$SSY
SUNLINK HEALTH SYSTEMS INC

2016 Q3 Form 10-Q Financial Statement

#000119312516765892 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $13.05M $16.58M
YoY Change -21.33% -42.85%
Cost Of Revenue $708.0K $869.0K
YoY Change -18.53% -34.96%
Gross Profit $12.34M $15.71M
YoY Change -21.48% -43.24%
Gross Profit Margin 94.57% 94.76%
Selling, General & Admin $7.210M $10.53M
YoY Change -31.53% -27.13%
% of Gross Profit 58.44% 67.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $440.0K $430.0K
YoY Change 2.33% -41.5%
% of Gross Profit 3.57% 2.74%
Operating Expenses $9.360M $13.15M
YoY Change -28.82% -24.64%
Operating Profit -$953.0K -$1.166M
YoY Change -18.27% -482.3%
Interest Expense $221.0K $217.0K
YoY Change 1.84% -5.65%
% of Operating Profit
Other Income/Expense, Net $1.710M $10.00K
YoY Change 17000.0%
Pretax Income -$1.106M -$1.382M
YoY Change -19.97% 270.51%
Income Tax $144.0K -$249.0K
% Of Pretax Income
Net Earnings $3.023M -$1.668M
YoY Change -281.24% 303.87%
Net Earnings / Revenue 23.17% -10.06%
Basic Earnings Per Share $0.32 -$0.18
Diluted Earnings Per Share $0.32 -$0.18
COMMON SHARES
Basic Shares Outstanding 9.443M shares 9.443M shares
Diluted Shares Outstanding 9.443M shares 9.443M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.80M $4.500M
YoY Change 184.44% 114.29%
Cash & Equivalents $12.80M $4.506M
Short-Term Investments
Other Short-Term Assets $3.000M $5.000M
YoY Change -40.0% -42.53%
Inventory $2.323M $3.805M
Prepaid Expenses
Receivables $5.900M $9.500M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.04M $22.82M
YoY Change 5.32% -11.92%
LONG-TERM ASSETS
Property, Plant & Equipment $10.69M $22.28M
YoY Change -52.01% -21.43%
Goodwill $461.0K $461.0K
YoY Change 0.0% 0.0%
Intangibles $2.660M $2.801M
YoY Change -5.03% -6.48%
Long-Term Investments
YoY Change
Other Assets $676.0K $1.504M
YoY Change -55.05% 7.05%
Total Long-Term Assets $16.63M $32.47M
YoY Change -48.8% -13.89%
TOTAL ASSETS
Total Short-Term Assets $24.04M $22.82M
Total Long-Term Assets $16.63M $32.47M
Total Assets $40.66M $55.30M
YoY Change -26.46% -13.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.160M $4.473M
YoY Change -51.71% -6.7%
Accrued Expenses $1.042M $5.400M
YoY Change -80.7% -19.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.113M $8.397M
YoY Change -15.29% 56.46%
Total Short-Term Liabilities $14.36M $18.26M
YoY Change -21.34% 7.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.710M $3.473M
YoY Change -50.76% -70.67%
Other Long-Term Liabilities $519.0K $695.0K
YoY Change -25.32% -13.56%
Total Long-Term Liabilities $3.738M $5.112M
YoY Change -26.88% -62.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.36M $18.26M
Total Long-Term Liabilities $3.738M $5.112M
Total Liabilities $18.10M $23.37M
YoY Change -22.55% -23.89%
SHAREHOLDERS EQUITY
Retained Earnings $4.671M $14.06M
YoY Change -66.79% -6.7%
Common Stock $18.31M $18.23M
YoY Change 0.42% 286.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.60M $31.90M
YoY Change
Total Liabilities & Shareholders Equity $40.66M $55.29M
YoY Change -26.46% -13.09%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $3.023M -$1.668M
YoY Change -281.24% 303.87%
Depreciation, Depletion And Amortization $440.0K $430.0K
YoY Change 2.33% -41.5%
Cash From Operating Activities -$3.190M -$815.0K
YoY Change 291.41% -13.39%
INVESTING ACTIVITIES
Capital Expenditures $244.0K $463.0K
YoY Change -47.3% 10.77%
Acquisitions
YoY Change
Other Investing Activities $14.62M $0.00
YoY Change
Cash From Investing Activities $14.38M -$478.0K
YoY Change -3107.53% 11.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.646M $175.0K
YoY Change 840.57% 47.06%
Cash From Financing Activities -1.646M -175.0K
YoY Change 840.57% 24.11%
NET CHANGE
Cash From Operating Activities -3.190M -815.0K
Cash From Investing Activities 14.38M -478.0K
Cash From Financing Activities -1.646M -175.0K
Net Change In Cash 9.540M -1.468M
YoY Change -749.86% -2.85%
FREE CASH FLOW
Cash From Operating Activities -$3.190M -$815.0K
Capital Expenditures $244.0K $463.0K
Free Cash Flow -$3.434M -$1.278M
YoY Change 168.7% -5.96%

