Almost Family Reports Third Quarter 2012 Results
Posted: November 7, 2012 at 6:48 am
LOUISVILLE, Ky., Nov. 6, 2012 /PRNewswire/ --Almost Family, Inc. (AFAM), a leading regional provider of home health nursing and personal care services, announced today its financial results for the three and nine month periods ended September 30, 2012.
Highlights:
Comments on ResultsWilliam Yarmuth, Chief Executive Officer, commented on the results: "Our results for the third quarter reflect the impact of normal seasonality in our VN segment along with an apparent slowing in health care utilization nationwide. While external market conditions continue to be somewhat challenging, we are continuing to focus on improving the organic growth of our business. We have been extremely pleased with the success of our operators in tightly managing the efficiencies of their business units delivering meaningful year over year cost savings in the VN segment."
With regard to the U.S. Securities and Exchange Commission (SEC) development described in more detail below, Yarmuth added: "We continue to be very proud of our track record of sound compliance and the absence of any findings of wrongdoing at Almost Family by any of the investigatory bodies that began probing us and others in the industry in mid-2010. I am extremely proud of the way our management team, and most importantly our caregivers, have refused to allow any of this to detract from our Senior Advocacy mission of providing the highest quality care to our patients."
Third Quarter Financial ResultsAlmost Family reported third quarter results that included the impact of the 2012 Medicare reimbursement rate cut in the Visiting Nurse (VN) segment. The Medicare rate cuts reduced revenue and operating income by $2.7 million and earnings per diluted share by $0.17, while a change in certain Medicare Advantage plans paying on a per visit versus episodic basis reduced revenue by $0.8 million and earnings per diluted share by $0.03. While total VN admissions increased approximately 2% and traditional Medicare episodic admissions increased approximately 1%, total Medicare episodic admissions declined 2.5% primarily as a result of certain Medicare Advantage plans switching from episodic to per visit payment models.
The Company's earnings were favorably impacted by efforts to improve its operating efficiencies and the inclusion in the quarter of a full three months of the Cambridge Home Health Care Holdings, Inc. (Cambridge) acquisition, which closed in early August of 2011. Improvements in operating efficiencies, principally in the VN segment, improved earnings per diluted share by $0.17.
Net service revenues for the third quarter were $85.1 million, a 1% decrease from $86.2 million reported in the third quarter of 2011, primarily as a result of the VN segment's Medicare rate cut, partially offset by the Cambridge acquisition.
Net income for the third quarter of 2012 was $4.1 million, or $0.44 per diluted share, down from third quarter of 2011 net income of $4.8 million, or $0.52 per diluted share.
The effective tax rate of 39.5% in the third quarter of 2012 was consistent with the 39.4% for the third quarter of 2011.
SEC and Legal DevelopmentsSince our last quarterly report the Company has received two favorable determinations with respect to previously disclosed regulatory inquiries and litigation. On November 2, 2012, the Company and those affected executive officers and members of its board of directors were all notified by the SEC Staff that it has concluded its investigation and does not intend to recommend enforcement action to the Commission. Separately, on October 2, 2012 the judge in certain shareholder derivative actions in Kentucky state court granted the Company's motion for dismissal. Although the plaintiffs have appealed that ruling, the Company intends to vigorously defend the appeal of the ruling.
Lending Club Exceeds $1 Billion in Personal Loans
Posted: at 6:48 am
SAN FRANCISCO, Nov. 5, 2012 /PRNewswire/ --Lending Club (http://www.lendingclub.com), the leading platform for investing in and obtaining personal loans, today announced that it has enabled more than $1 billion in personal loans. With originations and servicing revenue sharply accelerating, Lending Club announced that it has generated positive cash flow for the preceding quarter.
San Francisco-based Lending Club has experienced tremendous growth since it began in 2007, with facilitated loan volumes doubling each year and on pace to triple in 2012. With $82 million in personal loans facilitated in the month of October, Lending Club is also on a $1 billion annual run rate.
"The platform has now reached a scale and stability that makes it even more attractive to borrowers and investors," said Lending Club CEO Renaud Laplanche. "Larger commitments from a wider base of investors mean a faster funding process for qualified borrowers, and higher loan volumes mean more choices for investors and more efficient pricing overall."
2012 Lending Club highlights include:
Lending Club reduces the cost of traditional banking to offer borrowers better rates and investors better returns. The platform's growth has been largely fueled by borrowers looking for lower rates. More than 72 percent of borrowers on the platform report using their personal loans to pay off existing credit card balances. By focusing on high-credit-quality borrowers, Lending Club's platform has also generated 21 consecutive quarters of positive returns.
About Lending Club
Lending Club utilizes technology and innovation to reduce the cost of traditional banking and offer borrowers better rates and investors better returns. Lending Club started operations in 2007 and has been recognized for its results and innovation by the Harvard Business Review and Dow Jones, was named one of Forbes' America's Most Promising Companies in 2011 and recognized as a 2012 World Economic Forum Technology Pioneer. Lending Club is based in San Francisco, California. More information is available at: http://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.
Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.
About LC Advisors
Lending Club Advisors, a wholly owned subsidiary of Lending Club, isregistered with the Securities and Exchange Commission as an investment advisor. LC Advisors was founded in 2011 and registered in November 2011. Registration does not imply any specific level of skill or training.
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Lending Club Exceeds $1 Billion in Personal Loans
ACE To Acquire Mexican Personal Lines Insurer ABA Seguros
Posted: at 6:48 am
ZURICH--(BUSINESS WIRE)--
ACE Limited (NYSE: ACE) announced today that it has reached a definitive agreement to acquire ABA Seguros in Mexico from Ally Financial Inc. for approximately $865 million in cash.
