Long-term-care provider Genesis HealthCare Corp., Kennett Square, Pa., said it is subject to delisting on the NASDAQ because the company did not file its second-quarter results on time. In a Securities and Exchange Commission filing, Genesis said it requested a hearing before a NASDAQ panel to appeal the determination, which will stay the delisting until the panel decides on the matter. On May 15, Genesis said it would delay filing results for its second quarter ended March 31, to reflect the consolidation of certain joint venture arrangements in which Genesis has an ownership interest and provides management services.
For its first quarter ended Dec. 31, 2005, Genesis reported net income of $11.7 million on net revenue of $430.6 million, compared with net income of $10.8 million on net revenue of $399 million for the year earlier period. As of Dec. 1, 2005, Genesis owned, leased or managed 213 facilities, including 191 skilled-nursing centers and 22 assisted-living centers in 12 Eastern states, according to a company spokeswoman. It also supplies contract rehabilitation therapy to more than 650 healthcare providers in 18 states and the District of Columbia. -- by Jessica Zigmond