sunny.png
Friday February 21st, 2020 4:19PM

SunLink Health Systems, Inc. Announces Fiscal 2020 Second Quarter Results

By The Associated Press

ATLANTA--(BUSINESS WIRE)--Feb 13, 2020--

SunLink Health Systems, Inc. (NYSE American: SSY) today announced earnings from continuing operations of $203,000 ($0.03 per fully diluted share) for its second fiscal quarter ended December 31, 2019 compared to earnings of $258,000, ($0.04 per fully diluted share) for the quarter ended December 31, 2018. Net loss for the quarter ended December 31, 2019 was $42,000 (or a loss of $0.01 per fully diluted share) compared to net earnings of $305,000 ($0.04 per fully diluted share) for the quarter ended December 31, 2018.

During the quarters ended December 31, 2019 and 2018, the Company reported the following items:

Consolidated net revenues from continuing operations for the quarters ended December 31, 2019 and 2018 were $12,805,000 and $12,151,000, respectively, an increase of 5% in the current fiscal year’s second quarter compared to the comparable quarter of the prior fiscal year. Net revenues increased in the current fiscal quarter primarily due to increased nursing home net revenues and the prior year cost report settlements in the Healthcare Services segment, and increased Pharmacy segment revenues, including the amended sales tax accrual in the Pharmacy segment.

SunLink reported an operating profit for the quarter ended December 31, 2019 of $281,000, compared to an operating loss for the quarter ended December 31, 2018 of $134,000.

Loss from discontinued operations was $245,000 (or a loss of $0.04 per fully diluted share) for the quarter ended December 31, 2019 compared to earnings from discontinued operations of $47,000 ($0.01 per fully diluted share) for the quarter ended December 31, 2018. Results from discontinued operations in the current year include expenses incurred in connection with retained professional liability claims and workers compensation claims associated with sold businesses as well as settlement of a lawsuit relating to one such business.

SunLink had approximately 4% fewer fully diluted weighted average common shares outstanding for the three months ended December 31, 2019 compared to the comparable quarter last year due to share repurchases in December 2018.

For the six months ended December 31, 2019, SunLink reported earnings from continuing operations of $60,000 ($0.01 per fully diluted share) compared to a loss from continuing operations of $528,000 (or a loss of $0.07 per fully diluted share) for the six months ended December 31, 2018. For the six months ended December 31, 2019, SunLink reported a net loss of $303,000 (or a loss of $0.04 per fully diluted share) compared to a net loss of $575,000 (or a loss of $0.08 per fully diluted share) for the six months ended December 31, 2018. Loss from discontinued operations were $363,000 (or a loss of $0.05 per fully diluted share) for the six months ended December 31, 2019 compared to a loss from discontinued operations of $47,000 (or a loss of $0.01 per fully diluted share) for the six months ended December 31, 2018.

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, 2019 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: HEALTH OTHER CONSTRUCTION & PROPERTY HOSPITALS OTHER HEALTH CONSTRUCTION & PROPERTY GENERAL HEALTH

SOURCE: SunLink Health Systems, Inc.

Copyright Business Wire 2020.

PUB: 02/13/2020 04:24 PM/DISC: 02/13/2020 04:25 PM

http://www.businesswire.com/news/home/20200213005918/en

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Online - Georgia News, AP Business Wire - Georgia
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Ryan's Secret show brings awareness to male body positivity
The debate over unrealistic body ideals for women is a long-standing one, but the same discussion over expectations for men hasn't reached the same cultural pitch
4:30PM ( 19 minutes ago )
Ex-Waymo driver accused of deliberately causing crash
A man described by Waymo as a disgruntled former driver has been arrested on suspicion of deliberately crashing a passenger car into one of the company’s vans with self-driving capabilities
4:28PM ( 21 minutes ago )
Weinstein lawyer: Prosecutors have a 'tale,' not a case
Harvey Weinstein’s lawyer has told jurors that prosecutors in the rape case against him acted like moviemakers and conjured up a world where women aren't responsible for how they interact with men
4:23PM ( 27 minutes ago )
Associated Press (AP)
South Africa seeks more renewable energy amid power cuts
South Africa’s president says the coal-dependent country will turn to more renewable energy as one way to help ease power cuts that have “severely set back” efforts to rebuild the weak economy
3:41PM ( 1 hour ago )
US brings new charges against Chinese tech giant Huawei
The Justice Department has added new criminal charges against Chinese tech giant Huawei and two of its U.S. subsidiaries
3:40PM ( 1 hour ago )
US stocks edge mostly lower after China virus cases spike
Major U.S. stock indexes are edging mostly lower afternoon as investors turn cautious following news of a surge in cases of the new virus in China that threatens to crimp economic growth and hurt businesses worldwide
3:31PM ( 1 hour ago )
AP Business
Newspaper chain McClatchy files for bankruptcy protection
McClatchy, the publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers nationwide, is filing for bankruptcy protection
1:58PM ( 2 hours ago )
Outbreak and uncertainty; virus challenges global companies
The economic toll of China's viral outbreak continues to mount for corporations based in and outside of the country as factories are shuttered and the lives of their millions of Chinese customers are altered
1:57PM ( 2 hours ago )
Trump bringing back trusted aide Hope Hicks to White House
Hope Hicks, one of President Donald Trump's most trusted and longest-serving aides, is returning to the White House
1:39PM ( 3 hours ago )
AP Business - Corporate News
Braves pitcher Felix Hernandez says he's healthy, feels good
Felix Hernandez’s presence is one of the early sub plots for the Atlanta Braves
3:17PM ( 1 hour ago )
McClatchy files for bankruptcy protection
The publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers nationwide is filing for bankruptcy protection
9:58AM ( 6 hours ago )
Stunner in the ATL: Ga Tech upsets No. 5 Louisville 64-58
For the first time since early January, No. 5 Louisville has tasted defeat
12:16AM ( 16 hours ago )
AP Online - Georgia News
AP Business Wire - Georgia
Ryan's Secret show brings awareness to male body positivity
The debate over unrealistic body ideals for women is a long-standing one, but the same discussion over expectations for men hasn't reached the same cultural pitch
4:30PM ( 19 minutes ago )
Ex-Waymo driver accused of deliberately causing crash
A man described by Waymo as a disgruntled former driver has been arrested on suspicion of deliberately crashing a passenger car into one of the company’s vans with self-driving capabilities
4:28PM ( 21 minutes ago )
Weinstein lawyer: Prosecutors have a 'tale,' not a case
Harvey Weinstein’s lawyer has told jurors that prosecutors in the rape case against him acted like moviemakers and conjured up a world where women aren't responsible for how they interact with men
4:23PM ( 27 minutes ago )
2 Ohio State football players plead not guilty to rape
Two former Ohio State football players have pleaded not guilty to holding a woman against her will and raping her
4:15PM ( 34 minutes ago )
Senate moves to limit Trump on military force against Iran
The Senate has approved a bipartisan measure aimed at limiting President Donald Trump's authority to launch military operations against Iran
4:12PM ( 37 minutes ago )