2014 Q2 Form 10-K Financial Statement

#000119312514354731 Filed on September 26, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 2013 Q2
Revenue $21.60M $116.5M $25.45M
YoY Change -15.11% -2.98% -4.46%
Cost Of Revenue $4.270M $3.288M $4.280M
YoY Change -0.23% -44.46% -12.83%
Gross Profit -$880.0K $113.2M $21.25M
YoY Change -104.14% -0.83% -2.16%
Gross Profit Margin -4.07% 97.18% 83.51%
Selling, General & Admin -$1.400M $41.43M $17.47M
YoY Change -108.01% -42.22% 1.45%
% of Gross Profit 36.59% 82.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.660M $3.662M $4.050M
YoY Change -9.63% -9.54% 297.06%
% of Gross Profit 3.23% 19.06%
Operating Expenses -$2.430M $50.62M $18.61M
YoY Change -113.06% -41.21% 16.68%
Operating Profit $1.550M $1.042M $2.640M
YoY Change -41.29% -156.14% -54.25%
Interest Expense -$230.0K $944.0K -$290.0K
YoY Change -20.69% -38.42% -70.41%
% of Operating Profit -14.84% 90.6% -10.98%
Other Income/Expense, Net -$1.040M $3.911M $90.00K
YoY Change -1255.56% -20.94%
Pretax Income $1.260M -$1.303M $2.350M
YoY Change -46.38% -54.93% -50.84%
Income Tax $740.0K $541.0K $720.0K
% Of Pretax Income 58.73% 30.64%
Net Earnings $1.350M -$545.0K $2.163M
YoY Change -37.59% -112.14% -57.7%
Net Earnings / Revenue 6.25% -0.47% 8.5%
Basic Earnings Per Share $0.14 -$0.06 $0.23
Diluted Earnings Per Share $0.14 -$0.06 $0.23
COMMON SHARES
Basic Shares Outstanding 9.443M shares 9.443M shares 9.443M shares
Diluted Shares Outstanding 9.476M shares 9.456M shares 9.443M shares

Balance Sheet

Concept 2014 Q2 2014 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.600M $3.587M $2.700M
YoY Change 33.33% 32.85% 28.57%
Cash & Equivalents $3.587M $3.587M $2.497M
Short-Term Investments
Other Short-Term Assets $8.500M $8.581M $7.500M
YoY Change 13.33% 14.41% -33.04%
Inventory $3.757M $3.757M $3.798M
Prepaid Expenses
Receivables $2.786M $9.850M $0.00
Other Receivables $0.00 $0.00 $1.700M
Total Short-Term Assets $25.78M $25.78M $28.09M
YoY Change -8.25% -8.27% -8.25%
LONG-TERM ASSETS
Property, Plant & Equipment $23.33M $23.08M $30.57M
YoY Change -23.71% -24.58% 1.64%
Goodwill $461.0K $461.0K
YoY Change 0.0% 0.0%
Intangibles $2.979M $3.175M
YoY Change -6.17% -4.37%
Long-Term Investments
YoY Change
Other Assets $1.025M $11.56M $1.587M
YoY Change -35.41% 102.72% 77.52%
Total Long-Term Assets $38.07M $38.07M $39.91M
YoY Change -4.61% -4.58% -17.8%
TOTAL ASSETS
Total Short-Term Assets $25.78M $25.78M $28.09M
Total Long-Term Assets $38.07M $38.07M $39.91M
Total Assets $63.85M $63.85M $68.00M
YoY Change -6.11% -6.11% -14.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.530M $4.530M $5.474M
YoY Change -17.25% -17.64% -21.06%
Accrued Expenses $6.500M $6.500M $5.500M
YoY Change 18.18% 18.18% -23.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $561.0K $561.0K $9.542M
YoY Change -94.12% -94.09% 2.05%
Total Short-Term Liabilities $16.51M $16.51M $22.25M
YoY Change -25.8% -25.65% -30.07%
LONG-TERM LIABILITIES
Long-Term Debt $11.95M $11.95M $8.728M
YoY Change 36.89% 37.33% -36.48%
Other Long-Term Liabilities $807.0K $2.075M $825.0K
YoY Change -2.18% -37.12% -9.04%
Total Long-Term Liabilities $14.02M $14.02M $12.01M
YoY Change 16.72% 16.86% -33.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.51M $16.51M $22.25M
Total Long-Term Liabilities $14.02M $14.02M $12.01M
Total Liabilities $30.53M $30.53M $34.26M
YoY Change -10.89% -10.99% -31.32%
SHAREHOLDERS EQUITY
Retained Earnings $15.49M $16.03M
YoY Change -3.4% 38.88%
Common Stock $18.17M $4.722M
YoY Change 284.71% -0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.30M $33.32M $33.74M
YoY Change
Total Liabilities & Shareholders Equity $63.85M $63.85M $68.00M
YoY Change -6.11% -6.11% -14.11%

