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SunLink Health Systems, Inc. Announces Fiscal 2012 First Quarter Results

Stocks in this article: SSY

SunLink Health Systems, Inc. (NYSE Amex Equities: SSY) today announced a loss from continuing operations for its first fiscal quarter ended September 30, 2011 of $305,000, or a loss of $0.04 per fully diluted share, compared to a loss from continuing operations of $2,263,000, or a loss of $0.28 per fully diluted share for the quarter ended September 30, 2010.

SunLink reported a net loss of $318,000, or a loss of $0.04 per fully diluted share for the quarter ended September 30, 2011, compared to a net loss of $2,768,000, or $0.34 per fully diluted share for the comparable quarter a year ago.

Consolidated net revenues from continuing operations for the quarters ended September 30, 2011 and 2010 were $43,053,000 and $40,866,000, respectively, an increase of 5.4% in the current year’s quarter. The Healthcare Facilities Segment net revenues in the current quarter of $35,298,000 increased $3,334,000, or 10.4%, compared to $31,964,000 from the prior year. Net revenues from the Medicare and Medicaid Electronic Health Records Incentive Programs in the current year were $2,998,000. The Specialty Pharmacy Segment revenues of $7,755,000 in the quarter ended September 30, 2011 decreased 12.9% from the prior year.

The company had an operating profit for the quarter ended September 30, 2011 of $811,000, compared to an operating loss for the quarter ended September 30, 2010 of $2,109,000, an increase in the operating margin of $2,920,000 in the current year quarter. EBITDA (a non-GAAP measure of liquidity of the company) for the first fiscal quarter was $2,115,000 compared to an EBITDA loss of $516,000 for the comparable quarter a year ago. Adjusted EBITDA for SunLink’s Healthcare Facilities Segment in the fiscal quarter ended September 30, 2011 increased to $3,259,000 from $458,000 in the comparable quarter a year ago. Adjusted EBITDA for SunLink’s Specialty Pharmacy Segment was a loss of $46,000 in the first fiscal quarter compared to Adjusted EBITDA of $183,000 in the comparable quarter a year ago.

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