SunLink Health Systems, Inc. Announces Fiscal 2023 Second Quarter Results
The fiscal quarter ended
The fiscal quarter ended
Consolidated net revenues for the quarters ended
SunLink reported operating profit for the quarter ended
Loss from discontinued operations was
Earnings from continuing operations for the six months ended
The six months ended
Consolidated net revenues for the six months ended
SunLink reported operating profit for the six months ended
Loss from discontinued operations was
The company’s cash and cash equivalents on
COVID-19 Pandemic
The Company continued to experience adverse effects of the COVID-19 pandemic and its aftermath of the COVID-19 pandemic for the last quarter and believes it will continue to affect its assets and operations in the foreseeable future. Our ability to make estimates of any continuing effect of the COVID-19 pandemic and its aftermath on revenues, expenses or changes in accounting judgments that have had or are reasonably likely to have a material effect on our financial statements is currently limited. The nature and extent of the continuing effect of the COVID-19 pandemic and its aftermath on our balance sheet and results of operations will depend on the severity and length of the evolving strains of COVID-19; any further government actions and/or regulatory changes to address the continuing effect of the pandemic; especially those that affect our hospital, extended care, rehabilitation center, nursing home, clinics, and our pharmacy operations; existing and potential government assistance that may be provided; and the requirements of PRF, including our ability to retain such PRF received.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the company’s business strategy. These forward-looking statements are subject to certain risks, uncertainties, and other factors, which could cause actual results, performance, and achievements to differ materially from those anticipated. Certain of those risks, uncertainties and other factors are disclosed in more detail in the company’s Annual Report on Form 10-K for the year ended
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FISCAL 2023 SECOND QUARTER RESULTS | |||||||||||||||||||||||||||||
Amounts in 000's, except per share | |||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) | |||||||||||||||||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||||||||||||||
|
|
|
% of Net |
|
|
|
% of Net |
|
|
|
% of Net |
|
|
|
% of Net |
||||||||||||||
|
Amount |
|
Revenues |
|
Amount |
|
Revenues |
|
Amount |
|
Revenues |
|
Amount |
|
Revenues |
||||||||||||||
Net Revenues | $ |
14,392 |
|
|
100.0 |
% |
$ |
10,411 |
|
100.0 |
% |
$ |
25,429 |
|
100.0 |
% |
$ |
20,936 |
|
100.0 |
% |
||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||
Cost of goods sold |
|
4,518 |
|
|
31.4 |
% |
|
4,016 |
|
38.6 |
% |
|
8,887 |
|
34.9 |
% |
|
8,089 |
|
38.6 |
% |
||||||||
Salaries, wages and benefits |
|
4,667 |
|
|
32.4 |
% |
|
4,789 |
|
46.0 |
% |
|
9,997 |
|
39.3 |
% |
|
9,487 |
|
45.3 |
% |
||||||||
Supplies |
|
401 |
|
|
2.8 |
% |
|
308 |
|
3.0 |
% |
|
738 |
|
2.9 |
% |
|
608 |
|
2.9 |
% |
||||||||
Purchased services |
|
999 |
|
|
6.9 |
% |
|
783 |
|
7.5 |
% |
|
2,034 |
|
8.0 |
% |
|
1,645 |
|
7.9 |
% |
||||||||
Other operating expenses |
|
1,254 |
|
|
8.7 |
% |
|
1,101 |
|
10.6 |
% |
|
2,347 |
|
9.2 |
% |
|
2,183 |
|
10.4 |
% |
||||||||
Rents and leases |
|
126 |
|
|
0.9 |
% |
|
120 |
|
1.2 |
% |
|
244 |
|
1.0 |
% |
|
290 |
|
1.4 |
