ResCare Announces Results Of Annual Meeting
LOUISVILLE, KY (June 27, 2008) - ResCare, Inc. (NASDAQ: RSCR) the nation’s leading provider of residential, training, therapeutic, educational and support services for people with disabilities and special needs, announced the results of today’s 2008 annual meeting of shareholders.
ResCare shareholders elected Olivia F. Kirtley, Robert E. Hallagan, William E. Brock and James H. Bloem as Class I directors for three-year terms. Shareholders also voted to approve an amendment to the Company’s 2005 Omnibus Incentive Compensation Plan to increase the number of authorized common shares and ratified the appointment of KPMG LLP as the Company’s independent auditor for the year ending December 31, 2008. Prior to the annual meeting of shareholders, Robert Le Blanc and Ralph G. Gronefeld, Jr., who represent the holders of the preferred stock, were elected by unanimous written consent by preferred shareholders. Mr. LeBlanc will serve as a Class III director and Mr. Gronefeld will serve as a Class II director.
Ralph G. Gronefeld, Jr., ResCare’s president and chief executive officer, said, “This meeting of shareholders is an opportunity to celebrate the wonderful accomplishments ResCare’s people made during 2007. We saw revenue growth of 10%, our net income grew by 20% and our cash flow from operations was a record $86 million. ResCare entered the international market with acquisitions in the Netherlands and United Kingdom and grew ResCare HomeCare into a national presence with annualized revenues of $300 million. I commend all of our employees for their efforts in 2007 and thank them for helping us continue our mission of Respect and Care in 2008.”
ResCare, with 30+ years of experience helping people reach their highest level of independence, is one of the largest providers of home care to the elderly and those with disabilities. It also offers residential and support services to people with intellectual and developmental disabilities and provides education, vocational training and job placement for people of all ages and skill levels. Based in Louisville, Kentucky, ResCare and its 42,000 dedicated employees serve daily more than 65,000 people in 37 states, Washington, D.C., Puerto Rico and in a growing number of international locations.
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 our actual results to differ materially from those anticipated in forward-looking statements. Please refer to the discussion of those factors in our 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.