SunLink Health Systems, Inc. Announces Fiscal 2024 Third Quarter Results
Net loss for the quarter ended
On
Consolidated net revenues for each of the fiscal quarters ended
SunLink reported an operating loss for the quarter ended
SunLink reported a loss from continuing operations of
Consolidated net revenues for each of the nine months ended
SunLink reported an operating loss for the nine months ended
COVID-19 Pandemic
The Company continued to experience adverse after-effects of the COVID-19 pandemic in the quarter ended
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 2024 THIRD QUARTER RESULTS | |||||||||||||||||||||||||||||
Amounts in 000's, except per share | |||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) | |||||||||||||||||||||||||||||
Three Months Ended |
|
Nine Months Ended March 31,, |
|||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||||||||
% of Net | % of Net | % of Net | % of Net | ||||||||||||||||||||||||||
Amount | Revenues | Amount | Revenues | Amount | Revenues | Amount | Revenues | ||||||||||||||||||||||
Net revenues |
$ |
7,462 |
|
|
100.0 |
% |
$ |
8,181 |
|
100.0 |
% |
$ |
24,527 |
|
100.0 |
% |
$ |
26,270 |
|
100.0 |
% |
||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||
Cost of goods sold |
|
4,339 |
|
|
58.1 |
% |
|
4,755 |
|
58.1 |
% |
|
13,871 |
|
56.6 |
% |
|
13,642 |
|
51.9 |
% |
||||||||
Salaries, wages and benefits |
|
2,652 |
|
|
35.5 |
% |
|
2,543 |
|
31.1 |
% |
|
7,937 |
|
32.4 |
% |
|
7,547 |
|
28.7 |
% |
||||||||
Supplies |
|
36 |
|
|
0.5 |
% |
|
39 |
|
0.5 |
% |
|
109 |
|
0.4 |
% |
|
104 |
|
0.4 |
% |
||||||||
Purchased services |
|
265 |
|
|
3.6 |
% |
|
302 |
|
3.7 |
% |
|
832 |
|
3.4 |
% |
|
788 |
|
3.0 |
% |
||||||||
Other operating expenses |
|
589 |
|
|
7.9 |
% |
|
601 |
|
7.3 |
% |
|
2,279 |
|
9.3 |
% |
|
1,854 |
|
7.1 |
% |
||||||||
Rent and leases |
|
92 |
|
|
1.2 |
% |
|
92 |
|
1.1 |
% |
|
275 |
|
1.1 |
% |
|
276 |
|
1.1 |
% |
||||||||
Depreciation and amortization |
|
342 |
|
|
4.6 |
% |
|
316 |
|
3.9 |
% |
|
960 |
|
3.9 |
% |
|
873 |
|
3.3 |
% |
||||||||
Operating profit (loss) |
|
(853 |
) |
|
-11.4 |
% |
|
(467 |
) |
-5.7 |
% |
|
(1,736 |
) |
-7.1 |
% |
|
1,186 |
|
4.5 |
% |
||||||||
Interest Income - net |
|
19 |
|
|
0.3 |
% |
|
8 |
|
0.1 |
% |
|
70 |
|
0.3 |
% |
|
13 |
|
0.0 |
% |
||||||||
Gain on sale of assets |
|
0 |
|
|
0.0 |
% |
|
0 |
|
0.0 |
% |
|
2 |
|
0.0 |
% |
|
13 |
|
0.0 |
% |
||||||||
Earnings (Loss) from Continuing Operations before | |||||||||||||||||||||||||||||
Income Taxes |
|
(834 |
) |
|
-11.2 |
% |
|
(459 |
) |
-5.6 |
% |
|
(1,664 |
) |
-6.8 |
% |
|
1,212 |
|
4.6 |
% |
||||||||
Income Tax benefit |
|
(10 |
) |
|
-0.1 |
% |
|
(6 |
) |
-0.1 |
% |
|
(5 |
) |
0.0 |
% |
|
(7 |
) |
0.0 |
% |
||||||||
Earnings (Loss) from Continuing Operations |
|
(824 |
) |
|
-11.0 |
% |
|
(453 |
) |
-5.5 |
% |
|
(1,659 |
) |
-6.8 |
% |
|
1,219 |
|
4.6 |
% |
||||||||
Loss from Discontinued Operations, net of tax |
|
(572 |
) |
|
-7.7 |
% |
|
(309 |
) |
-3.8 |
% |
|
(4,156 |
) |
-16.9 |
% |
|
(1,588 |
) |
-6.0 |
% |
||||||||
Net Loss |
$ |
(1,396 |
) |
|
-18.7 |
% |
$ |
(762 |
) |
-9.3 |
% |
$ |
(5,815 |
) |
-23.7 |
% |
$ |
(369 |
) |
-1.4 |
% |
||||||||
Earnings (Loss) Per Share from Continuing Operations: | |||||||||||||||||||||||||||||
Basic |
$ |
(0.12 |
) |
$ |
(0.06 |
) |
$ |
(0.24 |
) |
$ |
0.17 |
|
|||||||||||||||||
Diluted |
$ |
(0.12 |
) |
$ |
(0.06 |
) |
$ |
(0.24 |
) |
$ |
0.17 |
|
|||||||||||||||||
Loss Per Share from Discontinued Operations: | |||||||||||||||||||||||||||||
Basic |
$ |
(0.08 |
) |
$ |
(0.04 |
) |
$ |
(0.59 |
) |
$ |
(0.23 |
) |
|||||||||||||||||
Diluted |
$ |
(0.08 |
) |
$ |
(0.04 |
) |
$ |
(0.59 |
) |
$ |
(0.23 |
) |
|||||||||||||||||
Net Loss Per Share: | |||||||||||||||||||||||||||||
Basic |
$ |
(0.20 |
) |
$ |
(0.11 |
) |
$ |
(0.83 |
) |
$ |
(0.05 |
) |
|||||||||||||||||
Diluted |
$ |
(0.20 |
) |
$ |
(0.11 |
) |
$ |
(0.83 |
) |
$ |
(0.05 |
) |
|||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||||||||
Basic |
|
7,041 |
|
|
7,032 |
|
|
7,038 |
|
|
7,015 |
|
|||||||||||||||||
Diluted |
|
7,041 |
|
|
7,032 |
|
|
7,038 |
|
|
7,018 |
|
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SUMMARY BALANCE SHEETS |
|
|
|
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2024 |
|
2023 |
|||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and Cash Equivalents |
$ |
1,211 |
|
$ |
4,486 |
|
|||||||||||||||||||||||
Receivable - net |
|
3,078 |
|
|
2,592 |
|
|||||||||||||||||||||||
Current Assets Held for Sale |
|
3,512 |
|
|
1,920 |
|
|||||||||||||||||||||||
Other Current Assets |
|
3,165 |
|
|
3,276 |
|
|||||||||||||||||||||||
Property Plant and Equipment, net |
|
2,903 |
|
|
2,717 |
|
|||||||||||||||||||||||
Long-term Assets |
|
2,275 |
|
|
8,277 |
|
|||||||||||||||||||||||
$ |
16,144 |
|
$ |
23,268 |
|
||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||
Current Liabilities |
$ |
3,959 |
|
$ |
4,869 |
|
|||||||||||||||||||||||
Noncurrent Liabilities |
|
577 |
|
|
982 |
|
|||||||||||||||||||||||
Shareholders' Equity |
|
11,608 |
|
|
17,417 |
|
|||||||||||||||||||||||
$ |
16,144 |
|
$ |
23,268 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515541346/en/
Chief Executive Officer
(770) 933-7004
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