Net revenues in the Personal Care (PC) segment for the nine month period were $29.1 million, an 8% increase from $26.9 million in the same period last year. Operating income before corporate expense in the PC segment for the nine month period was $2.5 million, a 6% decrease from $2.6 million in the same period last year.
Recent Corporate Developments
On July 16, 2008, Almost Family established a new senior secured multi- bank credit facility that replaced its previous facility and provides for up to $75 million in borrowings with a maturity date of July 2011.
On August 1, 2008, Almost Family completed the acquisition of Patient Care for $45.2 million, subject to a working capital adjustment. The acquisition was previously under a definitive agreement signed on June 18, 2008. The acquisition added $47 million in annual revenues and eight locations in New Jersey, Connecticut, and Pennsylvania. Due to the transition, wind down costs and the timing of the close, the acquisition is not expected to contribute significantly to earnings in 2008 but is expected to be accretive to EPS in 2009.
On October 14, 2008, Almost Family announced that it had been ranked No. 24 in Forbes' 2008 listing of the 200 Best Small Companies in America, rising from its No. 77 ranking in 2007.
Today, November 5, 2008 Almost Family expects to file with the Securities and Exchange Commission a shelf registration statement on Form S-3 which, when declared effective by the SEC, will increase the amount of capital it could raise from approximately $30 million to $150 million to provide financing flexibility for development plans.
The registration statement on Form
|SOURCE Almost Family, Inc.|
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