Exhibit 99


FOR IMMEDIATE RELEASE                   Contact:  Robert P. Borchert
                                                  Director,
                                                  Corporate Communications
                                                  (201) 525-5932



               MULTICARE REPORTS RECORD SECOND QUARTER RESULTS

                -- Revenues Increase 36%; Net Income Up 50% --


HACKENSACK,  NJ,  August 6, 1997 -- The Multicare Companies, Inc.  (NYSE:MUL)
today announced record financial results for the second quarter and six month
period ended June 30, 1997.  In comparing the second quarter of 1997 with the
same period in 1996:

     - Revenues increased 35.8% to $179.2 million from $131.9 million.
     - Income before income taxes and extraordinary item rose 48.0% to $16.3
       million compared with $11.0 million.
     - Net income increased 50.2% to $10.2 million, or $0.30 per share versus
       $6.8 million, or $0.24 per share.
     - Quality  mix,  or  percent  of revenues  from  non-Medicaid  sources,
       remained high at 67% compared with 64%.
     - Occupancy at the Company's facilities was 92% in both periods.
     - Revenues from specialty medical services, which includes institutional
       pharmacy, sub-acute care, rehabilitative therapies and medical supplies,
       grew  37% to $71.8 million from $52.4 million and accounted for  40%  of
       revenues in both years.

In comparing the first half 1997 to the first half 1996:

     - Revenues increased 38.1% to $348.0 million from $251.9 million.
     - Income before income taxes and extraordinary item increased 43.6%  to
       $30.2 million compared with $21.0 million.
     - Net income before extraordinary item (loss on extinguishment of debt)
       increased  46.0%  to  $18.9 million, or $0.56 per share,  compared  with
       $13.0 million, or $0.46 per share.
     - Net  income  increased 57.2% to $18.1 million, or  $0.54  per  share,
       compared with  $11.5 million, or $0.41 per share.

                                  - more -

Multicare Second Quarter Results
Page 2
August 6, 1997



"Multicare's  operating performance continues to be driven by the  dedication
and  focus  of  our  managers and employees to provide the highest  level  of
quality  patient  care  services in all of our facilities,"  said  Daniel  E.
Straus,  president and co-chief executive officer of Multicare.  "We  believe
that  the  quality of our assets and success of our growth strategy  will  be
translated  into  exceptional returns for all Multicare shareholders  through
the Genesis transaction."

On  June  16,  1997,  the Company announced that it had signed  a  definitive
agreement  through  which a company formed by Genesis Health  Ventures,  Inc.
(NYSE:  GHV), The Cypress Group LLC and The Texas Pacific Group  (TPG),  will
acquire  Multicare for $28.00 per share in cash, resulting in  a  transaction
value  of  $1.4 billion, including the assumption or repayment of  debt.   In
accordance  with  the  terms of the merger, Genesis,  Cypress  and  TPG  have
commenced  a  tender  offer to acquire a majority of the outstanding  shares.
The  transaction  is  subject  to  required regulatory  approvals  and  other
conditions and is expected to close by September 30, 1997.

Founded in 1984, The Multicare Companies, Inc. is a leading provider of  high
quality,  cost-effective  long-term  care  and  specialty  medical  services.
Multicare  owns, leases or manages 156 facilities with more than 16,000  beds
in 11 states, and is the market share leader in New Jersey, Massachusetts and
West Virginia.  Multicare also owns and operates a number of ancillary health
care  businesses,  including a significant institutional  pharmacy  operation
servicing  over 30,000 beds through eight locations.  The Company's long-term
care  services include skilled nursing care, sub-acute care, assisted living,
home  health  care and related support activities traditionally  provided  in
long-term care facilities.

NOTE:   This  news  release  contains forward-looking  statements  which  are
subject to certain risks and uncertainties.  Although Multicare believes  the
assumptions  accompanying  such forward-looking  statements  are  reasonable,
there  can  be no assurance that expected results will occur.  A  significant
variation between actual results and any of such assumptions may cause actual
results   to   differ  materially  from  expectations.   For  more   specific
information  concerning such risks and uncertainties,  refer  to  Multicare's
Form  10-Q to be filed for the period ended June 30, 1997, Form 10-K for  the
year  ended  December  31, 1996 and other Securities and Exchange  Commission
filings.


                            - Tables to Follow -

<PAGE 3>
<TABLE>
                        THE MULTICARE COMPANIES, INC.
                               AND SUBSIDIARIES

                    Consolidated Statements of Operations

                    (In thousands, except per share data)

<CAPTION>
                                           Three months        Six months
                                              ended               ended
                                             June 30,           June 30,

                                            1996     1997       1996    1997
<S>                                    <C>        <C>        <C>     <C>

Net revenues                           $ 131,889  179,164    251,946 347,956

Expenses:
Operating expense                         99,432  135,598    190,469 263,300
Corporate, general and administrative
expense                                    6,258    8,901     12,413  17,091
Lease expense                              3,036    4,207      5,769   8,358
Depreciation and amortization expense      5,553    7,213     10,207  14,083
Interest expense, net                      6,621    6,984     12,084  14,168
Debenture conversion expense                 ---      ---        ---     785
Total expenses                           120,900  162,903    230,942 317,785

Income before income taxes and
extraordinary item                        10,989   16,261     21,004  30,171

Income tax expense                         4,209    6,080      8,027  11,230
Income before extraordinary item           6,780   10,181     12,977  18,941
Extraordinary item - loss on
extinguishment of debt,
net of tax benefit                           ---      ---      1,481     873

Net income                             $   6,780   10,181     11,496  18,068

Income per common share assuming full
dilution:
Income before extraordinary item       $     .24      .30        .46     .56

Net income                             $     .24      .30        .41     .54
Weighted average number of common
shares outstanding assuming full
dilution                                  32,565   36,656     32,511  36,652
</TABLE>