Articles from SunLink Health Systems, Inc.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $442,000 (or a loss of $0.06 per fully diluted share) for its first fiscal quarter ended September 30, 2024 compared to a loss from continuing operations of $428,000 (or a loss of $0.06 per fully diluted share) for the first fiscal quarter ended September 30, 2023. During the quarter ended September 30, 2024, the Company sold non-core assets for cash totaling $1,465,000, which resulted in an aggregate pre-tax gain of $694,000 in the quarter ended September 30, 2024.

SunLink Health Systems, Inc. (NYSE AMERICAN: SSY) today announced that its subsidiary, Southern Health Corporation of Houston, Inc., and an affiliate, have completed the sale of the hospital building and related real estate of its formerly operated Trace Regional Hospital in Houston, Mississippi for approximately $2,000,000. The company said the net proceeds of approximately $1,932,000 will be retained for working capital and general corporate purposes. The company expects to recognize a pre-tax loss on the sale of approximately $91,000 in its second fiscal quarter ending December 31, 2024.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $652,000 (or a loss of $0.09 per fully diluted share) for its fourth fiscal quarter ended June 30, 2024 compared to a loss from continuing operations of $1,021,000 (or a loss of $0.15 per fully diluted share) for the fourth fiscal quarter ended June 30, 2023.

SunLink Health Systems, Inc. (NYSE:AMERICAN: SSY) today announced that its subsidiary, Southern Health Corporation of Houston, Inc., has completed the sale of its Trace Extended Care & Rehab senior care facility and related real estate in Houston, Mississippi for approximately $7,100,000. The company said the net proceeds of approximately $6,500,000 will be retained for working capital and general corporate purposes. The company expects to recognize a pre-tax gain on the sale of approximately $5,700,000 in its fourth fiscal quarter ending June 30, 2024.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $824,000 (or a loss of $0.12 per fully diluted share) for its third fiscal quarter ended March 31, 2024 compared to a loss from continuing operations of $453,000 (or a loss of $0.06 per fully diluted share) for the third fiscal quarter ended March 31, 2023.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $407,000 (or a loss of $0.06 per fully diluted share) for its second fiscal quarter ended December 31, 2023 compared to earnings from continuing operations of $2,277,000 (or $0.32 per fully diluted share) for the second fiscal quarter ended December 31, 2022.

SunLink Health Systems, Inc. (NYSE: American: SSY) today announced that its indirect subsidiary, Southern Health Corporation of Houston, Inc. (“Southern”), has reached a revised agreement for the sale of Trace Regional Hospital and three (3) patient clinics in Chickasaw County, MS, (“Trace”) to Progressive Health of Houston, LLC (“Progressive”). Southern sold certain personal and intangible property to Progressive for $500,000 pursuant to an asset purchase agreement, entered into a six-month net lease of certain hospital real property for $20,000 per month, and engaged Progressive under a management agreement to manage the operations of the hospital and clinics until receipt of certain regulatory approvals. As a result of the transaction, Southern’s agreement with Progressive dated November 10, 2023, was terminated. Southern also entered into a real estate purchase agreement with Progressive whereunder Progressive is to purchase certain real estate of Trace for $2,000,000 by July 31, 2024. As a result of the transactions, SunLink expects to report an aggregate loss in the approximate range of $1,800,000 to $2,200,000 on the sale of Trace and its real estate pursuant to the asset purchase agreement and the real estate purchase agreement. However, a more precise determination of the amount of loss is not determinable at this time pending analysis of costs of property sold by Trace hospital and retained by Trace Extended Care & Rehabilitation because the two operations historically have been operated as one facility, and Southern has retained Trace Extended Care & Rehabilitation, a skilled care nursing facility adjacent to the campus of Trace.

