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SunLink Health Systems, Inc. Announces Fiscal 2011 Fourth Quarter And Full-Year Results

SunLink Health Systems, Inc. (NYSE Amex Equities: SSY) today announced a loss from continuing operations for its fourth fiscal quarter ended June 30, 2011 of $388,000 excluding pre-tax impairment charges of $13,347,000 to write down goodwill and certain intangible assets acquired in the April 2008 acquisition of Carmichael’s Cashway Pharmacy.

For the fourth fiscal quarter ended June 30, 2011, SunLink reported a loss from continuing operations of $8,703,000 or a loss of $1.07 per fully diluted share (after impairment charges), compared to a loss from continuing operations of $1,549,000, or a loss of $0.19 per fully diluted share (after impairment charges), for the quarter ended June 30, 2010.

SunLink reported a net loss of $8,864,000, or a loss of $1.09 per fully diluted share (after impairment charges), for the quarter ended June 30, 2011, compared to a net loss of $1,516,000, or $0.19 per fully diluted share (after impairment charges), for the comparable quarter a year ago. Excluding impairment charges for goodwill and certain intangible assets of Carmichael’s Cashway Pharmacy, the net loss for the quarter ended June 30, 2011 would have been $549,000, and excluding impairment charges, the net loss for the quarter ended June 30, 2010 would have been $767,000.

Consolidated net revenues from continuing operations for the quarters ended June 30, 2011 and 2010 were $43,214,000 and $43,615,000, respectively, a decrease of 0.9% in the current year’s quarter. The Healthcare Facilities Segment net revenues in the current quarter of $36,369,000 increased $1,532,000, or 4.4%, compared to $34,837,000 from the prior year. The Specialty Pharmacy Segment revenues of $6,845,000 in the quarter ended June 30, 2011 decreased 22.0% from the prior year.

The company had an operating loss from continuing operations, which included charges of $13,347,000 for impairment of goodwill and certain intangible assets of Carmichael’s Cashway Pharmacy, for the quarter ended June 30, 2011 of $12,477,000, compared to an operating loss for continuing operations for the quarter ended June 30, 2010 of $2,119,000, which included $1,202,000 impairment of construction in progress. Excluding the impairment charges for both periods, the operating margin increased by $1,787,000 due to the $4,116,000 in net revenues from the Medicare and certain Medicaid EHR Incentive Programs in the current year. Adjusted EBITDA (a non-GAAP measure of the liquidity of the company) at SunLink’s Healthcare Facilities Segment in the fourth fiscal quarter increased to $4,073,000 from $2,174,000 in the comparable quarter a year ago. Adjusted EBITDA for SunLink’s Specialty Pharmacy Segment was a loss of $377,000 in the fourth fiscal quarter compared to Adjusted EBITDA loss of $12,000 in the comparable quarter a year ago.

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