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SunLink Health Systems, Inc. Announces Fiscal 2012 Fourth Quarter And Full-Year Results

Stocks in this article: SSY

SunLink Health Systems, Inc. (NYSE MKT: SSY) today announced earnings from continuing operations for its fourth fiscal quarter ended June 30, 2012 of $4,213,000, or $0.45 per fully diluted share, compared to a loss from continuing operations of $10,708,000, or a loss of $1.32 per fully diluted share, for the quarter ended June 30, 2011. The results for the quarter ended June 30, 2012 include $7,508,000 of pre-tax Medicare electronic health records incentive payments. The results for the quarter ended June 30, 2011 included a pre-tax impairment charge of $13,347,000 relating to the April 2008 acquisition of the company’s Specialty Pharmacy Segment. Net earnings for the quarter ended June 30, 2012 were $5,114,000, or $0.54 per fully diluted share, compared to a net loss of $11,255,000, or $1.39 per fully diluted share, for the quarter ended June 30, 2011. The results for Memorial Hospital of Adel, which was sold on July 1, 2012, are included in discontinued operations for all periods shown.

Consolidated net revenues from continuing operations for the quarters ended June 30, 2012 and 2011 were $34,635,000 and $34,667,000, respectively, a decrease of 0.1% in the current year’s quarter. The Healthcare Facilities Segment net revenues in the current quarter of $26,504,000 decreased $1,319,000, or 4.7%, compared to $27,821,000 from the prior year. The Specialty Pharmacy Segment revenues of $8,131,000 in the quarter ended June 30, 2012 increased $1,287,000, or 18.8% from the prior year.

The company had an operating profit from continuing operations for the quarter ended June 30, 2012 of $7,515,000, compared to an operating loss from continuing operations for the quarter ended June 30, 2011 of $15,754,000, which included the $13,347,000 impairment relating to the Specialty Pharmacy Segment. Excluding the impairment charges, the operating margin increased in the current year’s quarter primarily due to the $7,508,000 of electronic health records incentive payments compared to $277,000 of electronic health records incentive payments in the quarter ended June 30, 2011. 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 $9,105,000, which included $7,508,000 of electronic health records incentive payments, from $612,000 which included $277,000 of electronic health records incentive payments, in the comparable quarter a year ago. Adjusted EBITDA for SunLink’s Specialty Pharmacy Segment was $730,000 in the fourth fiscal quarter compared to Adjusted EBITDA loss of $377,000 in the comparable quarter a year ago.

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