SunLink doubles 4Q profit; full-year figure falls 44%

SunLink Health Systems, Atlanta, said it doubled profits for its fiscal fourth quarter ended June 30, although its full-year profits were down 44% compared with fiscal 2008. SunLink recorded a net income of $891,000 for fiscal 2009's fourth quarter, compared with profits of $427,000 in the year-ago quarter. Revenue increased 12.4%, to $49.3 million. For fiscal 2009, SunLink said its net income was $912,000, compared with $1.6 million in fiscal 2008. Revenue increased 25.8% to $199.3 million.

Nearly all of the revenue gains for the quarter and fiscal year came from the April 2008 acquisition of Carmichael's Cashway Pharmacy, which is now the company's specialty pharmacy segment. The healthcare facilities segment, which includes seven rural hospitals and three nursing homes, had revenue in fiscal 2009 of $151.9 million compared with $151.4 million in fiscal 2008. Volume statistics for fiscal 2009 all declined compared with fiscal 2008: admissions by 5.3%, equivalent admissions by 3.3% and surgeries by 14%.

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