Nov. 4, 2009 (PR Newswire) --

LOUISVILLE, Ky., Nov. 4, /PRNewswire-FirstCall/ -- Almost Family, Inc. (Nasdaq: AFAM), a leading regional provider of home health nursing services, announced today its financial results for the three months ended September 30, 2009.

William Yarmuth, Chief Executive Officer, commented, "We're very pleased to once again report record operating results, especially in what is seasonally a down quarter in our Florida markets. Despite the immense amount of noise surrounding Federal health care reform activities, our managers have maintained their focus on our patients and referral sources to achieve these results. Whatever the outcome of the current health care reform efforts might bring, we are positioning our Company to thrive and grow as a major consolidator in the home health care industry."

Third Quarter Financial Results

Almost Family reported third quarter 2009 net service revenues of $76.3 million, a 31% increase from $58.4 million in the third quarter of 2008.

Net income for the third quarter of 2009 was $6.2 million, or $0.73 per diluted share, compared to $4.7 million, or $0.56 per diluted share, in the third quarter of 2008. The weighted average shares outstanding for purposes of calculating diluted earnings per share increased 1% between periods.

Third Quarter Segment Results

Net revenues in the Visiting Nurse segment for the third quarter of 2009 were $65.7 million, a 35% increase from $48.6 million in the third quarter of 2008. The total revenue growth of $17.1 million came from a 24% organic growth rate plus $7.1 million from acquired operations. Organic Medicare admissions growth was 11% and organic Medicare Episodic growth was 25%. Operating income before corporate expense in the VN segment for the third quarter of 2009 was $13.4 million, a 34% increase from $10.0 million in the third quarter of 2008.

Net revenues in the Personal Care (PC) segment for the third quarter of 2009 were $10.6 million, an 8% increase from $9.8 million in the third quarter of 2008. Operating income before unallocated corporate expense in the PC segment for the third quarter of 2009 was $1.3 million, a 40% increase from $902,000 in the third quarter of 2008.

The Company also noted that its Visiting Nurse segment operations located in Florida normally experience higher admissions during the first quarter and lower admissions during the third quarter than in the other quarters due to seasonal population fluctuations.

Nine Month Period Ended September 30, 2009

Almost Family reported net service revenues for the nine month period ended September 30, 2009 of $219.8 million, a 51% increase from $145.6 million in the same period of 2008.

Net income for the nine month period of 2009 was $17.8 million, or $2.14 per diluted share, compared to $11.1 million, or $1.52 per diluted share, in the nine month period of 2008.

Nine Month Period Segment Results

Net revenues in the Visiting Nurse segment for the nine month period of 2009 were $188.4 million, a 61% increase from $117.3 million in the nine month period of 2008. The total revenue growth of $71.1 million came from a 32% organic growth rate plus $39.7 million from acquired operations. Operating income before corporate expense in the VN segment for the nine month period of 2009 was $38.9 million, a 62% increase from $24.0 million in the same period of 2008.

Net revenues in the Personal Care (PC) segment for the nine month period of 2009 were $31.4 million, an 11% increase from $28.3 million in the nine month period of 2008. Operating income before unallocated corporate expense in the PC segment for the nine month period of 2009 was $3.6 million, a 48% increase from $2.4 million in the nine month period of 2008.

Stock Offering

In the quarter ended September 30, 2009, the Company sold 967,556 shares of its common stock in a series of open market transactions at a weighted average price of $29.71. Net proceeds of approximately $28 million were used to repay obligations under the Company's bank credit facility. As of September 30, 2009, the Company had approximately $10 million in cash on hand.

Conference Call

A conference call to review the results will begin at 11:00 a.m. ET on November 4, 2009, and will be hosted by William Yarmuth, Chief Executive Officer, and Steve Guenthner, Chief Financial Officer. To participate in the conference call, please dial 1-877-407-0789 (USA) or 1-201-689-8562 (International). In addition, a dial-up replay of the conference call will be available beginning November 4, 2009 at 2:00 p.m. ET and ending on November 18, 2009. The replay telephone number is 1-877-660-6853 (USA) or 1-201-612-7415 (International). Account Number: 3055 and Passcode: 335866.

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 November 4, 2009 at approximately 2:00 p.m. ET and will remain available until December 4, 2009.

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)
Three months ended
September 30,
-------------------
2009         2008
----         ----
Net service revenues                       $76,294,375  $58,437,365
Cost of service revenues                    35,779,006   26,953,672
----------   ----------
Gross margin                                40,515,369   31,483,693
----------   ----------
General and administrative expenses:
Salaries and benefits                     20,799,942   16,352,793
Other                                      9,378,248    7,262,549
---------    ---------
Total general and administrative expenses   30,178,190   23,615,342
----------   ----------
Operating income                            10,337,179    7,868,351
Interest expense, net                         (156,326)    (355,077)
--------     --------
Income from continuing operations before
income taxes                               10,180,853    7,513,274
Income tax expense                          (3,985,767)  (2,729,479)
----------   ----------
Net income from continuing operations        6,195,086    4,783,795
Discontinued operations, net of tax
benefits of $18,384 and $12,759               (28,624)     (79,039)
-------      -------
Net income                                  $6,166,462   $4,704,756
==========   ==========

Per share amounts-basic
Average shares outstanding                 8,282,209    8,137,326
Income from continued operations               $0.75        $0.59
Loss from discontinued operations                  -        (0.01)
-        -----
Net income                                       $0.75        $0.58
=====        =====

Per share amounts-diluted:
Average shares outstanding                 8,457,329    8,357,332
Income from continued operations               $0.73        $0.57
Loss from discontinued operations                  -        (0.01)
-----        -----
Net income                                       $0.73        $0.56
=====        =====

ALMOST FAMILY, INC.