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

Adjusted earnings before income taxes, interest, depreciation and amortization

Earnings before income taxes, interest, depreciation and amortization (“EBITDA”) represent the sum of income before income taxes, interest, depreciation and amortization. We understand that certain industry analysts and investors generally consider EBITDA to be one measure of the liquidity of the company, and it is presented to assist analysts and investors in analyzing the ability of the company to generate cash, service debt and meet capital requirements. We believe increased EBITDA is an indicator of improved ability to service existing debt and to satisfy capital requirements. EBITDA, however, is not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income as a measure of operating performance or to cash liquidity. Because EBITDA is not a measure determined in accordance with accounting principles generally accepted in the United States of America and is thus susceptible to varying calculations, EBITDA, as presented, may not be comparable to other similarly titled measures of other corporations. Net cash provided by (used in) operations for the three and six months ended December 31, 2012 and 2011, respectively, is shown below. Healthcare Facilities Adjusted EBITDA and Specialty Pharmacy Adjusted EBITDA is the EBITDA for those facilities without any allocation of corporate overhead, impairment charges and gains on sale of businesses.

    Three Months Ended     Six Months Ended
December 31, December 31,
2012   2011 2012   2011
 

Healthcare Facilities Adjusted EBITDA

$ 934,000 $ 902,000 $ 1,046,000 $ 1,637,000
Specialty Pharmacy Adjusted EBITDA 124,000 285,000 204,000 239,000
Corporate overhead costs (1,043,000 ) (1,126,000 ) (1,953,000 ) (2,225,000 )
Taxes and interest expense (3,648,000 ) (626,000 ) (4,150,000 ) (981,000 )
Other non-cash expenses and net change in
operating assets and liabilities   5,495,000     889,000     4,973,000     307,000  
Net cash provided by operations $ 1,862,000   $ 324,000   $ 120,000   $ (1,023,000 )
 
SUNLINK HEALTH SYSTEMS, INC. ANNOUNCES FISCAL
2013 SECOND QUARTER AND SIX MONTHS RESULTS
Amounts in 000's, except per share and volume amounts
                                 
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended December 31,     Six Months Ended December 31,
2012 2011 2012 2011
% of Net % of Net % of Net % of Net
Amount Revenues Amount Revenues Amount Revenues Amount Revenues
Operating revenues (net of contractual allowances) $ 30,385 109.1 % $ 31,401 108.2 % $ 59,557 111.2 % $ 60,957 110.4 %
Less provision for bad debts of Healthcare Facilities Segment   2,535     9.1 %   2,376   8.2 %   6,017   11.2 %   5,755   10.4 %
Net Revenues 27,850 100.0 % 29,025 100.0 % 53,540 192.2 % 55,202 190.2 %
Costs and Expenses:
Cost of goods sold 6,529 23.4 % 7,807 26.9 % 10,766 20.1 % 12,741 23.1 %
Salaries, wages and benefits 13,386 48.1 % 13,219 45.5 % 26,607 49.7 % 26,352 47.7 %
Provision for bad debts of Specialty Pharmacy Segment 177 0.6 % 39 0.1 % 257 0.5 % 309 0.6 %
Supplies 2,437 8.8 % 2,069 7.1 % 4,700 8.8 % 4,260 7.7 %
Purchased services 1,896 6.8 % 1,858 6.4 % 3,852 7.2 % 3,923 7.1 %
Other operating expenses 3,976 14.3 % 4,035 13.9 % 8,081 15.1 % 8,111 14.7 %
Rents and leases 458 1.6 % 550 1.9 % 1,004 1.9 % 1,127 2.0 %
Impairments of property, plant and equipment - 0.0 % - 0.0 % 789 1.5 % - 0.0 %
Depreciation and amortization 989 3.6 % 1,120 3.9 % 1,973 3.7 % 2,219 4.0 %
Electronic Health Records incentives   (1,024 )   -3.7 %   (613 ) -2.1 %   (1,024 ) -1.9 %   (1,272 ) -2.3 %
Operating Loss (974 ) -3.5 % (1,059 ) -3.6 % (3,465 ) -6.5 % (2,568 ) -4.7 %
 
Interest Expense (647 ) -2.3 % (1,031 ) -3.6 % (1,206 ) -2.3 % (2,334 ) -4.2 %
Interest Income   -     0.0 %   -   0.0 %   -   0.0 %   2   0.0 %
 
Loss from Continuing Operations before
Income Taxes (1,621 ) -5.8 % (2,090 ) -7.2 % (4,671 ) -8.7 % (4,900 ) -8.9 %
Income Tax Benefit   (226 )   -0.8 %   (693 ) -2.4 %   (1,654 ) -3.1 %   (1,760 ) -3.2 %
Loss from Continuing Operations (1,395 ) -5.0 % (1,397 ) -4.8 % (3,017 ) -10.8 % (3,140 ) -10.8 %
Earnings from Discontinued Operations,
net of income taxes   5,330     19.1 %   462   1.6 %   5,528   10.3 %   650   1.2 %
Net Earnings (Loss) $ 3,935     14.1 % $ (935 ) -3.2 % $ 2,511   9.0 % $ (2,490 ) -8.6 %
Loss Per Share from Continuing Operations:
Basic $ (0.15 ) $ (0.15 ) $ (0.32 ) $ (0.34 )
Diluted $ (0.15 ) $ (0.15 ) $ (0.32 ) $ (0.34 )
Earnings Per Share from Discontinued Operations:
Basic $ 0.56   $ 0.05   $ 0.59   $ 0.07  
Diluted $ 0.56   $ 0.05   $ 0.59   $ 0.07  
Net Earnings (Loss) Per Share:
Basic $ 0.42   $ (0.10 ) $ 0.27   $ (0.27 )
Diluted $ 0.42   $ (0.10 ) $ 0.27   $ (0.27 )
Weighted Average Common Shares Outstanding:
Basic   9,446     9,448     9,446     9,253  
Diluted   9,446     9,448     9,446     9,253  
 
HEALTHCARE FACILITIES VOLUME STATISTICS
 
Admissions 806 883 1,685 1,807
Equivalent Admissions 2,839 3,128 5,997 6,359
Surgeries 519 469 988 965
Net revenue per equivalent admission $ 6,554 $ 5,837 $ 6,255 $ 5,767
 
SUMMARY BALANCE SHEETS December 31, June 30,
2012 2012
ASSETS
Cash and Cash Equivalents $ 8,486 $ 2,057
Accounts Receivable - net 14,227 13,228
Other Current Assets 15,144 15,333
Property Plant and Equipment, net 30,387 30,082
Long-term Assets   9,460     18,472  
$ 77,704   $ 79,172  
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 33,372 $ 31,814
Long-term Debt and Other Noncurrent Liabilities 12,485 18,067
Shareholders' Equity   31,847     29,291  
$ 77,704   $ 79,172  




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