Established in 1958, ABA Seguros is Mexicos sixth-largest property and casualty (P&C) insurer and provides auto, homeowners and small business coverages. Based in Monterrey, the company has over 30 sales offices throughout Mexico and distributes its products through a network of nearly 2,000 independent agents as well as through auto dealerships, banks and direct channels.
ABA Seguros is a highly regarded franchise in the Mexican P&C market with a terrific brand and an impressive and profitable track record, said Evan Greenberg, Chairman and Chief Executive Officer, ACE Limited. ACE has been operating in Mexico for many years through ACE Seguros, a business with an industrial commercial and personal accident focus. Following our announcement last month to acquire Fianzas Monterrey, the second largest surety writer in Mexico, and now ABA, a major personal lines and agency company, we are extremely well positioned to take advantage of the many growth opportunities we believe will occur in this important country over the next decade and beyond. We expect the acquisition of ABA Seguros to be accretive to earnings in the first year and to meet or exceed our companys long-term return on equity target by the third year.
The transaction is expected to be completed during the first half of 2013 and is subject to regulatory approvals.
The ACE Group is one of the worlds largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: http://www.acegroup.com.
Cautionary Statement Regarding Forward-Looking Statements:
All forward-looking statements made in this press release, related to the acquisition of ABA Seguros or otherwise, reflect ACEs current views with respect to future events, business transactions and business performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, ACEs forward-looking statements related to ABA Seguros and the anticipated acquisition (including the statement regarding impact on earnings and return on equity) could prove incorrect if the transaction were to not close, if ABA Seguros and its subsidiaries were to perform differently than currently expected by ACE or if anticipated expense-related efficiencies are not realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Copyright Business Wire 2012
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ACE To Acquire Mexican Personal Lines Insurer ABA Seguros
A Factory Of Fitness: CrossFit, Personal Training Facility Opens In Highwood
Posted: at 6:48 am
HIGHWOOD, Ill., Nov. 6, 2012 /PRNewswire/ --Performance Factory Training (PFT), a new CrossFit and personal training facility located in Highwood, is scheduled to open its doors on November 19. The 5,000 square foot building, positioned on Bank Lane just west of Sheridan Rd., will offer group CrossFit classes as well as individualized athletic-performance training.
Co-owners Aaron Kauffman and Josh Tooley will be two of the certified trainers on staff to, as PFT's website states, help people achieve their goals.
"Our intent," said Kauffman, "is not to pump as many people as possible through our doors but to offer each individual a quality experience. Our personal training and sports performance programming is highly individualized to help each specific athlete reach their potential."
No matter a client's goalwhether to simply get in shape or, more precisely, take his/her athletic abilities to elite levelsPFT will be able to help, drawing on Kauffman and Tooley's years of experience as trainers and coachesand before that, collegiate athletesand utilizing top-of-the-line equipment from Maverick Athletic Company.
CrossFit, a quickly-growing favorite among those looking to get in shape, will be one of PFT specialties.
"I have seen and personally felt the life-changing effects of CrossFit," Tooley said, "and would like to share it with others."
Unlike other training facilities, however, which Kauffman and Tooley have seen sacrifice proper technique and service in the pursuit of profits, PFT intends to keep the clientele its first priority.
"Our hope," Tooley said, "is to gain a reputation as a training facility that not only produces results but also stays grounded in customer service and a great community atmosphere. I would like our clients to see that we care first about their success, not about making money."
Highwood and the surrounding communities are important to Kauffman and Tooley, and they are excited to, as Kauffman said, "provide a service to the military men and women who report to Fort Sheridan military base."
Those interested in PFT can get more information about the facility and the services it offers at performancefactorytraining.com. PFT's grand opening will be celebrated in January, but personal training will be available starting November 12. The first CrossFit classes are set to start November 19.
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A Factory Of Fitness: CrossFit, Personal Training Facility Opens In Highwood
The Warriors Path – Video
Posted: at 6:47 am
The Warriors Path
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Marie Fraser Personal Success Mentor – Video
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Marie Fraser Personal Success Mentor
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Marie Fraser Personal Success Mentor - Video
THE BIGGEST SECRET TO FINANCIAL SUCCESS – Video
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THE BIGGEST SECRET TO FINANCIAL SUCCESS
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Gifted Goose Learning – Cool Apps – Video
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Gifted Goose Learning - Cool Apps
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Gifted Goose Learning - Cool Apps - Video
Gifted Goose Learning – Cool Apps (Flip) – Video
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Gifted Goose Learning - Cool Apps (Flip)
Imagine having the ability to set your child up for future financial and personal success right now. Imagine knowing that simple steps you took today could greatly improve their chances to be financially fit and successful later in life... would you do it? Gifted Goose Learning was founded to help parents do exactly that. Through the use of simple and fun apps, we are helping parents give their children the best start possible in life. From self-control to inquiry-based learning, our apps help parents easily integrate the fundamental learning blocks for financial and personal success at every age. The great thing is they are fun to play and simple to understand. Our initial app, "Pogo Pig Savings" (bit.ly is geared towards 2-4 years old and explores one of the fundamental success learning blocks for kids 2-4 -- the concept of saving. Our mission is to help parents improve the lives of their children by setting them up for future financial and personal success. Thank you for being a part of that mission and being an active part in your child #39;s success. Sincerely, The Gifted Goose Learning team Our passionate team of experts includes; moms, moms-in-training, child development psychologists, certified financial planners, chartered accountants, and top level developers. PS Want to know what the number one indicator of future financial and personal success is in kids? Click here: giftedgoose.comFrom:GiftedGooseLearningViews:7 0ratingsTime:00:06More inEntertainment
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Network Marketing This Week – $20K/Month In 90 Days or Less! – Video
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Network Marketing This Week - $20K/Month In 90 Days or Less!
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