Pediatric Services OF America (NASDAQ:PSAI)
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Pediatric Services of America, Inc., d/b/a PSA Healthcare (Nasdaq:
PSAI) announced today that it has signed an agreement to acquire
substantially all of the assets of Advanced Pediatric Care, Inc., a
Texas corporation (“Advanced Pediatric”).
The acquisition includes Advanced Pediatric’s
pediatric nursing business in the Beaumont, Texas market. The purchase
price is approximately $600,000 in cash with Advanced Pediatrics
retaining its accounts receivable. Advanced Pediatric’s
annualized net revenue totals approximately $1.5 million. We expect the
closing date of the transaction to occur in January 2007.
“We are excited to further expand our presence
in the Texas market through this acquisition,”
said Daniel J. Kohl, President and CEO of PSA. “We
continue to evaluate a number of opportunities available in attractive
markets and remain focused on executing our acquisition strategy within
the private duty nursing segment.”
PSA provides comprehensive pediatric home health care services through a
network of 54 branch offices in 18 states, including satellite offices
and branch office start-ups. Through these offices PSA provides a
combination of services, including pediatric private duty nursing (PDN)
and pediatric day treatment centers (PPECs). Additional information on
PSAI may be found on the Company's website at http://www.psahealthcare.com.
NOTE: This press release contains certain forward-looking
statements (as such term is defined in the Private Securities Litigation
Reform Act of 1995) relating to future financial performance of
Pediatric Services of America, Inc. (the “Company”).
When used in this press release, the words “may,”
“targets,”
“goal,” “could,”
“should,” “would,”
“believe,” “feel,”
“expects,” “confident,”
“anticipate,” “estimate,”
“intend,” “plan,”
“potential” and
similar expressions may be indicative of forward-looking statements. These
statements by their nature involve substantial risks and uncertainties,
certain of which are beyond the Company’s
control. The Company cautions that various factors, including the
factors described hereunder and those discussed in the Company’s
other filings with the Securities and Exchange Commission, as well as
general economic conditions, industry trends, the Company's
anticipated uses of the proceeds from the sale of its Respiratory and
Pharmacy Businesses, the Company's ability to assimilate
and manage previously acquired field operations, collect accounts
receivable, including receivables related to acquired businesses and
receivables under appeal, hire and retain qualified personnel and comply
with and respond to billing requirements issues, including those related
to the Company’s billing and collection
system, nurse shortages, competitive bidding, HIPAA regulations, adverse
litigation, workers’ compensation losses,
availability and cost of medical malpractice insurance and any potential
reduced state funding levels and nursing hours authorized by Medicaid
program, could cause actual results or outcomes to differ materially
from those expressed in any forward-looking statements of the Company
made by or on behalf of the Company. Any forward-looking
statement speaks only as of the date on which such statement is made,
and the Company undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after the
date on which such statement is made or to reflect the occurrence of an
unanticipated event. New factors emerge from time to time, and it
is not possible for management to predict all of such factors. Further,
management cannot assess the impact of each such factor on the business
or the extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.