Cashflow Statement

Concept 2014 Q2 2014 2013 Q2
OPERATING ACTIVITIES
Net Income $1.350M -$545.0K $2.163M
YoY Change -37.59% -112.14% -57.7%
Depreciation, Depletion And Amortization $3.660M $3.662M $4.050M
YoY Change -9.63% -9.54% 297.06%
Cash From Operating Activities $570.0K $3.892M $2.330M
YoY Change -75.54% -293.06% -37.7%
INVESTING ACTIVITIES
Capital Expenditures -$510.0K $1.483M -$2.820M
YoY Change -81.91% -69.05% 213.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$160.0K $800.0K
YoY Change -100.0% -100.87% -310.53%
Cash From Investing Activities -$510.0K -$1.883M -$2.020M
YoY Change -74.75% -114.03% 59.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $795.0K
YoY Change -95.43%
Cash From Financing Activities -300.0K -919.0K -370.0K
YoY Change -18.92% -91.62% -71.09%
NET CHANGE
Cash From Operating Activities 570.0K 3.892M 2.330M
Cash From Investing Activities -510.0K -1.883M -2.020M
Cash From Financing Activities -300.0K -919.0K -370.0K
Net Change In Cash -240.0K 1.090M -60.00K
YoY Change 300.0% 147.73% -105.04%
FREE CASH FLOW
Cash From Operating Activities $570.0K $3.892M $2.330M
Capital Expenditures -$510.0K $1.483M -$2.820M
Free Cash Flow $1.080M $2.409M $5.150M
YoY Change -79.03% -135.39% 10.99%

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<div> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>1.</b></font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>BUSINESS OPERATIONS</b></font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: -6px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2">SunLink Health Systems, Inc. through subsidiaries (&#x201C;SunLink&#x201D;, &#x201C;we&#x201D;, &#x201C;our&#x201D;, &#x201C;ours&#x201D;, &#x201C;us&#x201D; or the &#x201C;Company&#x201D;), owns businesses which are providers of healthcare services in certain markets in the United States. SunLink&#x2019;s business is composed of the ownership of two business segments:</font></p> <p style="MARGIN-BOTTOM: -6px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">The Healthcare Facilities Segments is composed of three operational areas:</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: -6px; 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WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#x2013;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Two nursing homes with a total of 166 licensed beds, each of which is located adjacent to, or in close proximity with a corresponding SunLink community hospital; and</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: -6px; 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WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">The Specialty Pharmacy Segment is composed of four operational areas:</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: -6px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; 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-webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#x2013;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Institutional pharmacy services;</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: -6px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#x2013;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Specialty pharmacy services; and</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: -6px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <table style="FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="3%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2">&#x2013;</font></td> <td valign="top" width="1%"><font size="1">&#xA0;</font></td> <td valign="top" align="left"> <p align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2">Durable medical equipment.</font></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font size="1">&#xA0;</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2">SunLink subsidiaries have conducted the healthcare facilities business since 2001 and the specialty pharmacy operations since April 2008. Our Specialty Pharmacy Segment currently is operated through Carmichael&#x2019;s Cashway Pharmacy, Inc. (&#x201C;Carmichael&#x201D;), a subsidiary of our SunLink ScriptsRx, LLC subsidiary, and is composed of a specialty pharmacy business acquired in April 2008 with four service lines.</font></p> </div>
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IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-13000

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ssy-20140630.xml Edgar Link completed
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