$SSY
SUNLINK HEALTH SYSTEMS INC

2017 Q3 Form 10-Q Financial Statement

#000119312517342631 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $13.36M $13.05M
YoY Change 2.43% -21.33%
Cost Of Revenue $687.0K $708.0K
YoY Change -2.97% -18.53%
Gross Profit $12.68M $12.34M
YoY Change 2.74% -21.48%
Gross Profit Margin 94.86% 94.57%
Selling, General & Admin $7.030M $7.210M
YoY Change -2.5% -31.53%
% of Gross Profit 55.46% 58.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $430.0K $440.0K
YoY Change -2.27% 2.33%
% of Gross Profit 3.39% 3.57%
Operating Expenses $13.34M $9.360M
YoY Change 42.54% -28.82%
Operating Profit -$99.00K -$953.0K
YoY Change -89.61% -18.27%
Interest Expense $127.0K $221.0K
YoY Change -42.53% 1.84%
% of Operating Profit
Other Income/Expense, Net $1.430M $1.710M
YoY Change -16.37% 17000.0%
Pretax Income -$224.0K -$1.106M
YoY Change -79.75% -19.97%
Income Tax $0.00 $144.0K
% Of Pretax Income
Net Earnings -$277.0K $3.023M
YoY Change -109.16% -281.24%
Net Earnings / Revenue -2.07% 23.17%
Basic Earnings Per Share -$0.03 $0.32
Diluted Earnings Per Share -$0.03 $0.32
COMMON SHARES
Basic Shares Outstanding 9.163M shares 9.443M shares
Diluted Shares Outstanding 9.163M shares 9.443M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.900M $12.80M
YoY Change -22.66% 184.44%
Cash & Equivalents $9.909M $12.80M
Short-Term Investments
Other Short-Term Assets $4.400M $3.000M
YoY Change 46.67% -40.0%
Inventory $2.207M $2.323M
Prepaid Expenses
Receivables $6.000M $5.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.52M $24.04M
YoY Change -6.33% 5.32%
LONG-TERM ASSETS
Property, Plant & Equipment $10.57M $10.69M
YoY Change -1.13% -52.01%
Goodwill $461.0K
YoY Change 0.0%
Intangibles $1.558M $2.660M
YoY Change -41.43% -5.03%
Long-Term Investments
YoY Change
Other Assets $757.0K $676.0K
YoY Change 11.98% -55.05%
Total Long-Term Assets $12.89M $16.63M
YoY Change -22.49% -48.8%
TOTAL ASSETS
Total Short-Term Assets $22.52M $24.04M
Total Long-Term Assets $12.89M $16.63M
Total Assets $35.40M $40.66M
YoY Change -12.94% -26.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.897M $2.160M
YoY Change -12.18% -51.71%
Accrued Expenses $645.0K $1.042M
YoY Change -38.1% -80.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.589M $7.113M
YoY Change -7.37% -15.29%
Total Short-Term Liabilities $12.66M $14.36M
YoY Change -11.88% -21.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.710M
YoY Change -100.0% -50.76%
Other Long-Term Liabilities $321.0K $519.0K
YoY Change -38.15% -25.32%
Total Long-Term Liabilities $1.322M $3.738M
YoY Change -64.63% -26.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.66M $14.36M
Total Long-Term Liabilities $1.322M $3.738M
Total Liabilities $13.98M $18.10M
YoY Change -22.77% -22.55%
SHAREHOLDERS EQUITY
Retained Earnings $4.059M $4.671M
YoY Change -13.1% -66.79%
Common Stock $17.69M $18.31M
YoY Change -3.39% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.40M $22.60M
YoY Change
Total Liabilities & Shareholders Equity $35.40M $40.66M
YoY Change -12.94% -26.46%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$277.0K $3.023M
YoY Change -109.16% -281.24%
Depreciation, Depletion And Amortization $430.0K $440.0K
YoY Change -2.27% 2.33%
Cash From Operating Activities $233.0K -$3.190M
YoY Change -107.3% 291.41%
INVESTING ACTIVITIES
Capital Expenditures $684.0K $244.0K
YoY Change 180.33% -47.3%
Acquisitions
YoY Change
Other Investing Activities $0.00 $14.62M
YoY Change -100.0%
Cash From Investing Activities -$682.0K $14.38M
YoY Change -104.74% -3107.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $136.0K $1.646M
YoY Change -91.74% 840.57%
Cash From Financing Activities -136.0K -1.646M
YoY Change -91.74% 840.57%
NET CHANGE
Cash From Operating Activities 233.0K -3.190M
Cash From Investing Activities -682.0K 14.38M
Cash From Financing Activities -136.0K -1.646M
Net Change In Cash -585.0K 9.540M
YoY Change -106.13% -749.86%
FREE CASH FLOW
Cash From Operating Activities $233.0K -$3.190M
Capital Expenditures $684.0K $244.0K
Free Cash Flow -$451.0K -$3.434M
YoY Change -86.87% 168.7%

Facts In Submission

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CY2017Q3 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Note 2. &#x2013; Business Operations</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <u>Business Operations</u></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> SunLink Health Systems, Inc., through subsidiaries, owns businesses which provide healthcare services in certain markets in the southeastern United States. Our business is composed of two business segments, the Healthcare Services segment and the Pharmacy segment. Our Healthcare Services segment subsidiaries own and operate an <font style="white-space:nowrap">84-</font> bed community hospital and a <font style="white-space:nowrap">66-</font> bed nursing home in Mississippi, a <font style="white-space:nowrap">100-</font> bed nursing home in Georgia, an IT service company based in Georgia, and healthcare facilities, which are leased to third parties. Our Pharmacy segment subsidiary operates a pharmacy business in Louisiana with four service lines.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The business strategy of SunLink is to focus its efforts on expanding and improving operations of and growing its existing Healthcare Services and Pharmacy businesses. The Company is investing in upgrades and improvements to certain of its Healthcare Services and Pharmacy businesses, while seeking to sell certain of its subsidiaries&#x2019; underperforming assets.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company has used a portion of the cash proceeds from recent dispositions of assets to pay down debt and certain other liabilities, and to repurchase common shares in a tender offer completed in February 2017. The Company may also use existing cash, as well as any net proceeds from future dispositions, if any, to improve its existing businesses, make acquisitions of Healthcare Services and Pharmacy businesses, prepay debts, return capital to shareholders including through potential public or private purchases of shares, and for other general corporate purposes. There is 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 believes certain facilities in its Healthcare Services 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 Pharmacy business lines.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Throughout these notes to the consolidated financial statements, all references to &#x201C;SunLink,&#x201D; &#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;ours,&#x201D; &#x201C;us&#x201D; and the &#x201C;Company&#x201D; refer to SunLink Health Systems, Inc. and our consolidated subsidiaries. References to our specific operations refer to operations conducted through our subsidiaries and references to &#x201C;we,&#x201D; &#x201C;our,&#x201D; &#x201C;ours,&#x201D; and &#x201C;us&#x201D; in such context refer to the operations.</p> </div>
CY2017Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-682000
CY2017Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-136000
CY2017Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2017Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
233000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-277000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-99000
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
154000
CY2017Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1442000
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
684000
CY2017Q3 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0
CY2017Q3 us-gaap Proceeds From Sale Of Other Assets1
ProceedsFromSaleOfOtherAssets1
2000
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
120000
CY2017Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
136000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
13363000
CY2017Q3 us-gaap Supplies Expense
SuppliesExpense
425000
CY2017Q3 dei Trading Symbol
TradingSymbol
SSY
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9163000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9163000 shares
CY2017Q3 ssy Financial And Healthcare Services Revenue
FinancialAndHealthcareServicesRevenue
13433000
CY2017Q3 ssy Payments To Acquire Property Plant And Equipment Continuing Operations
PaymentsToAcquirePropertyPlantAndEquipmentContinuingOperations
684000
CY2017Q3 ssy Health Care Organization Medicare And Medicaid Electronic Health Records Incentives Gain Loss
HealthCareOrganizationMedicareAndMedicaidElectronicHealthRecordsIncentivesGainLoss
17000
CY2017Q3 ssy Net Operating Loss Carryforward Expiration Year
NetOperatingLossCarryforwardExpirationYear
2025
CY2017Q3 ssy Accrued Penalty Expense
AccruedPenaltyExpense
170000

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