$SSY
SUNLINK HEALTH SYSTEMS INC

2018 Q3 Form 10-Q Financial Statement

#000119312518326712 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $10.21M $13.36M
YoY Change -23.62% 2.43%
Cost Of Revenue $3.917M $687.0K
YoY Change 470.16% -2.97%
Gross Profit $8.135M $12.68M
YoY Change -35.82% 2.74%
Gross Profit Margin 79.7% 94.86%
Selling, General & Admin $7.201M $7.030M
YoY Change 2.43% -2.5%
% of Gross Profit 88.52% 55.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $418.0K $430.0K
YoY Change -2.79% -2.27%
% of Gross Profit 5.14% 3.39%
Operating Expenses $8.893M $13.34M
YoY Change -33.35% 42.54%
Operating Profit -$758.0K -$99.00K
YoY Change 665.66% -89.61%
Interest Expense $61.00K $127.0K
YoY Change -51.97% -42.53%
% of Operating Profit
Other Income/Expense, Net $1.430M
YoY Change -16.37%
Pretax Income -$786.0K -$224.0K
YoY Change 250.89% -79.75%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$880.0K -$277.0K
YoY Change 217.69% -109.16%
Net Earnings / Revenue -8.62% -2.07%
Basic Earnings Per Share -$0.12 -$0.03
Diluted Earnings Per Share -$0.12 -$0.03
COMMON SHARES
Basic Shares Outstanding 7.347M 9.163M shares
Diluted Shares Outstanding 7.347M 9.163M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.393M $9.900M
YoY Change -65.73% -22.66%
Cash & Equivalents $3.393M $9.909M
Short-Term Investments
Other Short-Term Assets $2.687M $4.400M
YoY Change -38.93% 46.67%
Inventory $1.905M $2.207M
Prepaid Expenses
Receivables $4.606M $6.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.59M $22.52M
YoY Change -44.08% -6.33%
LONG-TERM ASSETS
Property, Plant & Equipment $10.47M $10.57M
YoY Change -0.92% -1.13%
Goodwill
YoY Change
Intangibles $1.441M $1.558M
YoY Change -7.51% -41.43%
Long-Term Investments
YoY Change
Other Assets $902.0K $757.0K
YoY Change 19.15% 11.98%
Total Long-Term Assets $13.12M $12.89M
YoY Change 1.83% -22.49%
TOTAL ASSETS
Total Short-Term Assets $12.59M $22.52M
Total Long-Term Assets $13.12M $12.89M
Total Assets $25.71M $35.40M
YoY Change -27.37% -12.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.432M $1.897M
YoY Change -24.51% -12.18%
Accrued Expenses $542.0K $645.0K
YoY Change -15.97% -38.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $260.0K $6.589M
YoY Change -96.05% -7.37%
Total Short-Term Liabilities $5.398M $12.66M
YoY Change -57.36% -11.88%
LONG-TERM LIABILITIES
Long-Term Debt $2.737M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $330.0K $321.0K
YoY Change 2.8% -38.15%
Total Long-Term Liabilities $4.008M $1.322M
YoY Change 203.18% -64.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.398M $12.66M
Total Long-Term Liabilities $4.008M $1.322M
Total Liabilities $9.406M $13.98M
YoY Change -32.72% -22.77%
SHAREHOLDERS EQUITY
Retained Earnings $1.863M $4.059M
YoY Change -54.1% -13.1%
Common Stock $14.62M $17.69M
YoY Change -17.35% -3.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.31M $21.40M
YoY Change
Total Liabilities & Shareholders Equity $25.71M $35.40M
YoY Change -27.37% -12.94%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$880.0K -$277.0K
YoY Change 217.69% -109.16%
Depreciation, Depletion And Amortization $418.0K $430.0K
YoY Change -2.79% -2.27%
Cash From Operating Activities $458.0K $233.0K
YoY Change 96.57% -107.3%
INVESTING ACTIVITIES
Capital Expenditures $412.0K $684.0K
YoY Change -39.77% 180.33%
Acquisitions
YoY Change
Other Investing Activities $2.000K $0.00
YoY Change -100.0%
Cash From Investing Activities -$454.0K -$682.0K
YoY Change -33.43% -104.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $67.00K $136.0K
YoY Change -50.74% -91.74%
Cash From Financing Activities -67.00K -136.0K
YoY Change -50.74% -91.74%
NET CHANGE
Cash From Operating Activities 458.0K 233.0K
Cash From Investing Activities -454.0K -682.0K
Cash From Financing Activities -67.00K -136.0K
Net Change In Cash -63.00K -585.0K
YoY Change -89.23% -106.13%
FREE CASH FLOW
Cash From Operating Activities $458.0K $233.0K
Capital Expenditures $412.0K $684.0K
Free Cash Flow $46.00K -$451.0K
YoY Change -110.2% -86.87%

