Long-term-care chain Genesis HealthCare Corp., Kennett Square, Pa., said its net income more than doubled to $13.5 million, or 65 cents per share, for its second quarter ended March 31, thanks largely to Medicaid provider tax assessments. Genesis earned $5.6 million, or 28 cents per share, in the year-ago quarter. Second-quarter revenue was up 20% to $454.6 million. The chain of 178 nursing homes and 23 assisted-living centers said Medicaid provider tax assessments in Pennsylvania and New Jersey brought in revenue of $42 million and $12.8 million, respectively, and added net income of $3.7 million and $1.8 million, respectively. In the first half of fiscal 2005, Genesis earned $24.3 million, or $1.18 per share, compared with $11.6 million, or 58 cents per share, in the year-ago period. Revenue rose 14.6% to $853.6 million. -- by Joseph Mantone
Genesis' profits rise thanks to Medicaid provider taxes
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