SunLink Health Systems, Inc. Announces Fiscal 2011 First Quarter Results
SunLink Health Systems, Inc. (NYSE Amex Equities: SSY) today announced a loss from continuing operations for its fiscal quarter ended September 30, 2010 of $2,645,000, or a loss of $0.33 per fully diluted share, compared to earnings from continuing operations of $549,000, or $0.07 per fully diluted share, for the quarter ended September 30, 2009. Included in the results for the fiscal quarter ended September 30, 2009 is the pre-tax gain of $2,342,000 from the September 2009 sale of three home health businesses.
SunLink reported a net loss of $2,769,000, or a loss of $0.34 per fully diluted share, for the quarter ended September 30, 2010, compared to net earnings of $496,000, or $0.06 per fully diluted share, for the comparable quarter a year ago.
Consolidated net revenues from continuing operations for the quarter ended September 30, 2010 decreased by 8.0% to $44,204,000 compared to $48,067,000 in the comparable period a year ago. The Specialty Pharmacy Segment net revenues of $8,902,000 in the quarter ended September 30, 2010 decreased $1,124,000, or 11.2%, from the prior year. The Healthcare Facilities Segment net revenues of $35,302,000 in the quarter ended September 30, 2010, decreased $2,739,000, or 7.2%, from the comparable quarter of the prior year and included $851,000 from state indigent care programs and positive prior year third-party payor settlements compared to $828,000 in the quarter ended September 30, 2009.
The company had an operating loss from continuing operations for the quarter ended September 30, 2010 of $2,608,000 compared to an operating profit of $2,048,000 for the quarter ended September 30, 2009. Included in operating profit for the quarter ended September 30, 2009, was a pre-tax gain of $2,342,000 on the sale of the home health businesses. Adjusted EBITDA at SunLink’s Healthcare Facilities Segment (a non-GAAP measure of the liquidity of a company) in the first fiscal quarter decreased to an Adjusted EBITDA loss of $42,000 from Adjusted EBITDA of $1,829,000 in the comparable quarter a year ago. Adjusted EBITDA for SunLink’s Specialty Pharmacy Segment decreased to $183,000 from $660,000 in the comparable quarter a year ago
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