Facts In Submission

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CY2018Q3 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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> <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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> <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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> SunLink Health Systems, Inc., through subsidiaries, owns businesses which provide healthcare products and services in certain markets in the southeastern United States. Unless the context indicates otherwise, 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 of our subsidiaries. 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&#xA0;<font style="WHITE-SPACE: nowrap">84-</font>&#xA0;bed community hospital and a&#xA0;<font style="WHITE-SPACE: nowrap">66-</font>&#xA0;bed nursing home in Mississippi, a&#xA0;<font style="WHITE-SPACE: nowrap">100-</font>&#xA0;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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> The business strategy of SunLink is to focus its efforts on expanding the services and improving the operations and profitability of its existing Healthcare Services and Pharmacy business while seeking to sell certain of its subsidiaries&#x2019; underperforming assets. The Company is investing in upgrades and improvements to certain of its Healthcare Services and Pharmacy businesses.</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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> The Company has used a portion of the cash proceeds from dispositions of assets to pay down debt and certain other liabilities, to repurchase common shares in tender offers completed in February and December 2017, and to make improvements to its Healthcare Services businesses.</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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> The Company may also use existing cash, as well as any net proceeds from future dispositions, if any, to prepay debts, return capital to shareholders including through potential public or private purchases of shares, improve its existing businesses, make selective acquisitions of Healthcare Services and Pharmacy businesses 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> 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, 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 private payors, 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 assets in its Healthcare Services and its Pharmacy business lines.</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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> On October&#xA0;11, 2018, the Company sold a vacant medical office building and approximately two adjacent acres of undeveloped land. After expenses, the Company received net proceeds from the sale of approximately $935 which will be retained for working capital and general corporate purposes.&#xA0;<font style="WHITE-SPACE: nowrap">The&#xA0;pre-tax&#xA0;gain</font>&#xA0;on the sale of property is estimated to be approximately $452 and will be reported in the Company&#x2019;s fiscal quarter ended December&#xA0;31, 2018.</p> </div>
CY2018Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-454000
CY2018Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-67000
CY2018Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
458000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-880000
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2018Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-758000
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
137000
CY2018Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
1274000
CY2018Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
456000
CY2018Q3 us-gaap Proceeds From Sale Of Other Assets1
ProceedsFromSaleOfOtherAssets1
2000
CY2018Q3 ssy Net Operating Loss Carry Forwards Expire Period
NetOperatingLossCarryForwardsExpirePeriod
2023 through fiscal 2038
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12052000
CY2018Q3 us-gaap Supplies Expense
SuppliesExpense
410000
CY2018Q3 dei Trading Symbol
TradingSymbol
SSY
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7347000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7347000 shares
CY2018Q3 ssy Payments To Acquire Property Plant And Equipment Continuing Operations
PaymentsToAcquirePropertyPlantAndEquipmentContinuingOperations
456000
CY2018Q3 ssy Health Care Organization Medicare And Medicaid Electronic Health Records Incentives Gain Loss
HealthCareOrganizationMedicareAndMedicaidElectronicHealthRecordsIncentivesGainLoss
0

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