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Exhibit 99
Press Release
     
Contact:
  Claire M. Gulmi
 
  Executive Vice President and
 
  Chief Financial Officer
 
  (615) 665-1283
AMSURG ANNOUNCES FOURTH-QUARTER NET EARNINGS
FROM CONTINUING OPERATIONS OF $0.43 PER DILUTED SHARE
 
ESTABLISHES 2011 FINANCIAL GUIDANCE
NASHVILLE, Tenn. — (February 24, 2011) — Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the fourth quarter and year ended December 31, 2010. Revenues increased 11% to $184,724,000 for the quarter from $166,002,000 for the fourth quarter of 2009. Net earnings from continuing operations attributable to AmSurg common shareholders for the fourth quarter of 2010 were $13,222,000, or $0.43 per diluted share, compared with $12,729,000, or $0.41 per diluted share, for the fourth quarter of 2009. The results for the fourth quarter of 2010 included an incremental negative impact of $0.01 per diluted share from the revision of the Medicare payment system for ASCs and $0.04 per diluted share from the higher interest costs related to the refinancing of the Company’s credit facility in May 2010, as previously disclosed.
     Revenues for the year ended December 31, 2010 increased 8% to $710,409,000 from $658,223,000 for 2009. Net earnings from continuing operations attributable to AmSurg common shareholders were $51,947,000, or $1.69 per diluted share, for 2010 compared with $51,826,000, or $1.68 per diluted share, for 2009. The results for 2010 included an incremental negative impact of $0.06 per diluted share from the revision of the Medicare payment system for ASCs and $0.10 per diluted share from the higher interest costs related to the refinancing of the Company’s credit facility.
     Mr. Holden remarked, “AmSurg’s comparable-quarter results strengthened for the fourth quarter of 2010, with an 11% increase in revenues and 5% growth in per-share earnings, after slight declines for the two previous quarters. Procedure growth of 9% contributed to our revenue growth for the quarter, as did a 2% increase in average revenue per procedure, which we attribute primarily to procedure mix. With same-center revenues flat with the fourth quarter of 2009, our procedure growth reflected the expansion in the average number of centers in operation for the fourth quarter of 2010 to 202 from 190 for the fourth quarter of 2009. Despite the deleveraging impact of flat same-center revenues, our continued focus on cost management and efficiency initiatives produced improved comparable-quarter EBITDA less noncontrolling interests as a percentage of revenues for the second consecutive quarter.
     “We acquired three additional centers during the fourth quarter and seven for the full year. We classified five centers as discontinued operations during the fourth quarter and expect final disposition of the centers to generate sales proceeds of approximately $5 million. We had expected to complete the acquisition of seven other centers under letter of intent by the end of
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AMSG Reports Fourth-Quarter Results
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February 24, 2011
2010. We have now completed one of these acquisitions, executed purchase agreements contingent on regulatory approval for another two of the centers and expect to complete the acquisition of the remaining four centers near the end of the first quarter. These seven centers are included in the eight centers we had under letter of intent at the end of 2010. We also have one center under development, which we expect to open in 2011.
     “Net cash flows from operating activities for the fourth quarter of 2010 were $65.8 million, and distributions to noncontrolling interests, which are included in net cash flows from financing activities, were $33.4 million. Operating net cash flows less these distributions totaled $32.4 million for the fourth quarter, with which we funded capital expenditures for the quarter of $5.8 million and acquisitions of $12.1 million. We also reduced our debt during the fourth quarter and completed the quarter with a ratio of total debt to trailing 12 months EBITDA of 2.3 compared with 2.6 at the end of 2009. At the end of 2010, we had cash and cash equivalents of $34.1 million and availability under our revolving credit facility of $187.0 million.
     “Our guidance for 2011 includes the impact of headwinds from the last year of the four-year phase-in of the revised Medicare payment system, the partial year impact of the 2010 refinancing of our revolving credit facility and an increased effective tax rate. In addition, based on our same-center performance in the first quarter to-date and ongoing concern about high unemployment and sluggish economic conditions, we expect continuing negative leverage from flat to declining same-center procedures for 2011. As a result, we today established the following guidance for the 2011 fiscal year and for the first quarter of 2011:
    Revenues in a range of $740 million to $770 million for 2011.
 
    Same-center revenues in a range of 0% to a negative 1% for 2011.
 
    The addition of 18 to 20 new centers for the year.
 
    Net cash flow provided by operating activities, less distributions to noncontrolling interests, in a range of $90 million to $95 million.
 
