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SunLink Health Systems, Inc. Announces Fiscal 2013 Second Quarter And Six Months Results

Stocks in this article: SSY

Please replace the release dated February 14, 2013 with the following corrected version due to revisions to SunLink Health Systems, Inc.'s boilerplate.

The corrected release reads:

SUNLINK HEALTH SYSTEMS, INC. ANNOUNCES FISCAL 2013 SECOND QUARTER AND SIX MONTHS RESULTS

SunLink Health Systems, Inc. (NYSE MKT: SSY) today announced net earnings for its second fiscal quarter ended December 31, 2012 of $3,935,000, or $0.42 per fully diluted share, compared to a net loss of $935,000, or a loss of $0.10 per fully diluted share, for the quarter ended December 31, 2011. The results for the quarter ended December 31, 2012 include earnings from discontinued operations of $5,330,000 which resulted primarily from an after tax gain of approximately $5,200,000 on the December 31, 2012 sale of substantially all of the assets of its Dexter Hospital, LLC subsidiary. SunLink reported a loss from continuing operations for its second fiscal quarter ended December 31, 2012 of $1,395,000, or $0.15 per fully diluted share, compared to a loss from continuing operations of $1,397,000, or a loss of $0.15 per fully diluted share, for the quarter ended December 31, 2011.

Consolidated net revenues from continuing operations for the quarters ended December 31, 2012 and 2011 were $27,850,000 and $29,025,000, respectively, a decrease of 4.0% in the current year’s quarter. The Healthcare Facilities Segment net revenues in the current quarter of $18,610,000 increased $257,000, or 1.4%, compared to $18,353,000 from the prior year. The Specialty Pharmacy Segment revenues of $9,240,000 in the quarter ended December 31, 2012 decreased $1,432,000, or 13.4% from the prior year.

The company had an operating loss from continuing operations for the quarter ended December 31, 2012 of $974,000, compared to an operating loss from continuing operations for the quarter ended December 31, 2011 of $1,059,000. The operating margin increased in the current year’s quarter primarily due to the $1,024,000 of Medicaid electronic health records incentive payments compared to $613,000 of Medicaid electronic health records incentive payments in the quarter ended December 31, 2011. Adjusted EBITDA (a non-GAAP measure of the liquidity of the company) at SunLink’s Healthcare Facilities Segment in the second fiscal quarter of 2013 was $934,000, which included $1,024,000 of Medicaid electronic health records incentive payments, compared to $902,000 in the same quarter last year which included $613,000 of Medicaid electronic health records incentive payments. Adjusted EBITDA for SunLink’s Specialty Pharmacy Segment was $124,000 in the second fiscal quarter compared to Adjusted EBITDA of $285,000 in the comparable quarter a year ago.

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