American HomePatient acquires Respro and Lifecare.FRANKLIN, Tenn.--(BUSINESS WIRE)--July 12, 1995--Edward K. Wissing, President and Chief Executive Officer for American HomePatient (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AHOM) today announced the acquisition of two home health care companies, Respro based in London, Ky. and Lifecare Medical, Inc. of Hammond, La. Combined, these companies have annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of approximately $7.9 million. Respro, which specializes in home respiratory services and equipment, has ten locations in Kentucky and Tennessee including Danville, Elizabethtown, Florence, Hyden, Lexington, London, Louisville, Paintsville, and Somerset, Ky.; and Oneida, Tenn. The company's annualized revenues are $5.5 million. After the consolidation of operations in Lexington and Louisville, American HomePatient will have 15 centers in Kentucky and 14 in Tennessee. Top managers from Respro, including Jim Graham Jim Graham is a politician from Washington, D.C. He is currently a Democratic member of the Council of the District of Columbia, where has served as an elected councilmember for Ward 1 since 1999. Jim Graham is an openly gay, naturalized immigrant from Scotland. , former Respro President, will be staying on with American HomePatient as key operating executives in Kentucky. Lifecare is a provider of a broad range of home health care products and services including oxygen, respiratory therapy respiratory therapy Medical profession concerned with assisting the respiratory function of individuals who have severe lung disorders. Practices include suctioning to clear secretions from the airway, use of aerosol mists (sometimes medicated) or gases to ease breathing, equipment and services, enteral nutrition Enteral nutrition Nourishment given through a tube or stoma directly into the small intestine, thus bypassing the upper digestive tract. Mentioned in: Electrolyte Supplements, Enterostomy, Necrotizing Enterocolitis , rehabilitation rehabilitation: see physical therapy. products, home medical equipment and supplies. With locations in Hammond and Bogalusa, La. Lifecare has annualized revenues of $2.4 million. Brian DePaula, the former owner of Lifecare, will join American HomePatient as General Manager responsible for these operations. "The additions of Respro and Lifecare are excellent examples of how we execute our strategy of achieving regional density in the states where we operate," said Mr. Wissing. "In order to position us for continued growth in today's managed care environment we are developing a significant geographic presence in each of our states through an owned network of American HomePatient centers. With 15 centers in Kentucky, we have created a very strong presence in the state, covering virtually all geographic regions. We now have three centers in Louisiana and Lifecare gives us a solid foundation from which to further expand into the state. It is our intent to expand our coverage in Louisiana as we have in Kentucky. "We plan to add new services to the business mix of both Respro and Lifecare during the next 12-18 months. Respro is primarily a respiratory company; therefore, we have the opportunity to add home medical equipment and infusion services. While Lifecare has a broader product and service mix, including a very good rehabilitation business, we will explore the opportunities of adding infusion therapy services in those markets as well," concluded Mr. Wissing. Since January, 1995, American HomePatient has added 50 new home health care centers with combined annualized revenues of approximately $51 million. American HomePatient is the country's fourth largest diversified diversified (di·verˑ·s provider of home care services with 194 locations in 26 states. The company's primary product and service offerings include home respiratory services, home infusion, parenteral parenteral /pa·ren·ter·al/ (pah-ren´ter-al) not through the alimentary canal, but rather by injection through some other route, as subcutaneous, intramuscular, etc. par·en·ter·al adj. 1. and enteral nutrition, and home medical equipment. American HomePatient's common stock is traded in the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol AHOM. CONTACT: American HomePatient, Franklin Edward K. Wissing or Kathey Palmer, 615/794-3313 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion