$SSY
SUNLINK HEALTH SYSTEMS INC

2016 Q4 Form 10-Q Financial Statement

#000119312517043581 Filed on February 14, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $14.26M $16.59M
YoY Change -14.05% -33.95%
Cost Of Revenue $713.0K $880.0K
YoY Change -18.98% -24.27%
Gross Profit $13.54M $15.71M
YoY Change -13.77% -34.41%
Gross Profit Margin 95.0% 94.69%
Selling, General & Admin $7.220M $10.06M
YoY Change -28.23% -28.65%
% of Gross Profit 53.32% 64.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $470.0K $450.0K
YoY Change 4.44% -22.41%
% of Gross Profit 3.47% 2.87%
Operating Expenses $8.800M $12.48M
YoY Change -29.49% -25.0%
Operating Profit $28.00K -$1.262M
YoY Change -102.22% -162.41%
Interest Expense $157.0K $209.0K
YoY Change -24.88% -10.68%
% of Operating Profit 560.71%
Other Income/Expense, Net $1.110M $1.970M
YoY Change -43.65% 0.0%
Pretax Income $2.577M -$1.465M
YoY Change -275.9% -181.94%
Income Tax -$372.0K $7.101M
% Of Pretax Income -14.44%
Net Earnings $3.098M -$9.346M
YoY Change -133.15% -1056.6%
Net Earnings / Revenue 21.73% -56.35%
Basic Earnings Per Share $0.33 -$0.99
Diluted Earnings Per Share $0.33 -$0.99
COMMON SHARES
Basic Shares Outstanding 9.443M shares 9.443M shares
Diluted Shares Outstanding 9.450M shares 9.443M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.40M $3.700M
YoY Change 289.19% -7.5%
Cash & Equivalents $14.38M $3.742M
Short-Term Investments
Other Short-Term Assets $2.700M $2.500M
YoY Change 8.0% -70.59%
Inventory $2.153M $3.648M
Prepaid Expenses
Receivables $6.600M $9.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.86M $18.99M
YoY Change 36.16% -31.33%
LONG-TERM ASSETS
Property, Plant & Equipment $10.83M $22.09M
YoY Change -50.96% -3.22%
Goodwill $461.0K $461.0K
YoY Change 0.0% 0.0%
Intangibles $2.624M $2.766M
YoY Change -5.13% -4.88%
Long-Term Investments
YoY Change
Other Assets $866.0K $1.400M
YoY Change -38.14% -9.68%
Total Long-Term Assets $14.78M $26.72M
YoY Change -44.66% -16.98%
TOTAL ASSETS
Total Short-Term Assets $25.86M $18.99M
Total Long-Term Assets $14.78M $26.72M
Total Assets $40.64M $45.71M
YoY Change -11.08% -23.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.486M $4.697M
YoY Change -47.07% -13.55%
Accrued Expenses $461.0K $722.0K
YoY Change -36.15% -88.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $499.0K $8.246M
YoY Change -93.95% 852.19%
Total Short-Term Liabilities $7.173M $17.99M
YoY Change -60.13% 42.71%
LONG-TERM LIABILITIES
Long-Term Debt $6.464M $3.333M
YoY Change 93.94% -71.22%
Other Long-Term Liabilities $302.0K $652.0K
YoY Change -53.68% -17.05%
Total Long-Term Liabilities $7.806M $5.131M
YoY Change 52.13% -61.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.173M $17.99M
Total Long-Term Liabilities $7.806M $5.131M
Total Liabilities $14.98M $23.12M
YoY Change -35.22% -10.85%
SHAREHOLDERS EQUITY
Retained Earnings $7.769M $4.717M
YoY Change 64.7% -70.61%
Common Stock $18.32M $18.24M
YoY Change 0.39% 0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.70M $22.60M
YoY Change
Total Liabilities & Shareholders Equity $40.64M $45.71M
YoY Change -11.08% -23.61%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income $3.098M -$9.346M
YoY Change -133.15% -1056.6%
Depreciation, Depletion And Amortization $470.0K $450.0K
YoY Change 4.44% -22.41%
Cash From Operating Activities -$720.0K -$100.0K
YoY Change 620.0% -111.24%
INVESTING ACTIVITIES
Capital Expenditures $564.0K $362.0K
YoY Change 55.8% 13.48%
Acquisitions
YoY Change
Other Investing Activities $4.940M $0.00
YoY Change -100.0%
Cash From Investing Activities $4.370M -$370.0K
YoY Change -1281.08% -106.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.070M -290.0K
YoY Change 613.79% -93.92%
NET CHANGE
Cash From Operating Activities -720.0K -100.0K
Cash From Investing Activities 4.370M -370.0K
Cash From Financing Activities -2.070M -290.0K
Net Change In Cash 1.580M -760.0K
YoY Change -307.89% -140.21%
FREE CASH FLOW
Cash From Operating Activities -$720.0K -$100.0K
Capital Expenditures $564.0K $362.0K
Free Cash Flow -$1.284M -$462.0K
YoY Change 177.92% -180.91%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3914000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-243000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3716000
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.47
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.18
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1471000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-228000
us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b>Note 2. &#x2013; Business Operations</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <u>Business Operations</u></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> SunLink owns businesses which are providers of healthcare services in certain non-urban 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; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; 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">&#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; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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, located in Houston, Mississippi, which includes an 18-bed geriatric psychology unit (&#x201C;GPU&#x201D; and a 66-bed nursing home.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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 located in Ellijay, Georgia.&#xA0;This subsidiary also owns a hospital building and leases a portion of that building to an unaffiliated healthcare provider.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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 medical office building and approximately two acres of unimproved land in Dahlonega, Georgia and a subsidiary which owns approximately 12 acres of unimproved land in Fulton, Missouri.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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 in Clanton, Alabama, a portion of which is currently rented to an unaffiliated healthcare provider.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; 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">&#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; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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 at three retail locations in Louisiana;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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 consisting of the provision of specialty and non-specialty pharmaceutical and biological products to institutional clients or to patients in institutional settings, such as nursing homes, specialty hospitals, hospice, and correctional facilities;</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#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 consisting primarily of products for nursing homes and patient-administered home care.</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> SunLink subsidiaries have conducted the healthcare facilities business since 2001 and the specialty pharmacy operations since 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.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> 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 business segments, 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, the prevailing reimbursement environment 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 certain facilities in its Healthcare Facilities Segment as well as its Pharmacy Segment continue to under-perform, and the Company has engaged advisors to assist it in evaluating the possible sale of its specialty pharmacy business. 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 any debt, return capital to shareholders including through potential public or private purchases of share, 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: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> 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 SunLink Health Systems, Inc. or any particular subsidiary of SunLink Health Systems, Inc. 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>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
808000
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.18
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4936000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9449000 shares
us-gaap Supplies Expense
SuppliesExpense
918000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9443000 shares
dei Trading Symbol
TradingSymbol
SSY
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3716000
ssy Financial And Healthcare Services Revenue
FinancialAndHealthcareServicesRevenue
27438000
ssy Payments To Acquire Property Plant And Equipment Continuing Operations
PaymentsToAcquirePropertyPlantAndEquipmentContinuingOperations
808000
ssy Payments To Acquire Property Plant And Equipment Discontinued Operations
PaymentsToAcquirePropertyPlantAndEquipmentDiscontinuedOperations
0
ssy Health Care Organization Medicare And Medicaid Electronic Health Records Incentives Gain Loss
HealthCareOrganizationMedicareAndMedicaidElectronicHealthRecordsIncentivesGainLoss
0
ssy Net Operating Loss Carryforward Expiration Year
NetOperatingLossCarryforwardExpirationYear
2024
ssy Number Of Hospital Facilities
NumberOfHospitalFacilities
4 Hospital
ssy Health Care Organization Significant Change In Estimates
HealthCareOrganizationSignificantChangeInEstimates
347000
ssy Number Of Hospitals Sold
NumberOfHospitalsSold
3 Hospital
CY2015Q4 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
6439000
CY2015Q4 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
-283000
CY2015Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9000
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
CY2015Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
452000
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
CY2015Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9346000
CY2015Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
35000
CY2015Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5371000
CY2015Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
-497000
CY2015Q4 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
662000
CY2015Q4 us-gaap Cost Of Services
CostOfServices
880000
CY2015Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-780000
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1978000
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
16584000
CY2015Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
190000
CY2015Q4 us-gaap Labor And Related Expense
LaborAndRelatedExpense
7926000
CY2015Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-9346000
CY2015Q4 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1959000
CY2015Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
138000
CY2015Q4 us-gaap Interest Expense
InterestExpense
209000
CY2015Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.08
CY2015Q4 us-gaap Health Care Organization Patient Service Revenue Provisionfor Bad Debts
HealthCareOrganizationPatientServiceRevenueProvisionforBadDebts
532000
CY2015Q4 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2015Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.08
CY2015Q4 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
6000
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-1262000
CY2015Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-8566000
CY2015Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.91
CY2015Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1465000
CY2015Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7101000
CY2015Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
362000
CY2015Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.91
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9443000 shares
CY2015Q4 us-gaap Supplies Expense
SuppliesExpense
923000
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9443000 shares
CY2015Q4 ssy Financial And Healthcare Services Revenue
FinancialAndHealthcareServicesRevenue
17116000
CY2015Q4 ssy Health Care Organization Medicare And Medicaid Electronic Health Records Incentives Gain Loss
HealthCareOrganizationMedicareAndMedicaidElectronicHealthRecordsIncentivesGainLoss
-7000
CY2015Q4 ssy Health Care Organization Significant Change In Estimates
HealthCareOrganizationSignificantChangeInEstimates
-732000
CY2016Q4 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-399000
CY2016Q4 us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod
-91000
CY2016Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5000
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2016Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
466000
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2016Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3098000
CY2016Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
35000
CY2016Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
5433000
CY2016Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax
240000
CY2016Q4 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
27000
CY2016Q4 us-gaap Cost Of Services
CostOfServices
713000
CY2016Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
149000
CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
274000
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
14255000
CY2016Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
138000
CY2016Q4 us-gaap Labor And Related Expense
LaborAndRelatedExpense
5759000
CY2016Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
3098000
CY2016Q4 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1111000
CY2016Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
125000
CY2016Q4 us-gaap Interest Expense
InterestExpense
157000
CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.02
CY2016Q4 us-gaap Health Care Organization Patient Service Revenue Provisionfor Bad Debts
HealthCareOrganizationPatientServiceRevenueProvisionforBadDebts
104000
CY2016Q4 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-289000
CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.02
CY2016Q4 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
2995000
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
28000
CY2016Q4 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
2949000
CY2016Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.31
CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2577000
CY2016Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-372000
CY2016Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
564000
CY2016Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.31
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9450000 shares
CY2016Q4 us-gaap Supplies Expense
SuppliesExpense
482000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9443000 shares
CY2016Q4 ssy Financial And Healthcare Services Revenue
FinancialAndHealthcareServicesRevenue
14359000
CY2016Q4 ssy Health Care Organization Medicare And Medicaid Electronic Health Records Incentives Gain Loss
HealthCareOrganizationMedicareAndMedicaidElectronicHealthRecordsIncentivesGainLoss
0
CY2016Q4 ssy Health Care Organization Significant Change In Estimates
HealthCareOrganizationSignificantChangeInEstimates
347000

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