Amedisys Announces Definitive Agreement to Acquire Housecall Medical Resources
01 Luglio 2005 - 3:48PM
PR Newswire (US)
Amedisys Announces Definitive Agreement to Acquire Housecall
Medical Resources - Acquisition Expected to Contribute $0.25 -
$0.30 cents in Earnings Per Share in FY 2006 - BATON ROUGE, La.,
July 1 /PRNewswire-FirstCall/ -- Amedisys, Inc. (Nasdaq: AMED or
"the Company"), one of America's leading home health nursing
companies, announced today that it has signed a definitive
agreement to acquire Knoxville, Tennessee-based Housecall Medical
Resources, Inc. ("Housecall"), a privately-held provider of home
care services in the Southeast for a total transaction value of
approximately $106 million, subject to post-closing adjustments,
escrows and certain tax benefits. Completion of the sale is subject
to regulatory clearance under the Hart- Scott-Rodino Act, and to
satisfaction of customary closing conditions. The acquisition,
which has received approval from both companies' respective Boards
of Directors, is expected to close by the end of July. Housecall
operates 57 home health agencies in Tennessee, Florida, Kentucky,
Virginia, and Indiana, and a total of nine hospice locations in
Tennessee and Virginia. Housecall's trailing 12-month revenues are
approximately $103 million, of which home health services accounted
for 76 percent, and the hospice business contributed 24 percent.
Based on Housecall's trailing 12-month unaudited operating results
and expected synergies, Amedisys estimates the acquisition would
add $0.25 to $0.30 cents to earnings per share in 2006. For 2005,
the Company anticipates that the transaction will add $0.05 to
$0.10 cents to earnings per share. The Company expects to update
its guidance for 2005, and to provide preliminary guidance for
2006, on the conference call to be scheduled with reference to the
second quarter financial results. "This acquisition clearly
furthers Amedisys' strategic mission to be the premier home
healthcare company in the Southeast," said William F. Borne, Chief
Executive Officer of Amedisys, Inc. "Amedisys and Housecall share
common operating philosophies, including the same strong commitment
to providing cost-efficient, high quality patient care. We are also
excited to acquire a significant hospice business, which we may
seek to expand over the next few years. In summary, this
combination will provide opportunities to strengthen Amedisys'
strategic position and provide significant earnings growth
opportunities going forward." In addition to available cash on
hand, Amedisys will finance a portion of the purchase price through
a commitment secured from Wachovia Bank, N.A. and GE Healthcare
Financial Services, subject to customary closing conditions, to
provide $75 million in senior secured credit facilities. Wachovia
Capital Markets, LLC and GECC Capital Markets Group, Inc. will act
as Co-Lead Arrangers on the syndication of the credit facilities.
The term loan portion of the credit facilities is repayable over
five years. Amedisys, Inc., a leading provider of home health
nursing services, is headquartered in Baton Rouge, Louisiana. Its
common stock trades on The Nasdaq Stock Market under the symbol
"AMED". This press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "expect" or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
continued acceptance of the Company's services in the marketplace,
competitive factors, changes in government reimbursement
procedures, dependence upon third-party vendors, and other risks
discussed in the Company's periodic filings with the Securities and
Exchange Commission. By making these forward- looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes after the date of this release. Additional
information on the Company can be found on the World Wide Web
http://www.amedisys.com/ Contact: Amedisys, Inc. Gregory H. Browne
Chief Financial Officer (225) 292-2031 Noonan Russo Investor
Relations Brian Ritchie (212) 845-4269 DATASOURCE: Amedisys, Inc.
CONTACT: Gregory H. Browne, Chief Financial Officer of Amedisys,
Inc., +1-225-292-2031, or ; or Brian Ritchie, Investor Relations of
Noonan Russo, +1-212-845-4269, or Web site:
http://www.amedisys.com/
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