Genesis Health Ventures Reports First Quarter Fiscal 2001 Results and Files Form 10-Q.

Business Editors

KENNETT SQUARE, Pa.--(BUSINESS WIRE)--March 22, 2001

Genesis Health Ventures, Inc. (OTCBB: ghvie.ob) today announced results for the first quarter of fiscal 2001 concurrently with the filing of its Form 10-Q.

Revenues were $629.0 million and earnings before interest, taxes, depreciation and amortization (EBITDA) and excluding $14.2 million of debt restructuring and reorganization costs and a gain of $1.8 million on the sale of an eldercare center were $50.6 million for the quarter ended December 31, 2000.

Net loss attributed to common shareholders for the quarter ended December 31, 2000 was $32.8 million or $0.67 per common share.

Genesis Health Ventures, a debtor in possession, provides eldercare in the eastern United States through a network of Genesis ElderCare skilled nursing and assisted living centers plus long-term care support services nationwide including pharmacy, medical equipment and supplies, rehabilitation, group purchasing, consulting and facility management.

Statements in this news release, other than historical data, are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties that could cause actual results to differ from those contemplated in the statements. These and other factors are discussed in the Company's Securities and Exchange Commission filings.