SunLink Health Systems, Inc. (“SunLink”) (NYSE American: SSY) today announced that SunLink and Progressive Health Group, LLC (“Progressive”) have amended their previously-announced agreement for the sale by SunLink’s subsidiary, Crown Healthcare Investments, LLC, of Trace Regional Medical Center in Houston, Mississippi, to Progressive to, among other things, extend the closing date until January 31, 2024, on substantially the same price and terms previously announced.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $428,000 (or a loss of $0.06 per fully diluted share) for its first fiscal quarter ended September 30, 2023 compared to a loss from continuing operations of $605,000 (or a loss of $0.09 per fully diluted share) for the first fiscal quarter ended September 30, 2022. On November 10, 2023, the Company's subsidiary, Crown Healthcare Investments, LLC, signed an agreement with Progressive Health Group, LLC, ("Buyer") for the sale of the subsidiary that owns and operates Trace Regional Medical Center (“Trace”), which includes a hospital, a skilled nursing facility and three (3) patient clinics in Houston, MS, for approximately $8,000,000. The sale is expected to close by December 15, 2023 but is subject to, among other things, the Buyer's satisfactory completion of its due diligence investigation and a number of customary closing conditions. The results for Trace are included in discontinued operations for the current fiscal year and prior period financial information has been restated to include Trace in discontinued operations.

SunLink Health Systems, Inc. (NYSE: American: SSY) today announced that its subsidiary, Crown Healthcare Investments, LLC, has signed an agreement with Progressive Health Group, LLC (“Buyer”) for the sale of the subsidiary that owns and operates Trace Regional Medical Center, which includes a hospital, skilled nursing facility and three (3) patient clinics in Chickasaw County, MS, for approximately $8,000,000. The sale is subject to, among other things, the Buyer’s satisfactory completion of its due diligence investigation and a number of customary closing conditions. The company expects to recognize a pre-tax gain of approximately $1,700,000 on the transaction, which is scheduled to close on December 15, 2023. The transaction will therefore be reported in SunLink Health Systems, Inc.’s second fiscal quarter. The proceeds of the sale of approximately $7,500,000, after payment of closing costs, will be used for general corporate purposes.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $1,436,000 (or a loss of $0.20 per fully diluted share) for its fourth fiscal quarter ended June 30, 2023 compared to a loss from continuing operations of $2,317,000 (or a loss of $0.33 per fully diluted share) for the fourth fiscal quarter ended June 30, 2022. Net loss for the quarter ended June 30, 2023 was $1,426,000 (or a loss of $0.20 per fully diluted share) compared to a net loss of $2,365,000 (or a loss of $0.34 per fully diluted share) for the quarter ended June 30, 2022. The fiscal quarter ended June 30, 2023 included Provider Relief Funds (“PRF”) of $449,000 (pre-tax).

SunLink Health Systems, Inc. (NYSE American: SSY) today announced that its Board of Directors (a) declared a dividend of one one-thousandth (1/1,000th) of a share (each a “Series C Fractional Interest”) of the Company’s newly-designated Series C Redeemable Preferred Shares, no par value per share (the “Series C Preferred Shares”), for each outstanding common share of the Company (the “Common Shares”), payable on August 16, 2023 to shareholders of record as of 5:00 p.m. Eastern Time on August 15, 2023 and (b) its intent to call a special meeting of shareholders to consider and approve a proposal to reincorporate the Company as a Georgia corporation (the “Reincorporation Proposal”).

On July 20, 2023, the board of directors (the “Board”) of SunLink Health Systems, Inc. (NYSE American: SSY) (“SSY,” the “Company,” “we,” “us” or “our”) filled a vacant seat on the Board of Directors by electing Mark J. Stockslager as a director of the Company.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $727,000 (or a loss of $0.10 per fully diluted share) for its third fiscal quarter ended March 31, 2023 compared to a loss from continuing operations of $934,000 (or a loss of $0.13 per fully diluted share) for the third fiscal quarter ended March 31, 2022. Net loss for the quarter ended March 31, 2023 was $762,000 (or a loss of $0.11 per fully diluted share) compared to a net loss of $990,000 (or a loss of $0.14 per fully diluted share) for the quarter ended March 31, 2022. The fiscal quarter ended March 31, 2022 included Provider Relief Funds (“PRF”) of $106,000 (pre-tax).

