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Sunday September 15th, 2019 6:01AM

SunLink Health Systems, Inc. Announces Fiscal 2019 Third Quarter Results

By The Associated Press

ATLANTA--(BUSINESS WIRE)--May 14, 2019--

SunLink Health Systems, Inc. (NYSE American: SSY) today announced net earnings of $1,042,000 ($0.15 per fully diluted share) for its third fiscal quarter ended March 31, 2019 compared to a net loss of $588,000 (a loss of $0.08 per fully diluted share) for the quarter ended March 31, 2018. The net earnings in the current year’s quarter are due to the $2,136,000 pre-tax gain on the previously announced sale of a subsidiary’s nursing home and related property. The Company had a loss from continuing operations for its fiscal quarter ended March 31, 2019 of $325,000 (a loss of $0.05 per fully diluted share) compared to a loss from continuing operations of $593,000 (a loss of $0.08 per fully diluted share) for the quarter ended March 31, 2018.

Consolidated net revenues from continuing operations for the quarters ended March 31, 2019 and 2018 were $12,361,000 and $11,333,000, respectively, an increase of 9% in the current fiscal year’s third quarter compared to the comparable quarter of the prior fiscal year. Net revenues increased in the current fiscal year primarily due to increased hospital and nursing home net revenues and increased retail and institutional pharmacy revenues.

SunLink incurred an operating loss for the quarter ended March 31, 2019 of $488,000, compared to an operating loss for the quarter ended March 31, 2018 of $720,000.

Earnings from discontinued operations was $1,367,000 ($0.20 per fully diluted share) for the quarter ended March 31, 2019 compared to earnings from discontinued operations of $5,000 ($0.00 per fully diluted share) for the quarter ended March 31, 2018. The current year results include the $2,136,000 pre-tax gain on the sale of the Parkside Ellijay Nursing Home, a $336,000 loss from operations of the discontinued businesses, and $433,000 income tax expense.

For the nine months ended March 31, 2019, SunLink reported a loss from continuing operations of $853,000 (a loss of $0.12 per fully diluted share) compared to earnings of $383,000 ($0.04 per fully diluted share) for the comparable nine month period of the prior year. For the nine months ended March 31, 2019, SunLink reported net earnings of $467,000 ($0.06 per fully diluted share) compared to a net loss of $139,000 (or a loss of $0.02 per fully diluted share) for the nine months ended March 31, 2018. Earnings from discontinued operations were $1,320,000 ($0.18 per fully diluted share) for the nine months ended March 31, 2019 compared to a loss from discontinued operations of $522,000 (or a loss of $0.06 per fully diluted share) for the nine months ended March 31, 2018.

SunLink had approximately 6% and 16% fewer fully diluted weighted average common shares outstanding for the three and nine months ended March 31, 2019 due to share repurchases in December 2017 and December 2018.

Consolidated net revenues from continuing operations for the nine months ended March 31, 2019 and 2018 were $34,719,000 and $34,990,000, respectively, a decrease of 1% in the current nine months. Net revenues in the nine months ended March 31, 2019 declined compared to the prior year primarily due to the sale of a retail pharmacy operation in January 2018.

SunLink had an operating loss for the nine months ended March 31, 2019 of $1,348,000, compared to an operating loss for the nine months ended March 31, 2018 of $498,000.

SunLink Health Systems, Inc. is the parent company of subsidiaries that own and operate healthcare properties and businesses in the Southeast. Each of the Company’s businesses is operated locally with a strategy of linking patients’ needs with healthcare professionals. For additional information on SunLink Health Systems, Inc., please visit the Company’s website.

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 June 30, 2018 and other filings with the Securities and Exchange Commission which can be located at .

View source version on businesswire.com:

CONTACT: Robert M. Thornton, Jr.

Chief Executive Officer

(770) 933-7004

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

INDUSTRY KEYWORD: PRACTICE MANAGEMENT HEALTH GENERAL HEALTH

SOURCE: SunLink Health Systems, Inc.

Copyright Business Wire 2019.

PUB: 05/14/2019 04:35 PM/DISC: 05/14/2019 04:35 PM

http://www.businesswire.com/news/home/20190514006062/en

  • Associated Categories: Associated Press (AP), AP Health, AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia, AP Health - Senior Health
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