    Net earnings from continuing operations per diluted share attributable to common shareholders for 2011 in a range of $1.64 to $1.68, which includes a negative $0.05 impact from the effect of the revised Medicare payment system and a negative $0.07 impact from higher interest costs related to the refinancing of our revolving credit facility and from the higher effective tax rate.
 
    Net earnings from continuing operations per diluted share attributable to common shareholders for the first quarter of 2011 in a range of $0.37 to $0.39 per diluted share, including a negative $0.01 impact from the effect of the revised Medicare payment system revision and a negative $0.04 impact from the higher interest costs related to the refinancing of our credit facility and from the higher effective tax rate.”
     The information contained in the preceding paragraphs is forward-looking information, and the attainment of these targets is dependent not only on AmSurg’s achievement of its assumptions discussed above, but also on the risks and uncertainties listed below that could cause actual results, performance or developments to differ materially from those expressed or implied by this forward-looking information.
     Mr. Holden concluded, “The strong headwinds AmSurg has faced during 2010 will affect our financial results for 2011. While we continue to focus on offsetting the deleveraging effect
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AMSG Reports Fourth-Quarter Results
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February 24, 2011
of weak same-center revenue performance through initiatives to reengineer, automate and simplify our operations, our guidance anticipates significant margin pressure for 2011.
     “Our outlook for 2012 is substantially better. While we have limited visibility as to the timing or sustainability of any strengthening in the nation’s economic environment, we believe that our operating structure enables us to produce operating leverage with a relatively small sustained increase in same-center revenues. In addition, we expect our results for 2012 to benefit from:
    the completion of reductions in Medicare rate reimbursement in 2011, with no scheduled reduction in Medicare rates for 2012 for the first time in four years;
 
    the cycling at the end of May 2011 of the comparative negative impact of our refinancing at the end of May 2010;
 
    no expected negative comparative impact for changes in our effective tax rate.
     “With our leading GI and ophthalmology market share and the growing recognition of the high quality ASCs offer in the most affordable modality for many surgical procedures, we are confident that we are strongly positioned to benefit from clear demographic trends and from health care reform. In addition, we have a strong financial position and a robust pipeline of prospective center acquisitions. We are also continuously focused on ensuring that we are the strategic partner of choice for physicians. In pursuit of that goal, we achieved further material gains in physician satisfaction during 2010. As a result and despite the challenges we face in 2011, we are confident of our direction, our resources and our opportunities for long-term growth in earnings and shareholder value.”
     AmSurg Corp. will hold a conference call to discuss this release today at 5:00 p.m. Eastern time. Investors will have the opportunity to listen to the conference call over the Internet by going to www.amsurg.com and clicking “Investors” or by going to www.earnings.com at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at these sites shortly after the call and continue for 30 days.
     This press release contains forward-looking statements. These statements, which have been included in reliance on the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by the important factors, among others, set forth in AmSurg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and other filings with the Securities and Exchange Commission, including the following risks: adverse impacts on the Company’s business associated with current and future economic conditions; the risk that payments from third-party payors, including government healthcare programs, may decrease or not increase as the Company’s costs increase; adverse developments affecting the medical practices of the Company’s physician partners; the Company’s ability to maintain favorable relations with its physician partners; the Company’s ability to acquire and develop additional surgery centers on favorable terms; the Company’s ability to grow revenues by increasing procedure volume while maintaining its operating margins and profitability at its existing centers; the Company’s ability to manage the growth in its business; the Company’s ability to
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AMSG Reports Fourth-Quarter Results
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February 24, 2011
obtain sufficient capital resources to complete acquisitions and develop new surgery centers; the Company’s ability to compete for physician partners, managed care contracts, patients and strategic relationships; adverse weather and other factors that may affect the Company’s surgery centers; the Company’s failure to comply with applicable laws and regulations; the risk of changes in legislation, regulations or regulatory interpretations that may negatively affect the Company; the risk of becoming subject to federal and state investigation; the risk of regulatory changes that may obligate the Company to buy out interests of physicians who are minority owners of its surgery centers; potential liabilities associated with the Company’s status as a general partner of limited partnerships; liabilities for claims brought against our facilities; the Company’s legal responsibility to minority owners of its surgery centers, which may conflict with its interests and prevent it from acting solely in its best interests; risks associated with the potential write-off of the impaired portion of intangible assets; and potential liability relating to the tax deductibility of goodwill. Consequently, actual results, performance or developments may differ materially from the forward-looking statements included above. AmSurg disclaims any intent or obligation to update these forward-looking statements.
     AmSurg Corp. acquires, develops and operates ambulatory surgery centers in partnership with physician practice groups throughout the United States. At December 31, 2010, AmSurg owned a majority interest in 204 continuing centers in operation and had one center under development.
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AMSG Reports Fourth-Quarter Results
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February 24, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
                                 
