Long Term Care Report

NHC sees decrease in FY99 revenues

National HealthCare (Murfreesboro, TN) reported FY99 ended Dec. 31 revenues of$440.2 million, a slight decrease from $441.2 million in FY98. The company says it posted a net income in FY99 of $8.4 million, 73 cents per share, compared to a FY98 net loss of $6.4 million, 58 cents per share.

Vencor reports FY99 net loss

Vencor (Louisville, KY) says it saw a FY99 ended Dec. 31 total revenues of $2.7 million, down slightly from FY98 revenues of $3 million. The company posted a net loss in FY99 of $693,218, $9.85 per share, compared to a FY98 net loss of $9.53 per share.

Mariner makes appointments

Mariner Post-Acute Network (Atlanta) has appointed Christian Winkle chief executive officer and Michael Gries chief restructuring officer, effective immediately. Francis Cash, former CEO, has left the company, Mariner says.

NCS settles with federal government

NCS HealthCare (Cleveland) and its Indiana subsidiary have finalized a civil settlement with federal authorities concerning the results of their investigation of the subsidiary’s Indianapolis facility, NCS says. Under the terms of the settlement, NCS will pay $4.1 million to the U.S. Attorney’s office. The company also agreed to maintain its current level of spending in connection with its compliance systems procedures. If NCS does not comply with the terms of the accord, an additional $1.5 million will be payable to the U.S. Attorney’s office, the company says. The investigation of the facility related to issues concerning inventory control and did not involve any other facilities.

Genesis discusses capital restructuring

Genesis Health Ventures (Kennett Square, PA) has begun discussions with lenders under its senior credit agreement to revise its capital structure. Genesis also says it did not make a $3.8 million interest payment under its senior credit agreement led by Mellon Bank, Citibank, Bank of America, and First Union, due last week. The company has requested a grace period while discussions on an overall restructuring take place, Genesis says.