LOUISVILLE, Ky., Feb. 2, 2010 (GLOBE NEWSWIRE) -- ResCare, Inc. (Nasdaq:RSCR) today announced it has expanded its footprint for ResCare HomeCare operations in Delaware and Pennsylvania and made its initial entry into Alaska and Montana through the acquisition of two home care operations.
ResCare has acquired RP Home Care with operations in Pennsylvania and Delaware. The Company provides personal care, housekeeping, meal preparation and other home care services to more than 1,000 people in those states. Annual revenues are expected to be approximately $15 million.
ResCare has also acquired Progressive Personal Care, a provider of similar home care services to more than 400 people in Anchorage and Fairbanks, Alaska, and Missoula, Montana. Annual revenues are expected to be approximately $7 million.
Progressive Personal Care is a provider of the Self Directed Personal Assistance Services (SDPAS) Program, which is a Medicaid program that allows the consumer to recruit, hire, train and manage their own Personal Care Attendant. This new service model is a response to needs for more “consumer-directed” services and the difficulty of finding caregivers in rural areas. Under the program, families will typically hire relatives or friends to help with care. The model represents a new service line for ResCare HomeCare.
Ralph G. Gronefeld, Jr., ResCare president and chief executive officer, said, “It is very exciting for us to expand our home care services in these states. We plan to continue our expansion through acquisitions and organic growth. There is a tremendous demand now for home care services and we anticipate that demand will continue to grow. There is also a need for providers who have experience in a wide range of service models.”
ResCare, with 35 years of experience helping people reach their highest level of independence, is one of the largest providers of home care to the elderly and persons with disabilities. It also offers residential and support services to people with intellectual and developmental disabilities and provides education, vocational training and job placement for people of all ages and skill levels. Based in Louisville, Kentucky, ResCare and its more than 46,000 dedicated employees serve daily more than 65,000 people in 41 states, Washington, D.C., Puerto Rico and in a number of international locations. For more information about ResCare, please visit the Company’s website at www.rescare.com.
From time to time, ResCare makes forward-looking statements in its public disclosures, including statements relating to expected financial results, revenues that might be expected from new or acquired programs and facilities, its development and acquisition activities, reimbursement under federal and state programs, financing plans, compliance with debt covenants and other risk factors, and various trends favoring privatization of government programs. In ResCare’s filings under the federal securities laws, including its annual, periodic and current reports, the Company identifies important factors that could cause its actual results to differ materially from those anticipated in forward-looking statements. Please refer to the discussion of those factors in the Company’s filed reports. Statements related to expected financial results are as of this date only, and ResCare does not assume any responsibility to update these statements.