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SunLink Health Systems, Inc. Announces Fiscal 2013 First Quarter Results

Stocks in this article: SSY

SunLink Health Systems, Inc. (NYSE MKT: SSY) today announced a loss from continuing operations for its first fiscal quarter ended September 30, 2012 of $1,622,000, or a loss of $0.17 per fully diluted share, compared to a loss from continuing operations of $1,743,000, or a loss of $0.20 per fully diluted share, for the quarter ended September 30, 2011. The results for the quarter ended September 30, 2012 included a pre-tax impairment charge of $789,000 resulting from a write-down of the value of a hospital facility which is leased to a third-party. The results for the quarter ended September 30, 2011 included $659,000 of pre-tax Medicaid electronic health records incentive payments. No electronic health records incentive payments were recorded for the quarter ended September 30, 2012.

SunLink reported a net loss of $1,424,000, or a loss of $0.15 per fully diluted share, for the quarter ended September 30, 2012 compared to a net loss of $1,555,000, or a loss of $0.18 per fully diluted share, for the quarter ended September 30, 2011.

A pre-tax gain of $1,191,000 on the July 2012 sale of Memorial Hospital of Adel is included in the results of discontinued operations for the quarter ended September 30, 2012. The pre-tax earnings for Dexter Hospital LLC are also included in results of discontinued operations. Discontinued operations tax expense was $1,370,000 for the quarter ended September 30, 2012 due to intangible assets sold in the Memorial Hospital of Adel transaction that are not deductible for income tax purposes. Earnings from discontinued operations after tax were $198,000 for the quarter ended September 30, 2012.

The results for SunLinkā€™s Dexter Hospital LLC subsidiary, which operates Missouri Southern Healthcare, are included in discontinued operations for all periods shown. SunLink earlier announced it has signed an agreement for the sale of substantially all the assets and the leasehold interest of Dexter Hospital, LLC, to Southeast Missouri Hospital Association, D/B/A SoutheastHEALTH. The assets of Missouri Southern Healthcare consist of a leased 50-bed acute care hospital and related clinics, equipment, and home health services in Dexter, MO. The sale agreement is expected to close by December 31, 2012.

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