LAFAYETTE, La., June 11, 2012 (GLOBE NEWSWIRE) -- The Board of Directors of LHC Group Inc. (Nasdaq:LHCG), a national provider of post-acute care services, has reaffirmed the Company's commitment to maximizing shareholder value as an independent public corporation, concluding the Company's previously announced review of strategic alternatives.
The review process commenced in November 2011 and involved an objective review of all strategic alternatives for the Company, including execution of the Company's operating plan for 2012 through 2016. Following this comprehensive review process, the Company's Board of Directors unanimously concluded that the continued execution of the Company's operating plan, supplemented by its share repurchase program, provides the best opportunity to enhance value for the Company's shareholders.
"We engaged in this evaluation from a position of strength and, with the assistance of our legal and financial advisers, carefully considered various alternatives," said Keith G. Myers, LHC Group's Chairman and Chief Executive Officer. "This thorough process has affirmed our belief in the long-term value of our company based on our proven ability to grow through our industry-leading model for hospital partnerships, to improve efficiency by leveraging technology and to control overhead costs.
"Following this review by our Board, our management team will continue to execute our operating plan to maximize value for our shareholders and customers. Our strong balance sheet allows us to invest in areas we believe will enhance shareholder value such as acquisitions and stock repurchases."
The Company's Board of Directors also authorized the continuation of a stock repurchase program under which the Company may repurchase up to $50 million of LHC Group's outstanding common stock. The stock repurchase program does not obligate the company to acquire a minimum amount of common stock and may be modified, suspended, terminated or extended by the company at any time without prior notice. Repurchases under the stock repurchase program would be funded from available cash or borrowings under existing or new debt facilities.
About LHC Group Inc.
LHC Group Inc. is a national provider of post-acute care services with more than 300 locations in 19 states. The Company provides a comprehensive array of post-acute healthcare services through home health, hospice and private duty locations in its home-based division and long-term acute care hospitals in its facility-based division. LHC Group serves nearly 90,000 patients annually and is the only national home health provider pursuing 100 percent Joint Commission accreditation.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company's future financial performance and the strength of the Company's operations and anticipated future repurchases of its common stock. Such forward-looking statements may be identified by words such as "continue," "expect" and similar expressions. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes in reimbursement, changes in government regulations, changes in LHC Group's relationships with referral sources, increased competition for LHC Group's services, increased competition for joint venture and acquisition candidates, changes in the interpretation of government regulations and other risks set forth in Item 1A. Risk factors in LHC Group's Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission. LHC Group undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.