2008 Growth and Acquisitions
Rescare Acquires Virginia Youth Services
LOUISVILLE, KY (February 4, 2008) - ResCare, Inc. (NASDAQ: RSCR) today announced the acquisition of Kids in Focus, a Richmond, Va. company, and its related agencies. Kids in Focus offers residential diagnostic and therapeutic services to children in crisis in home-like settings. It is an innovative and comprehensive program that performs clinical, psychological, psychiatric, physical and academic evaluations customizing therapy and training to each child's particular needs. The children, aged 6 to 17, receive evaluation and therapy during a 60 to 90 day stay at one of Kids in Focus's five homes in the Richmond area. Annual revenue is estimated to be approximately $6.0 million.
Ralph G. Gronefeld, Jr., ResCare president and chief executive officer, said, "Kids in Focus strengthens our therapeutic offerings to young people in crisis. ResCare has a continuum of services for children and young adults who face challenges. Our services are designed to help them through the challenges while giving them the tools to cope and grow." 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 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.