2015 Q3 Form 10-Q Financial Statement

#000119312515377127 Filed on November 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $16.58M $29.02M
YoY Change -42.85% 2.56%
Cost Of Revenue $869.0K $1.336M
YoY Change -34.96% -27.82%
Gross Profit $15.71M $27.68M
YoY Change -43.24% 4.68%
Gross Profit Margin 94.76% 95.4%
Selling, General & Admin $10.53M $14.45M
YoY Change -27.13% 0.56%
% of Gross Profit 67.01% 52.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $430.0K $735.0K
YoY Change -41.5% -18.96%
% of Gross Profit 2.74% 2.66%
Operating Expenses $13.15M $17.45M
YoY Change -24.64% -3.54%
Operating Profit -$1.166M $305.0K
YoY Change -482.3% -135.3%
Interest Expense $217.0K $230.0K
YoY Change -5.65% -26.28%
% of Operating Profit 75.41%
Other Income/Expense, Net $10.00K $0.00
YoY Change -100.0%
Pretax Income -$1.382M -$373.0K
YoY Change 270.51% -68.28%
Income Tax -$249.0K $186.0K
% Of Pretax Income
Net Earnings -$1.668M -$413.0K
YoY Change 303.87% -64.34%
Net Earnings / Revenue -10.06% -1.42%
Basic Earnings Per Share -$0.18 -$0.04
Diluted Earnings Per Share -$0.18 -$0.04
COMMON SHARES
Basic Shares Outstanding 9.443M shares 9.443M shares
Diluted Shares Outstanding 9.443M shares 9.443M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.500M $2.100M
YoY Change 114.29% -50.0%
Cash & Equivalents $4.506M $2.076M
Short-Term Investments
Other Short-Term Assets $5.000M $8.700M
YoY Change -42.53% 12.99%
Inventory $3.805M $4.174M
Prepaid Expenses
Receivables $9.500M $3.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.82M $25.91M
YoY Change -11.92% -2.97%
LONG-TERM ASSETS
Property, Plant & Equipment $22.28M $28.36M
YoY Change -21.43% -5.87%
Goodwill $461.0K $461.0K
YoY Change 0.0% 0.0%
Intangibles $2.801M $2.995M
YoY Change -6.48% -4.59%
Long-Term Investments
YoY Change
Other Assets $1.504M $1.405M
YoY Change 7.05% -8.11%
Total Long-Term Assets $32.47M $37.71M
YoY Change -13.89% -4.17%
TOTAL ASSETS
Total Short-Term Assets $22.82M $25.91M
Total Long-Term Assets $32.47M $37.71M
Total Assets $55.30M $63.62M
YoY Change -13.09% -3.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.473M $4.794M
YoY Change -6.7% -10.94%
Accrued Expenses $5.400M $6.700M
YoY Change -19.4% 13.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.397M $5.367M
YoY Change 56.46% -43.06%
Total Short-Term Liabilities $18.26M $16.97M
YoY Change 7.6% -22.9%
LONG-TERM LIABILITIES
Long-Term Debt $3.473M $11.84M
YoY Change -70.67% 36.33%
Other Long-Term Liabilities $695.0K $804.0K
YoY Change -13.56% -1.59%
Total Long-Term Liabilities $5.112M $13.74M
YoY Change -62.79% 20.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.26M $16.97M
Total Long-Term Liabilities $5.112M $13.74M
Total Liabilities $23.37M $30.71M
YoY Change -23.89% -8.21%
SHAREHOLDERS EQUITY
Retained Earnings $14.06M $15.07M
YoY Change -6.7% 1.34%
Common Stock $18.23M $4.722M
YoY Change 286.13% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.90M $32.90M
YoY Change
Total Liabilities & Shareholders Equity $55.29M $63.62M
YoY Change -13.09% -3.69%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$1.668M -$413.0K
YoY Change 303.87% -64.34%
Depreciation, Depletion And Amortization $430.0K $735.0K
YoY Change -41.5% -18.96%
Cash From Operating Activities -$815.0K -$941.0K
YoY Change -13.39% -139.44%
INVESTING ACTIVITIES
Capital Expenditures $463.0K $418.0K
YoY Change 10.77% 12.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$478.0K -$429.0K
YoY Change 11.42% -19.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $175.0K $119.0K
YoY Change 47.06% -25.63%
Cash From Financing Activities -175.0K -141.0K
YoY Change 24.11% -11.88%
NET CHANGE
Cash From Operating Activities -815.0K -941.0K
Cash From Investing Activities -478.0K -429.0K
Cash From Financing Activities -175.0K -141.0K
Net Change In Cash -1.468M -1.511M
YoY Change -2.85% -189.25%
FREE CASH FLOW
Cash From Operating Activities -$815.0K -$941.0K
Capital Expenditures $463.0K $418.0K
Free Cash Flow -$1.278M -$1.359M
YoY Change -5.96% -167.51%

