Sun Healthcare Well-Served On Secondary Filing (SUNH)

By Douglas A. McIntyre Updated Mar 26, 12:20PM EDT · Published May 1, 10:23AM EDT

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Sun Healthcare Group (NASDAQ: SUNH) has filed for a mixed shelfoffering of $200 million this morning. They may periodically offer a combinationof common stock, preferred stock, debt securities, and warrants. The prospectusindicates the rehabilitation center and hospice operator does not have currentplans to sell any of these securities. The proceeds will be used for generalcorporate purposes including working capital, capital expenditures, and businessacquisitions.

Yesterday, Sun Healthcare released strong first quarterearnings, showing a 74% increase in revenue to $458.2 million from $262.6million first quarter last year. Net income was $8.6 million compared to $3.9million last year.

Sun Healthcare is up $0.06 to $13.21 in early morningtrading. The 52-week range is $11.72 to $18.78. The market cap currently sitsat $566.7 million.

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Rachel Lopez
May 1, 2008

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.