    For the Three Months     For the Twelve Months  
    Ended December 31,     Ended December 31,  
    2010     2009     2010     2009  
Statement of Earnings Data:
                               
 
                               
Revenues
  $ 184,724     $ 166,002     $ 710,409     $ 658,223  
Operating expenses:
                               
Salaries and benefits
    56,576       49,898       213,274       197,569  
Supply cost
    24,293       21,131       94,064       81,607  
Other operating expenses
    37,058       34,826       148,878       134,574  
Depreciation and amortization
    6,427       5,697       24,910       22,351  
 
               
Total operating expenses
    124,354       111,552       481,126       436,101  
 
               
Operating income
    60,370       54,450       229,283       222,122  
Interest expense
    4,386       1,768       13,371       7,647  
 
               
Earnings from continuing operations before income taxes
    55,984       52,682       215,912       214,475  
Income tax expense
    8,653       8,669       34,324       35,067  
 
               
Net earnings from continuing operations
    47,331       44,013       181,588       179,408  
Discontinued operations:
                               
Earnings from operations of discontinued interest in surgery centers, net of income tax
    525       697       1,640       2,644  
Loss on disposal of discontinued interest in surgery centers, net of income tax
    (2,635 )     (850 )     (2,732 )     (702 )
 
               
Net (loss) earnings from discontinued operations
    (2,110 )     (153 )     (1,092 )     1,942  
 
               
Net earnings
    45,221       43,860       180,496       181,350  
Less net earnings attributable to noncontrolling interests:
                               
Net earnings from continuing operations
    34,109       31,284       129,641       127,582  
Net earnings from discontinued operations
    244       427       1,030       1,620  
 
               
Total net earnings attributable to noncontrolling interests
    34,353       31,711       130,671       129,202  
 
               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 10,868     $ 12,149     $ 49,825     $ 52,148  
 
               
Amounts attributable to AmSurg Corp. common shareholders:
                               
Earnings from continuing operations, net of income tax
  $ 13,222     $ 12,729     $ 51,947     $ 51,826  
Discontinued operations, net of income tax
    (2,354 )     (580 )     (2,122 )     322  
 
               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 10,868     $ 12,149     $ 49,825     $ 52,148  
 
               
Earnings per share-basic:
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.44     $ 0.42     $ 1.72     $ 1.69  
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders
    (0.08 )     (0.02 )     (0.07 )     0.01  
 
               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.36     $ 0.40     $ 1.65     $ 1.71  
 
               
Earnings per share-diluted:
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.43     $ 0.41     $ 1.69     $ 1.68  
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders
    (0.08 )     (0.02 )     (0.07 )     0.01  
 
               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.35     $ 0.40     $ 1.62     $ 1.69  
 
               
Weighted average number of shares and share equivalents (000’s):
                               
Basic
    30,318       30,206       30,255       30,576  
Diluted
    30,763       30,686       30,689       30,862  
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February 24, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands, except per share amounts)
                                 
    For the Three Months     For the Twelve Months  
    Ended December 31,     Ended December 31,  
    2010     2009     2010     2009  
Operating Data:
                               
 
Continuing centers in operation at end of period
    204       197       204       197  
New centers added during the period
    3       8       7       14  
Centers discontinued during the period
    5             5       1  
Centers under development/not opened at end of period
    1       1       1       1  
Centers under letter of intent
    8       1       8       1  
Average number of centers in operation
    202       190       200       188  
Average revenue per center
  $ 914     $ 874     $ 3,552     $ 3,501  
Same center revenues (decrease) increase
    0 %     1 %     (2 %)     0 %
Procedures performed during the period
    331,729       305,129       1,276,231       1,215,784  
Income tax expense attributable to noncontrolling interests
  $ 31     $ 200     $ 628     $ 639  
Reconciliation of net earnings to EBITDA (1):
                               
