MELVILLE, N.Y., April 14 /PRNewswire-FirstCall/ -- Gentiva Health Services, Inc. , the nation’s largest provider of comprehensive home health services, today announced that its Board of Directors has authorized the repurchase of up to 1.5 million additional shares of its outstanding common stock. This is the latest of five programs authorizing repurchases totaling up to 6 million shares that have been approved by the Board since May 2003.
“We continue to view Gentiva common stock as one of our best investments,” said Chairman and CEO Ron Malone. “We are pleased that Gentiva’s existing cash balances give us the flexibility to continue to repurchase shares and still remain focused on other priorities, including investments in Gentiva’s future growth.”
According to Gentiva’s latest Annual Report on Form 10-K, the Company had approximately 23.4 million shares outstanding as of March 4, 2005. From May 2003 through March 4, 2005, the Company had repurchased approximately 4.35 million of the 4.5 million shares of common stock authorized under the four previous programs at a total cost of approximately $58.5 million.
Under the latest program, the repurchases will be made using the Company’s cash resources and will occur periodically in the open market or through privately negotiated transactions, based on market conditions and other factors. The new program is effective immediately, but may be suspended for periods or discontinued.
About Gentiva Health Services, Inc.
Gentiva Health Services, Inc. is the nation’s largest provider of comprehensive home health services. Gentiva serves patients through more than 350 direct service delivery units within approximately 250 locations in 35 states, and through CareCentrix(R), which manages home healthcare services for many major managed care organizations throughout the United States and delivers them in all 50 states through a network of more than 2,000 third- party provider locations, as well as Gentiva locations. The Company is a single source for skilled nursing; physical, occupational, speech and neurorehabilitation services; social work; nutrition; disease management education; and help with daily living activities, as well as other therapies and services. Gentiva’s revenues are generated from commercial insurance, federal and state government programs and individual consumers. For more information, visit Gentiva’s web site, http://www.gentiva.com/, and its investor relations section at http://www.gentiva.com/investor.
Forward-Looking Statement
Certain statements contained in this news release, including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects,” “assumes,” “trends” and similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based upon the Company’s current plans, expectations and projections about future events. However, such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions; demographic changes; changes in, or failure to comply with, existing governmental regulations; legislative proposals for health care reform; changes in Medicare and Medicaid reimbursement levels; effects of competition in the markets the Company operates in; liability and other claims asserted against the Company; ability to attract and retain qualified personnel; availability and terms of capital; loss of significant contracts or reduction in revenues associated with major payer sources; ability of customers to pay for services; business disruption due to natural disasters or terrorist acts; a material shift in utilization within capitated agreements; and changes in estimates and judgments associated with critical accounting policies. For a detailed discussion of these and other factors that could cause actual results to differ from those contained in this news release, please refer to the Company’s various filings with the Securities and Exchange Commission (SEC), including the “risk factors” section contained in the Company’s annual report on Form 10-K for the year ended January 2, 2005.
Financial and Investor Contact: John R. Potapchuk 631-501-7035 john.potapchuk@gentiva.com Media Contact: David Fluhrer 631-501-7102 516-857-7231 david.fluhrer@gentiva.com
Gentiva Health Services, Inc.
CONTACT: Investors - John R. Potapchuk, +1-631-501-7035,john.potapchuk@gentiva.com, Media - David Fluhrer, +1-631-501-7102,+1-516-857-7231, david.fluhrer@gentiva.com, both of Gentiva Health Services,Inc.
Web site: http://www.gentiva.com/