               %
                                  ------                                                                 ------                                     ------              ---
    Average number of locations                   60                                                                    23                                          37           160.9%

    Admissions                                 1,294                                                                   732                                         562            76.8%
    Patient months of care                    18,700                                                                10,886                                       7,814            71.8%
    Patient days of care                     253,294                                                               143,253                                     110,041            76.8%
    Billable hours                         1,057,143                                                               572,608                                     484,535            84.6%
    Revenue per billable hour                 $18.24                                                                $18.36                                      $(0.12)           -0.7%

                                                                     ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                   VISITING NURSE SEGMENT OPERATING METRICS

                                                                         Six Months Ended June 30,
                                                                         -------------------------
                                                     2012                                         2011                       Change
                                                     ----                                         ----                       ------
                                  Amount                  % Rev                      Amount                         % Rev       Amount          %
                                  ------                  -----                      ------                         -----       ------         ---
    Average number of locations                  110                                                            92                                 18                        19.6%

    All payors:
    Patients Months                          108,053                                                       104,936                              3,117                         3.0%
    Admissions                                32,066                                                        30,965                              1,101                         3.6%
    Billable Visits                          951,260                                                       962,247                           (10,987)                        -1.1%

    Medicare Statistics:
    Revenue (in thousands)                  $126,221                         91.3%                                  $133,059           92.5%                     $(6,838)           -5.1%
    Billable visits                          786,773                                                                 815,459                                     (28,686)           -3.5%
    Admissions                                28,404                                                                  28,375                                          29             0.1%
    Recertifications                          15,924                                                                  16,234                                        (310)           -1.9%
    Episodes Completed                        44,024                                                                  44,184                                        (160)           -0.4%

    Revenue per completed episode             $2,852                                                                  $3,011                                       $(159)           -5.3%
    Visits per episode                          17.6                                                                    18.1                                        (0.5)           -2.8%

                                                            PERSONAL CARE OPERATING METRICS

                                                                   Six Months Ended June 30,
                                                                   -------------------------
                                                                                                                                                             Change
                                      2012                                                                   2011
                                      ----                                                                   ----
                                  Amount                                                                 Amount                                       Amount               %
                                  ------                                                                 ------                                       ------              ---
    Average number of locations                   60                                                                      22                                          38           172.7%

    Admissions                                 2,658                                                                   1,513                                       1,145            75.7%
    Patient months of care                    36,441                                                                  21,835                                      14,606            66.9%
    Patient days of care                     507,126                                                                 283,884                                     223,242            78.6%
    Billable hours                         2,109,613                                                               1,124,122                                     985,491            87.7%
    Revenue per billable hour                 $18.26                                                                  $18.16                                       $0.10             0.5%

Non-GAAP Financial Measure
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 and the footnotes to the tables, a reconciliation of those measures to the most directly comparable GAAP measures.

EBITDA
Earnings before interest, income taxes, depreciation and amortization (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 EBITDA are significant components in understanding and evaluating financial performance and liquidity. Management routinely calculates and communicates 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. EBITDA is also used in certain covenants contained in our credit agreement.

The following tables set forth a reconciliation of net income to EBITDA:


                                                             ALMOST FAMILY, INC. AND SUBSIDIARIES
                                                                   RECONCILIATION OF EBITDA
                                                                        (In thousands)

                                                                                         Three Months Ended            Six Months Ended
                                                                                              June 30,                     June 30,
                                                                                              --------                     --------
                                                                                         2012               2011           2012            2011
                                                                                         ----               ----           ----            ----
    Net income                                                                                  $4,549           $4,950                  $9,480 $10,654
    Add back:
    Interest expense                                                                                32               44                      70      99
    Income tax expense                                                                           2,970            3,334                   5,998   7,177
    Depreciation and amortization                                                                  637              730                   1,259   1,475
    Amortization of stock-based compensation                                                       385              338                     746     730
                                                                                                   ---              ---                     ---     ---
    Earnings before interest, income taxes, depreciation and                                    $8,573           $9,396                 $17,553 $20,135
    amortization (EBITDA)

About Almost Family
Almost Family, Inc., founded in 1976, is a leading regional provider of home health nursing and personal care services, with branch locations in Florida, Ohio, Kentucky, Connecticut, New Jersey, Massachusetts, Missouri, Alabama, Illinois, Indiana, and Pennsylvania, (in order of revenue significance). Almost Family, Inc. and its subsidiaries operate a Medicare-certified segment and a personal care segment. Altogether, Almost Family operates over 160 branch locations in 11 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; 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, 2011, in particular information under the headings "Special Caution Regarding Forward-Looking Statements" and "Risk Factors." The Company undertakes no obligation to update or revise its forward-looking statements.

SOURCE Almost Family, Inc.