August 3, 2016 |
Genesis Healthcare Inc., a major nursing home operator based in Kennett Square, said Monday that it would pay $52.7 million under an "agreement in principle" to settle four separate U.S. Department of Justice investigations. The investigations involve allegations that Genesis units acquired since 2012 improperly billed the government for hospice services in Nevada, provided inadequate staffing at some facilities from 2005 through 2013, and violated Medicare rules for physical therapy at two subsidiaries.
April 9, 2016
Monday The New York Daily News publishes a transcript of an interview with Bernie Sanders, in which he is asked what he would do about breaking up "too-big-to-fail" banks. Sanders: "How you go about doing it is having legislation passed, or giving the authority to the secretary of treasury to determine, under Dodd-Frank, that these banks are a danger to the economy over the problem of too-big-to-fail. " Daily News: "But do you think that the Fed, now, has that authority?"
March 30, 2016 |
When the famed Parisian ensemble Magma plays Underground Arts on Wednesday, the musicians will hit the stage with every slithering, outre hallmark that drummer-composer-leader Christian Vander first adopted in 1970: A devised language with an interplanetary mythology dedicated to a doomed Earth and settlers on the imaginary planet Kobaïa; a psychedelicized, free jazz, fusion-electronic tone with complex rhythms that Vander calls "Zeuhl" for its...
March 11, 2016 |
Genesis Healthcare Inc. agreed to sell the majority of its home health and hospice operations for $84 million as part of a strategy to shed businesses that are not central to its nursing home operations and to pare down its huge debt load, the Kennett Square company said Wednesday. The sale of the operations in California, Idaho, Montana, and New Mexico to Compassus, a national provder of hospice and palliative care based in Tennessee, is expected to close in 90 days. Remaining hospice operations in Arizona and Nevada will be closed, Genesis said.
February 25, 2016 |
Since returning to the ranks of publicly traded companies a year ago through its merger with Skilled Healthcare Group Inc., Kennett Square's Genesis HealthCare Inc. has had a rough ride. The price of its shares has plummeted to $1.80 from $8.77 Feb. 2, 2015, the day the merger was completed, and the company this week reported a net loss of $426 million on revenue of $5.6 billion in 2015, up from $254 million in 2014, when Genesis had $4.8 billion in revenue. Genesis' chief executive, George V. Hager Jr., assured analysts Tuesday on a conference call to discuss the earnings report that the company was in good shape for the long haul, despite near-term turbulence in the nursing-home industry.
January 27, 2016 |
Shares in Genesis Healthcare Inc. plummeted 25 percent on Monday after the Kennett Square nursing home operator cut its earnings estimate for 2015 by nearly 10 percent. Around midday, Genesis's share trade for $2.055, down 69.5 cents, or 25.7 percent. The share's 52-week high is $9.32. Genesis told investors it expected report operating earnings of roughly $249 million, down from its $275 million estimate in November. Those figures are the mid-points for projected ranges of earnings before interest, taxes, depreciation, and amortization, Genesis said.
May 9, 2015 |
Genesis Healthcare Inc., a major nursing home and rehabilitation company based in Kennett Square, said it opened a post-hospital rehabiliation facility in China, its first venture outside the United States. "With 14.8 percent of the Chinese population over the age of 60 and 70 million people in need of rehabilitation services, there is significant market potential in China," George V. Hager Jr., Genesis's chief executive, said. The new Genesis facility, called a "Vitality Center," is in Zengcheng, which is in southern China, near Guangzhou.
February 25, 2015 |
Shares in Genesis Healthcare Inc. fell 4 percent Monday, adding to an 18 percent drop Friday - the result of a significant fourth-quarter profit shortfall for the Kennett Square nursing-home operator. Genesis, which this month began trading on the New York Stock Exchange after seven years under private ownership, last week reported fourth-quarter profit of $125.7 million, excluding interest, taxes, rent, and certain accounting charges. That was more than $30 million below the $157 million to $160 million Genesis told investors and analysts to expect in a November presentation.
August 21, 2014 |
Genesis HealthCare Corp.'s proposed merger with Skilled Healthcare Group Inc., if completed as expected early next year, will mark the Kennett Square firm's return to the ranks of publicly traded companies after a seven-year absence. Genesis, which traces its roots to a company that was founded in that Chester County town in 1985 and had a meteoric acquisition-fueled rise in the 1990s until heavy debt and government-payment cuts forced it into bankruptcy in 2000, was taken private in 2007 for $1.9 billion.
July 20, 2014 |
Once again, we are reminded that the Korean automaker Hyundai, like its corporate sibling, Kia, is a pretty quick study. A case in point is the redesigned 2015 Genesis, the second coming of its luxury sedan. The first-generation Genesis, which debuted in 2009, offered a lot of features for the buck, and pretty much went downhill from there. The styling lurked somewhere between bland and generic, and the ride and handling were even more forgettable. Enter the renaissance redesign for 2015, an automotive quantum leap.