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PHHC, first established by a group of physicians in 1984, operates threelocations serving 12 Colorado counties, including the Colorado Springs, Denverand Pueblo regions. The acquisition extends Gentiva's operations to 38states.
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Unaudited 2007 net revenues for PHHC were approximately $9.4 million, withnearly 83% derived from Medicare reimbursement. The acquisition is notexpected to have a material impact on Gentiva's 2008 earnings.
"This acquisition moves Gentiva into another very active state for homehealthcare and strengthens our growing Western division," said Chairman andCEO Ron Malone. "It will give us an additional platform to expand ourservices, including our groundbreaking specialty programs. We anticipate asmooth integration and extend a warm welcome to the Physicians Home HealthCare employees as they join the Gentiva family."
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is the nation's leading provider ofcomprehensive home health services. The Company serves patients across theUnited States, through its direct service delivery units or throughCareCentrix(R), which manages home health services for major managed careorganizations. 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 livingactivities; respiratory therapy and home medical equipment; infusion therapyservices; and other therapies and services. Gentiva's revenues are generatedfrom federal and state government programs, commercial insurance andindividual consumers. For more information, visit Gentiva's web site,http://www.gentiva.com, and its investor relations section athttp://investors.gentiva.com. GTIV-G
Forward-Looking Statement
Certain statements contained in this news release, including, withoutlimitation, statements containing the words "believes," "anticipates,""intends," "expects," "assumes," "trends" and similar expressions, constitute"forward-looking statements" within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements are based upon theCompany's current plans, expectations and projections about future events.However, such statements involve known and unknown risks, uncertainties andother factors that may cause the actual results, performance or achievementsof the Company to be materially different from any future results, performanceor achievements expressed or implied by such forward-looking statements. Thesefactors include, among others, the following: economic and businessconditions; demographic changes; changes in, or failure to comply with,existing governmental regulations; legislative proposals for healthcarereform; changes in Medicare and Medicaid reimbursement levels, includingchanges to the Medicare home health Prospective Payment System effectiveJanuary 1, 2008; effects of competition in the markets in which the Companyoperates; liability and other claims asserted against the Company; ability toattract and retain qualified personnel; availability and terms of capital;loss of significant contracts or reduction in revenues associated with majorpayer sources; ability of customers to pay for services; business disruptiondue to natural disasters or terrorist acts; ability to successfully integratethe operations of acquisitions the Company may make and achieve expectedsynergies and operational efficiencies within expected time-frames; effect onliquidity of the Company'