Net earnings from continuing operations attributable to
AmSurg Corp. common shareholders
  $ 13,222     $ 12,729     $ 51,947     $ 51,826  
Add: income tax expense
    8,653       8,669       34,324       35,067  
Add: interest expense, net
    4,386       1,768       13,371       7,647  
Add: depreciation and amortization
    6,427       5,697       24,910       22,351  
 
                       
 
EBITDA
  $ 32,688     $ 28,863     $ 124,552     $ 116,891  
 
                       
 
(1)   EBITDA is defined as earnings before interest, income taxes and depreciation and amortization. EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from EBITDA are significant components in understanding and assessing financial performance. EBITDA is an analytical indicator used by management and the health care industry to evaluate company performance, allocate resources and measure leverage and debt service capacity. EBITDA should not be considered in isolation or as an alternative to net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, EBITDA as presented may not be comparable to other similarly titled measures of other companies. Net earnings from continuing operations attributable to AmSurg Corp. common shareholders is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to EBITDA as defined.
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AMSG Reports Fourth-Quarter Results
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February 24, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
                 
    December 31,     December 31,  
    2010   2009
Balance Sheet Data:
               
 
               
Assets
               
 
Current assets:
               
Cash and cash equivalents
  $ 34,147     $ 29,377  
Accounts receivable, net of allowance of $13,070 and $12,375, respectively
    67,617       66,886  
Supplies inventory
    10,157       8,745  
Deferred income taxes
    1,509       2,324  
Prepaid and other current assets
    18,660       15,408  
Current assets held for sale
    866       34  
 
       
 
Total current assets
    132,956       122,774  
 
               
Property and equipment, net
    119,167       120,158  
Goodwill
    894,497       813,876  
Intangible assets, net
    11,361       9,797  
Long-term assets held for sale
    7,897       170  
Long-term receivables
          56  
 
       
 
Total assets
  $ 1,165,878     $ 1,066,831  
 
       
 
               
Liabilities and Equity
               
 
               
Current liabilities:
               
Current portion of long-term debt
  $ 6,648     $ 5,989  
Accounts payable
    15,291       14,821  
Accrued salaries and benefits
    17,952       18,156  
Other accrued liabilities
    3,136       3,208  
Income taxes payable
          402  
Current liabilities held for sale
    536       37  
 
       
 
Total current liabilities
    43,563       42,613  
 
               
Long-term debt
    283,215       296,783  
Deferred income taxes
    90,089       71,665  
Other long-term liabilities
    24,404       22,036  
Noncontrolling interests — redeemable
    147,740       123,363  
Equity:
               
Common stock, no par value 70,000,000 shares authorized, 31,039,770 and
30,674,525 shares outstanding, respectively
    171,522       163,729  
Retained earnings
    393,061       343,236  
Accumulated other comprehensive loss, net of income taxes
    (515 )     (1,849 )
 
       
 
Total AmSurg Corp. equity
    564,068       505,116  
Noncontrolling interests — non-redeemable
    12,799       5,255  
 
       
 
Total equity
    576,867       510,371  
 
       
 
Total liabilities and equity
  $ 1,165,878     $ 1,066,831  
 
       
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AMSG Reports Fourth-Quarter Results
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February 24, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
                                 
    For the Three Months     For the Twelve Months  
    Ended December 31,     Ended December 31,  
    2010     2009     2010     2009  
Statement of Cash Flow Data:
                               
 
                               
Cash flows from operating activities:
                               
Net earnings
  $ 45,221     $ 43,860     $ 180,496     $ 181,350  
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
                               
Depreciation and amortization
    6,427       5,697       24,910       22,351  
Net loss on sale and impairment of long-lived assets
    4,084       21       4,243       455  
Share-based compensation
    1,444       966       4,869       4,068  
Excess tax benefit from share-based compensation
    (119 )     (5 )     (200 )     (32 )
Deferred income taxes
    4,830       3,464       18,247       14,703  
Increase (decrease) in cash and cash equivalents, net of effects of acquisition and dispositions, due to changes in:
                               
Accounts receivable, net
    3,666       3,596       713       1,494  
Supplies inventory
    (901 )     (418 )     (541 )     (60 )
Prepaid and other current assets
    (3,184 )     (1,754 )     (3,364 )     (733 )
Accounts payable
    2,033       2,233       (220 )     1,289  
Accrued expenses and other liabilities
    2,116       (1,473 )     168       6,666  
Other, net
    202       347       1,254       1,033  
 
               
 
Net cash flows provided by operating activities
    65,819       56,534       230,575       232,584  
 
                               
Cash flows from investing activities:
                               
