Business Services Industry
ResCare Completes Kelly Acquisition
Business Wire, April 2, 2007
LOUISVILLE, Ky. -- ResCare, Inc. (NASDAQ: RSCR), the nation's leading provider of residential, training, therapeutic, educational and support services for people with disabilities and special needs, today announced that its subsidiary, Southern Home Care Services, Inc., has completed its previously announced acquisition of Kelly Home Care Services, Inc. ("KHCS"), a wholly owned subsidiary of Kelly Services, Inc. (NASDAQ: KELYA)(NASDAQ: KELYB).
KHCS operates in 18 states, providing in-home care to the elderly and people with disabilities. Services are primarily custodial care, and the revenue mix is substantially private pay and long-term care insurance. The expected annualized revenue is approximately $55 million.
ResCare, founded in 1974 and based in Louisville, Kentucky, provides services in 37 states, Washington, D.C., Puerto Rico and Canada. ResCare's services include residential, therapeutic, job training and educational supports to people with developmental or other disabilities; education and training to young people in the Job Corps program; one-stop employment and training services for people experiencing barriers to employment; and supports to older people in their homes. More information is available 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 downsizing, de-institutionalization and 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.
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