% |
||||||||
Depreciation and amortization |
|
387 |
|
|
2.7 |
% |
|
366 |
|
3.5 |
% |
|
755 |
|
3.0 |
% |
|
699 |
|
3.3 |
% |
||||||||
Operating profit (loss) |
|
2,040 |
|
|
14.2 |
% |
|
(1,072 |
) |
-10.3 |
% |
|
427 |
|
1.7 |
% |
|
(2,065 |
) |
-9.9 |
% |
||||||||
Interest Income (expense) - net |
|
9 |
|
|
0.1 |
% |
|
(3 |
) |
0.0 |
% |
|
5 |
|
0.0 |
% |
|
(17 |
) |
-0.1 |
% |
||||||||
Forgiveness of PPP loans and accrued interest |
|
0 |
|
|
0.0 |
% |
|
0 |
|
0.0 |
% |
|
0 |
|
0.0 |
% |
|
3,010 |
|
14.4 |
% |
||||||||
Federal pandemic stimulus- provider relief funds |
|
0 |
|
|
0.0 |
% |
|
614 |
|
5.9 |
% |
|
61 |
|
0.2 |
% |
|
614 |
|
2.9 |
% |
||||||||
Gain on sale of assets |
|
2 |
|
|
0.0 |
% |
|
7 |
|
0.1 |
% |
|
14 |
|
0.1 |
% |
|
12 |
|
0.1 |
% |
||||||||
Earnings (Loss) from Continuing Operations before | |||||||||||||||||||||||||||||
Income Taxes |
|
2,051 |
|
|
14.3 |
% |
|
(454 |
) |
-4.4 |
% |
|
507 |
|
2.0 |
% |
|
1,554 |
|
7.4 |
% |
||||||||
Income Tax (benefit) expense |
|
(1 |
) |
|
0.0 |
% |
|
23 |
|
0.2 |
% |
|
(1 |
) |
0.0 |
% |
|
25 |
|
0.1 |
% |
||||||||
Earnings (Loss) from Continuing Operations |
|
2,052 |
|
|
14.3 |
% |
|
(477 |
) |
-4.6 |
% |
|
508 |
|
2.0 |
% |
|
1,529 |
|
7.3 |
% |
||||||||
Loss from Discontinued Operations, net of tax |
|
(101 |
) |
|
-0.7 |
% |
|
(116 |
) |
-1.1 |
% |
|
(115 |
) |
-0.5 |
% |
|
(183 |
) |
-0.9 |
% |
||||||||
Net Earnings (Loss) | $ |
1,951 |
|
|
13.6 |
% |
$ |
(593 |
) |
-5.7 |
% |
$ |
393 |
|
1.5 |
% |
$ |
1,346 |
|
6.4 |
% |
||||||||
Earnings (Loss) Per Share from Continuing Operations: | |||||||||||||||||||||||||||||
Basic | $ |
0.29 |
|
$ |
(0.07 |
) |
$ |
0.07 |
|
$ |
0.22 |
|
|||||||||||||||||
Diluted | $ |
0.29 |
|
$ |
(0.07 |
) |
$ |
0.07 |
|
$ |
0.22 |
|
|||||||||||||||||
Earnings (Loss) Per Share from Discontinued Operations: | |||||||||||||||||||||||||||||
Basic | $ |
(0.01 |
) |
$ |
(0.02 |
) |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
|||||||||||||||||
Diluted | $ |
(0.01 |
) |
$ |
(0.02 |
) |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
|||||||||||||||||
Net Earnings (Loss) Per Share: | |||||||||||||||||||||||||||||
Basic | $ |
0.28 |
|
$ |
(0.09 |
) |
$ |
0.06 |
|
$ |
0.19 |
|
|||||||||||||||||
Diluted | $ |
0.28 |
|
$ |
(0.09 |
) |
$ |
0.06 |
|
$ |
0.19 |
|
|||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||
Basic |
|
7,031 |
|
|
6,947 |
|
|
7,007 |
|
|
6,935 |
|
|||||||||||||||||
Diluted |
|
7,033 |
|
|
6,947 |
|
|
7,010 |
|
|
7,099 |
|
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SUMMARY BALANCE SHEETS |
|
|
|
||||||||||||||||||||||||||
|
2022 |
|
|
|
2022 |
|
|||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ |
5,156 |
|
$ |
6,794 |
|
|||||||||||||||||||||||
Receivable - net |
|
4,475 |
|
|
4,624 |
|
|||||||||||||||||||||||
Other Current Assets |
|
5,393 |
|
|
5,397 |
|
|||||||||||||||||||||||
Property Plant and Equipment, net |
|
8,427 |
|
|
8,217 |
|
|||||||||||||||||||||||
Long-term Assets |
|
2,718 |
|
|
2,911 |
|
|||||||||||||||||||||||
$ |
26,169 |
|
$ |
27,943 |
|
||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Current Liabilities | $ |
5,633 |
|
$ |
7,691 |
|
|||||||||||||||||||||||
Long-term Debt and Other Noncurrent Liabilities |
|
975 |
|
|
1,132 |
|
|||||||||||||||||||||||
Shareholders' Equity |
|
19,561 |
|
|
19,120 |
|
|||||||||||||||||||||||
$ |
26,169 |
|
$ |
27,943 |
|
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Chief Executive Officer
(770) 933-7004
Source: