ATLANTA, May 17 Gentiva Health Services, Inc. (Nasdaq: GTIV), a leading provider of home health and hospice services, announced today that it has completed its acquisition of the assets of United Home Care Group, a Medicare certified home health services business with six offices in the state of Louisiana. Terms of the transaction were not disclosed.
United Home Care Group, which operates under the names United Home Care Services and Care Partners, has been providing services in the state for approximately 20 years. In 2009 it had annual revenues of approximately $7.8 million. The acquisition adds 25 new parishes to Gentiva's current coverage area in Louisiana. Combined with the existing parishes previously covered, Gentiva can now provide home health services to approximately 85 percent of the state.
"The United Home Care Group acquisition significantly broadens our market position in Louisiana, a challenging market to enter," said Gentiva CEO and President Tony Strange. "We would like to extend a warm welcome to all United Home Care Services and Care Partners employees and we look forward to bringing our innovative specialty home health programs and other Gentiva services to patients in these markets."
The transaction is being funded from Gentiva's existing cash reserves. The acquisition is not expected to have a material impact on Gentiva's financial position or results of operations in 2010.
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is a leading provider of home health and hospice services, delivering innovative, high quality care to patients across the United States. Gentiva is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; hospice services; social work; nutrition; disease management education; help with daily living activities; and other therapies and services. For more information, visit Gentiva's web site, http://www.gentiva.com, and its investor relations section at http://investors.gentiva.com. GTIV-G
Certain statements contained in this news release, including, without limitation, statements containing the words "believes," "anticipates," "intends," "expects," "assumes," "trends" and similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon the Company's current plans, expectations and projections about future events. However, such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors include, among others, the following: economic and business conditions, including the ability to access capital markets; demographic changes; changes in, or failure to comply with, existing governmental regulations; the impact on our Company of recently passed healthcare reform legislation and its subsequent implementation through governmental regulations; changes in Medicare and Medicaid reimbursement levels; effects of competition in the markets in which the Company operates; liability and other claims asserted against the Company; ability to attract and retain qualified personnel; availability and terms of capital; loss of significant contracts or reduction in revenues associated with major payer sources; ability of customers to pay for services; business disruption due to natural disasters, pandemic outbreaks, or terrorist acts; ability to successfully integrate the operations of acquisitions the Company may make and achieve expected synergies and operational efficiencies within expected time-frames; effect on liquidity of the Company's debt service requirements; and changes in estimates and judgments associated with critical accounting policies and estimates. For a detailed discussion of certain of these and other factors that could cause actual results to differ from those contained in this news release, please refer to the Company's various filings with the Securities and Exchange Commission (SEC), including the "Risk Factors" section contained in the Company's annual report on Form 10-K for the year ended January 3, 2010.
Financial and Investor Contact: Eric Slusser 770-951-6101 [email protected]
or Brandon Ballew 770-221-6700 [email protected]
Media Contact: Scott Cianciulli Brainerd Communicators 212-986-6667 [email protected]
SOURCE Gentiva Health Services, Inc.