Facts In Submission

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CY2016Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
46000
CY2016Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1646000
CY2016Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.45
CY2016Q3 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
14620000
CY2016Q3 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
22000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-953000
CY2016Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
14376000
CY2016Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
33000
CY2016Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-1250000
CY2016Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.13
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1106000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
144000
CY2016Q3 us-gaap Nature Of Operations
NatureOfOperations
<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 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 valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">The Healthcare Facilities Segments, which is composed of:</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="9%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">A subsidiary which owns and operates&#xA0;an 84-licensed-bed, acute care hospital, which includes an 18-bed GPU, and a 66-bed nursing home.</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="9%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">A subsidiary which owns and operates a 100-bed nursing home.&#xA0;This subsidiary also owns a hospital building and leases the portion of that building occupied by the emergency department to an unaffiliated healthcare provider.</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="9%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Two separate subsidiaries which own medical buildings, which are leased to unaffiliated healthcare providers.</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="9%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">A subsidiary which owns a closed hospital building and a medical office building which it currently rents office space to one unaffiliated healthcare provider.</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 valign="top" width="3%" 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 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="9%">&#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="9%">&#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="9%">&#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="9%">&#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%"> 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.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 8%"> The business strategy of SunLink is to focus its efforts on improving internal operations of the existing pharmacy business and healthcare facilities subsidiaries and on the sale or disposition of its subsidiaries&#x2019; underperforming assets. The Company considers the disposition of facilities and operations based on a variety of factors in addition to under-performance, including asset values, return on investments and competition from existing and potential competitors, capital improvement needs, prevailing reimbursement rates for drugs and medical services under various Federal and state programs (e.g., Medicare and Medicaid) and by private payors, corporate strategy and other corporate objectives. The Company also is considering potential upgrades and improvements to certain of its healthcare facilities. The Company believes its Healthcare Facilities Segment and its Pharmacy Segment continues to under-perform, and the Company has engaged advisors to assist it in evaluating the possible sale of its specialty pharmacy business. The Company also has an agreement, subject to various conditions, to sell a medical office building. The Company has used cash proceeds from recent dispositions of assets to pay off certain liabilities and may use a portion of its existing cash assets, as well as any net proceeds from future dispositions, to prepay long-term debt, return capital to shareholders via a repurchase of shares or a dividend, make improvements to existing facilities, and for other general corporate purposes. There can be no assurance that any further dispositions will be authorized by the Company&#x2019;s Board of Directors or, if authorized, that any such transactions will be completed or, if completed, will result in net cash proceeds to the Company on a before or after tax basis.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> Throughout these notes to the consolidated financial statements, SunLink Health Systems, Inc., and its consolidated subsidiaries are referred to on a collective basis as &#x201C;SunLink&#x201D;, &#x201C;we&#x201D;, &#x201C;our&#x201D;, &#x201C;ours&#x201D;, &#x201C;us&#x201D; or the &#x201C;Company.&#x201D; This drafting style is not meant to indicate that the publicly traded Company or any particular subsidiary of the Company owns or operates any asset, business or property.&#xA0;The Trace Hospital, pharmacy operations and businesses described in this filing are owned and operated by distinct and indirect subsidiaries of SunLink Health System, Inc.</p> </div>
CY2016Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
244000
CY2016Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.13
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9443000 shares
CY2016Q3 us-gaap Supplies Expense
SuppliesExpense
436000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9443000 shares
CY2016Q3 dei Trading Symbol
TradingSymbol
SSY
CY2016Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1646000
CY2016Q3 ssy Financial And Healthcare Services Revenue
FinancialAndHealthcareServicesRevenue
13079000
CY2016Q3 ssy Payments To Acquire Property Plant And Equipment Continuing Operations
PaymentsToAcquirePropertyPlantAndEquipmentContinuingOperations
244000
CY2016Q3 ssy Payments To Acquire Property Plant And Equipment Discontinued Operations
PaymentsToAcquirePropertyPlantAndEquipmentDiscontinuedOperations
0
CY2016Q3 ssy Repayments Of Long Term Debt Discontinued Operations
RepaymentsOfLongTermDebtDiscontinuedOperations
0
CY2016Q3 ssy Number Of Hospital Facilities
NumberOfHospitalFacilities
4 Hospital

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