Facts In Submission

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CY2015Q3 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Note 2. &#x2013; Business Operations</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <u>Business Operations</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> SunLink Health Systems, Inc., through subsidiaries, 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:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The Healthcare Facilities Segment which is composed of two operational areas:</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="13%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Three community hospital subsidiaries in two states with a total of 183 licensed beds;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="13%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Two nursing homes with a total of 166 licensed beds, each of which is located adjacent to a corresponding SunLink community hospital; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="8%">&#xA0;</td> <td valign="top" width="4%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The Specialty Pharmacy Segment which is composed of four material service lines:</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="13%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Retail pharmacy products and services, all of which are conducted in rural markets;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="13%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Institutional pharmacy services;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="13%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Specialty pharmacy services; and</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="13%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Durable medical equipment.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> SunLink subsidiaries have conducted the healthcare facilities business since 2001 and the specialty pharmacy business since 2008. The Specialty Pharmacy Segment currently is operated through Carmichael&#x2019;s Cashway Pharmacy, Inc. (&#x201C;Carmichael&#x201D;), a subsidiary of SunLink ScriptsRx, LLC.</p> </div>
CY2015Q3 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2015Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.02
CY2015Q3 dei Amendment Flag
AmendmentFlag
false
CY2015Q3 dei Document Type
DocumentType
10-Q
CY2015Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000096793
CY2015Q3 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.16
CY2015Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.02
CY2015Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2015Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-815000
CY2015Q3 dei Entity Registrant Name
EntityRegistrantName
SUNLINK HEALTH SYSTEMS INC
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9443000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9443000 shares
CY2015Q3 dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
CY2015Q3 dei Trading Symbol
TradingSymbol
SSY
CY2015Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.16
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2015Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
478000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-1668000
CY2015Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-1521000
CY2015Q3 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
1000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
20472000
CY2015Q3 us-gaap Interest Paid
InterestPaid
200000
CY2015Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-147000
CY2015Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
-224000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1759000
CY2015Q3 us-gaap Health Care Organization Significant Changes In Estimates
HealthCareOrganizationSignificantChangesInEstimates
0
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2015Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
175000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1668000
CY2015Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
76000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1975000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-454000
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
333000
CY2015Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1468000
CY2015Q3 us-gaap Interest Expense
InterestExpense
217000
CY2015Q3 us-gaap Cost Of Services
CostOfServices
1293000
CY2015Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-175000
CY2015Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2076000
CY2015Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-24000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30000
CY2015Q3 us-gaap Supplies Expense
SuppliesExpense
1658000
CY2015Q3 us-gaap Health Care Organization Patient Service Revenue Provisionfor Bad Debts
HealthCareOrganizationPatientServiceRevenueProvisionforBadDebts
1798000
CY2015Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-430000
CY2015Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
10644000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
36000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
4597000
CY2015Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
567000
CY2015Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-478000
CY2015Q3 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
-77000
CY2015Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
2824000
CY2015Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
222000
CY2015Q3 ssy Payments To Acquire Property Plant And Equipment Continuing Operations
PaymentsToAcquirePropertyPlantAndEquipmentContinuingOperations
478000
CY2015Q3 ssy Health Care Organization Medicare And Medicaid Electronic Health Records Incentives Gain Loss
HealthCareOrganizationMedicareAndMedicaidElectronicHealthRecordsIncentivesGainLoss
-93000
CY2015Q3 ssy Number Of Hospital Facilities
NumberOfHospitalFacilities
3 Hospital
CY2015Q3 ssy Financial And Healthcare Services Revenue
FinancialAndHealthcareServicesRevenue
22270000

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