Genesis HealthCare 4Q Profit Falls

KENNETT SQUARE, Pa. (AP) -- Genesis HealthCare Corp., which runs long-term care facilities, said Thursday after the markets closed its fiscal first-quarter profit fell 6 percent on costs of going private.

Quarterly earnings decreased to $10.7 million, or 54 cents per share, from $11.4 million, or 58 cents per share during the same period a year earlier, the Philadelphia-area company said.

The results included costs of 9 cents per share related to going private, 2 cents per share from paying off debt and a penny per share due to an increase in the company's tax rate. Excluding those items, the company said it earned 66 cents per share in the quarter.

Revenue rose 9 percent to $477 million from $437 million.

Genesis HealthCare said in January that it will go private in a $1.25 billion deal with a joint venture formed by the private equity firms Formation Capital LLC and JER Partners.