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

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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