SunLink Health Systems, Inc. Announces Fiscal 2024 First Quarter Results
- 15% increase in consolidated net revenues for the quarter ended September 30, 2023, compared to the same period in 2022.
- Operating loss decreased from the previous year's comparable quarter due to increased net revenues.
- Net loss for the quarter ended September 30, 2023, was $1,344,000, compared to $1,558,000 for the same period in 2022.
- Adverse effects of the COVID-19 pandemic on the company's assets and operations.
Net loss for the quarter ended September 30, 2023 was
Consolidated net revenues for each fiscal quarters ended September 30, 2023 and 2022 were
SunLink reported an operating loss for the quarter ended September 30, 2023 of
COVID-19 Pandemic
The Company continued to experience adverse after-effects of the COVID-19 pandemic in the quarter ended September 30, 2023 and believes such effects will likely continue to affect its assets and operations in the foreseeable future particularly salaries and wages pressure, workforce shortages, supply chain disruption and broad inflationary pressures. Our ability to make estimates of any such continuing effects of evolving strains of COVID-19 on future revenues, expenses or changes in accounting judgments that have had or are reasonably likely to have a material effect on our financial statements is very limited, depending as they do on the severity and length thereof; as well as any further government actions and/or regulatory changes intended to address such effects.
SunLink Health Systems, Inc. is the parent company of subsidiaries that own and operate a pharmacy business and an information technology business in the Southeast. For additional information on SunLink Health Systems, Inc., please visit the Company’s website.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the company’s business strategy. These forward-looking statements are subject to certain risks, uncertainties, and other factors, which could cause actual results, performance, and achievements to differ materially from those anticipated. Certain of those risks, uncertainties and other factors are disclosed in more detail in the company’s Annual Report on Form 10-K for the year ended June 30, 2023 and other filings with the Securities and Exchange Commission which can be located at www.sec.gov.
| SUNLINK HEALTH SYSTEMS, INC. ANNOUNCES | |||||||||||||||
| FISCAL 2024 FIRST QUARTER RESULTS | |||||||||||||||
| Amounts in 000's, except per share | |||||||||||||||
| CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) | |||||||||||||||
| Three Months Ended September 30, | |||||||||||||||
2023 |
2022 |
||||||||||||||
| % of Net | % of Net | ||||||||||||||
| Amount | Revenues | Amount | Revenues | ||||||||||||
| Net revenues | $ |
8,555 |
|
|
100.0 |
% |
$ |
7,449 |
|
100.0 |
% |
||||
| Costs and Expenses: | |||||||||||||||
| Cost of goods sold |
|
4,771 |
|
|
55.8 |
% |
|
4,369 |
|
58.7 |
% |
||||
| Salaries, wages and benefits |
|
2,617 |
|
|
30.6 |
% |
|
2,523 |
|
33.9 |
% |
||||
| Supplies |
|
34 |
|
|
0.4 |
% |
|
30 |
|
0.4 |
% |
||||
| Purchased services |
|
286 |
|
|
3.3 |
% |
|
250 |
|
3.4 |
% |
||||
| Other operating expenses |
|
906 |
|
|
10.6 |
% |
|
533 |
|
7.2 |
% |
||||
| Rent and leases |
|
91 |
|
|
1.1 |
% |
|
92 |
|
1.2 |
% |
||||
| Depreciation and amortization |
|
300 |
|
|
3.5 |
% |
|
269 |
|
3.6 |
% |
||||
| Operating loss |
|
(450 |
) |
|
-5.3 |
% |
|
(617 |
) |
-8.3 |
% |
||||
| Interest Income - net |
|
22 |
|
|
0.3 |
% |
|
0 |
|
0.2 |
% |
||||
| Gain on sale of assets |
|
2 |
|
|
0.0 |
% |
|
12 |
|
0.0 |
% |
||||
| Loss from Continuing Operations before | |||||||||||||||
| Income Taxes |
|
(426 |
) |
|
-5.0 |
% |
|
(605 |
) |
-8.1 |
% |
||||
| Income Tax expense |
|
2 |
|
|
0.0 |
% |
|
0 |
|
0.0 |
% |
||||
| Loss from Continuing Operations |
|
(428 |
) |
|
-5.0 |
% |
|
(605 |
) |
-8.1 |
% |
||||
| Loss from Discontinued Operations, net of tax |
|
(916 |
) |
|
-10.7 |
% |
|
(953 |
) |
-12.8 |
% |
||||
| Net Loss | $ |
(1,344 |
) |
|
-15.7 |
% |
$ |
(1,558 |
) |
-20.9 |
% |
||||
| Loss Per Share from Continuing Operations: | |||||||||||||||
| Basic | $ |
(0.06 |
) |
$ |
(0.09 |
) |
|||||||||
| Diluted | $ |
(0.06 |
) |
$ |
(0.09 |
) |
|||||||||
| Earnings (Loss) Per Share from Discontinued Operations: | |||||||||||||||
| Basic | $ |
(0.13 |
) |
$ |
(0.14 |
) |
|||||||||
| Diluted | $ |
(0.13 |
) |
$ |
(0.14 |
) |
|||||||||
| Net Loss Per Share: | |||||||||||||||
| Basic | $ |
(0.19 |
) |
$ |
(0.22 |
) |
|||||||||
| Diluted | $ |
(0.19 |
) |
$ |
(0.22 |
) |
|||||||||
| Weighted Average Common Shares Outstanding: | |||||||||||||||
| Basic |
|
7,033 |
|
|
6,983 |
|
|||||||||
| Diluted |
|
7,033 |
|
|
6,983 |
|
|||||||||
| SUMMARY BALANCE SHEETS | September 30. | June 30, | |||||||||||||
2023 |
2023 |
||||||||||||||
| ASSETS | |||||||||||||||
| Cash and Cash Equivalents | $ |
2,820 |
|
$ |
4,486 |
|
|||||||||
| Receivable - net |
|
2,764 |
|
|
2,592 |
|
|||||||||
| Current Assets Held for Sale |
|
7,284 |
|
|
1,920 |
|
|||||||||
| Other Current Assets |
|
3,663 |
|
|
3,276 |
|
|||||||||
| Property Plant and Equipment, net |
|
2,891 |
|
|
2,717 |
|
|||||||||
| Long-term Assets |
|
2,301 |
|
|
8,277 |
|
|||||||||
$ |
21,723 |
|
$ |
23,268 |
|
||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
| Current Liabilities | $ |
4,993 |
|
$ |
4,869 |
|
|||||||||
| Noncurrent Liabilities |
|
651 |
|
|
982 |
|
|||||||||
| Shareholders' Equity |
|
16,079 |
|
|
17,417 |
|
|||||||||
$ |
21,723 |
|
$ |
23,268 |
|
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20231117895003/en/
Robert M. Thornton, Jr.
Chief Executive Officer
(770) 933-7004
Source: SunLink Health Systems, Inc.
FAQ
What were SunLink Health Systems, Inc.'s net revenues for the quarter ended September 30, 2023?
What was the operating loss for SunLink Health Systems, Inc. for the quarter ended September 30, 2023?
What impact did the COVID-19 pandemic have on SunLink Health Systems, Inc.?
