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SunLink Health Systems, Inc. Announces Fiscal 2012 Third Quarter And Nine Month Results

SunLink Health Systems, Inc. (NYSE MKT: SSY) today announced a loss from continuing operations for its third fiscal quarter ended March 31, 2012 of $1,217,000, or a loss of $0.13 per fully diluted share, compared to a loss from continuing operations of $568,000, or a loss of $0.07 per fully diluted share for the quarter ended March 31, 2011. The results for the quarter ended March 31, 2012 include a pre-tax impairment charge of $931,000 to write down goodwill resulting from the October 2003 acquisition of two hospitals. For the nine month period ended March 31, 2012 the company reported a loss from continuing operations of $3,561,000, or a loss of $0.38 per fully diluted share, compared to a loss from continuing operations of $4,708,000, or $0.58 loss per fully diluted share, for the nine months ended March 31, 2011.

SunLink reported a net loss of $1,544,000, or a loss of $0.16 per fully diluted share for the quarter ended March 31, 2012, compared to a net loss of $314,000, or a loss of $0.04 per fully diluted share, for the comparable quarter a year ago. For the nine month period ended March 31, 2012 the company reported a net loss of $4,033,000, or a loss of $0.43 per fully diluted share, compared to a net loss of $4,848,000, or a loss of $0.60 per fully diluted share in the comparable period last year.

Consolidated net revenues from continuing operations for the quarters ended March 31, 2012 and 2011 were $39,484,000 and $42,376,000, respectively, a decrease of 6.8% in the current year’s quarter. The Healthcare Facilities Segment net revenues in the current quarter of $27,943,000 decreased $1,743,000 or 5.9%, compared to $29,686,000 from the prior year. Net revenues from state indigent care programs decreased $760,000 in the current year’s quarter compared to last year. The Specialty Pharmacy Segment revenues of $11,541,000 in the quarter ended March 31, 2012 decreased 9.1% from the prior year. Consolidated net revenues from continuing operations for the nine months ended March 31, 2012 decreased by 6.4% to $112,039,000 compared to $119,713,000 in the comparable period a year ago. The Healthcare Facilities Segment had net revenues in the nine months ended March 31, 2012 of $82,071,000 compared to $86,637,000 last year. The Specialty Pharmacy Segment had $29,968,000 of net revenue for the nine months ended March 31, 2012 compared to $33,076,000 in the comparable period a year ago.

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