SunLink Health Systems, Inc. (NYSE American: SSY) today announced earnings from continuing operations of $2,052,000 ($0.29 per fully diluted share) for its second fiscal quarter ended December 31, 2022 compared to a loss from continuing operations of $477,000 (or a loss of $0.07 per fully diluted share) for the second fiscal quarter ended December 31, 2021. Net earnings for the quarter ended December 31, 2022 were $1,951,000 ($0.28 per fully diluted share) compared to a net loss of $593,000 (or a loss of $0.09 per fully diluted share) for the quarter ended December 31, 2021.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $1,544,000 (or a loss of $0.22 per fully diluted share) for its first fiscal quarter ended September 30, 2022 compared to earnings from continuing operations of $2,006,000 (or $0.28 per fully diluted share) for the fourth fiscal quarter ended September 30, 2021. Net loss for the quarter ended September 30, 2022 was a loss of $1,558,000 (or a loss of $0.22 per fully diluted share) compared to net earnings of $1,939,000 (or $0.27 per fully diluted share) for the quarter ended June 30, 2021.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $2,317,000 (or a loss of $0.33 per fully diluted share) for its fourth fiscal quarter ended June 30, 2022 compared to earnings from continuing operations of $4,555,000 (or $0.64 per fully diluted share) for the fourth fiscal quarter ended June 30, 2021. Net loss for the quarter ended June 30, 2022 was $2,365,000 (or a loss of $0.34 per fully diluted share) compared to net earnings of $4,687,000 (or $0.66 per fully diluted share) for the quarter ended June 30, 2021.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $934,000 (or a loss of $0.13 per fully diluted share) for its third fiscal quarter ended March 31, 2022 compared to a loss from continuing operations of $473,000 (or a loss of $0.07 per fully diluted share) for the third fiscal quarter ended March 31, 2021.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $477,000 (or a loss of $0.07 per fully diluted share) for its second fiscal quarter ended December 3, 2021 compared to earnings from continuing operations of $3,146,000 ($0.46 per fully diluted share) for the second fiscal quarter ended December 31, 2020.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced earnings from continuing operations of $2,006,000 ($0.28 per fully diluted share) for its first fiscal quarter ended September 30, 2021 compared to a loss from continuing operations of $291,000 (or a loss of $0.04 per fully diluted share) for the first fiscal quarter ended September 30, 2020. Net income for the quarter ended September 30, 2021 was $1,939,000 ($0.27 per fully diluted share) compared to a net loss of $340,000 (or a loss of $0.05 per fully diluted share) for the quarter ended September 30, 2020. The Company’s earnings for the quarter resulted from its recognition of income of $3,010,000 (pre-tax) from forgiveness by the Small Business Administration of the Company’s remaining loans and accrued interest under the Paycheck Protection Program (“PPP”) received as a result of the Coronavirus Aid Relief and Economic Security Act. (“CARES Act”).

SunLink Health Systems, Inc. (NYSE American: SSY) today announced earnings from continuing operations of $4,555,000 ($0.64 per fully diluted share) for its fourth fiscal quarter ended June 30, 2021 compared to a loss from continuing operations of $600,000 (or a loss of $0.09 per fully diluted share) for the quarter ended June 30, 2020. Net income for the quarter ended June 30, 2021 was $4,687,000 ($0.66 per fully diluted share) compared to a net loss of $679,000 (or a loss of $0.10 per fully diluted share) for the quarter ended June 30, 2020. The Company’s earnings for the quarter resulted from its recognition of income of $3,586,000 (pre-tax) for Employee Retention Credits (“ERC”) and income of $1,421,000 (pre-tax) of Provider Relief Funds (“PRF”) received under the Coronavirus Aid Relief and Economic Security (“CARES”) Act.

SunLink Health Systems, Inc. (NYSE American: SSY) today announced a loss from continuing operations of $473,000 (a loss of $0.07 per fully diluted share) for its third fiscal quarter ended March 31, 2021 compared to a loss from continuing operations of $46,000 (a loss of $0.01 per fully diluted share) for the quarter ended March 31, 2020. Net loss for the quarter ended March 31, 2021 was $531,000 (a loss of $0.08 per fully diluted share) compared to a net loss of $158,000 (a loss of $0.02 per fully diluted share) for the quarter ended March 31, 2020. The Company recognized $11,000 (pre-tax) of Provider Relief Funds (“PRF”) in the quarter ended March 31, 2021.