Acquisition of interest in surgery centers and related transactions
    (12,075 )     (76,121 )     (53,690 )     (95,826 )
Acquisition of property and equipment
    (5,775 )     (3,421 )     (19,275 )     (19,930 )
Proceeds from the sale of surgery centers
    60       400       60       1,298  
Repayment of notes receivable
                      1,666  
 
               
 
Net cash flows used in investing activities
    (17,790 )     (79,142 )     (72,905 )     (112,792 )
 
                               
Cash flows from financing activities:
                               
Proceeds from long-term borrowings
    20,030       84,719       176,619       137,178  
Repayment on long-term borrowings
    (31,423 )     (29,902 )     (195,960 )     (116,951 )
Distributions to noncontrolling interests
    (33,449 )     (33,660 )     (132,110 )     (130,855 )
Proceeds from issuance of common stock upon exercise of
stock options
    1,900       23       2,583       201  
Repurchase of common stock
                      (12,587 )
Capital contributions and ownership transactions by
noncontrolling interests
    160       178       224       1,036  
Excess tax benefit from share-based compensation
    119       5       200       32  
Financing cost incurred
    (16 )     (6 )     (4,456 )     (17 )
 
               
 
Net cash flows (used in) provided by financing activities
    (42,679 )     21,357       (152,900 )     (121,963 )
 
               
 
Net increase (decrease) in cash and cash equivalents
    5,350       (1,251 )     4,770       (2,171 )
Cash and cash equivalents, beginning of period
    28,797       30,628       29,377       31,548  
 
               
 
Cash and cash equivalents, end of period
  $ 34,147     $ 29,377     $ 34,147     $ 29,377  
 
               
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AMSG Reports Fourth-Quarter Results
Page 9
February 24, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
Presented below is certain statement of earnings and operating data for prior quarterly periods in 2010, which have been restated in order to include additional discontinued operations.
                                 
                            For the Nine  
    For the Three Months Ended     Months Ended  
    March 31,     June 30,     Sept. 30,     Sept. 30,  
    2010     2010     2010     2010  
Statement of Earnings Data:
                               
 
                               
Revenues
  $ 170,116     $ 177,498     $ 178,071     $ 525,685  
 
                               
Operating expenses:
                               
Salaries and benefits
    51,176       51,811       53,711       156,698  
Supply cost
    22,778       23,285       23,708       69,771  
Other operating expenses
    36,800       38,006       37,014       111,820  
Depreciation and amortization
    5,662       5,850       6,971       18,483  
 
                       
 
                               
Total operating expenses
    116,416       118,952       121,404       356,772  
 
                       
 
                               
Operating income
    53,700       58,546       56,667       168,913  
 
Interest expense
    1,839       3,135       4,011       8,985  
 
                       
 
                               
Earnings from continuing operations before income taxes
    51,861       55,411       52,656       159,928  
Income tax expense
    8,621       9,252       7,798       25,671  
 
                       
 
                               
Net earnings from continuing operations
    43,240       46,159       44,858       134,257  
 
                               
Net earnings from discontinued operations
    272       469       277       1,018  
 
                       
 
                               
Net earnings
    43,512       46,628       45,135       135,275  
 
                               
Less net earnings attributable to noncontrolling interests:
                               
Net earnings from continuing operations
    30,554       33,194       31,784       95,532  
Net earnings from discontinued operations
    261       292       233       786  
 
                       
 
Total net earnings attributable to noncontrolling interests
    30,815       33,486       32,017       96,318  
 
                       
 
                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 12,697     $ 13,142     $ 13,118     $ 38,957  
 
                       
 
                               
Amounts attributable to AmSurg Corp. common shareholders:
                               
Earnings from continuing operations, net of income tax
  $ 12,686     $ 12,965     $ 13,074     $ 38,725  
Discontinued operations, net of income tax
    11       177       44       232  
 
                       
 
Net earnings attributable to AmSurg Corp. common shareholders
  $ 12,697     $ 13,142     $ 13,118     $ 38,957  
 
                       
 
                               
Earnings per share-basic:
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.42     $ 0.43     $ 0.43     $ 1.28  
Net earnings from discontinued operations attributable to
AmSurg Corp. common shareholders
    0.00       0.01       0.00       0.01  
 
                       
 
                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.42     $ 0.43     $ 0.43     $ 1.29  
 
                       
 
                               
Earnings per share-diluted:
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.41     $ 0.42     $ 0.43     $ 1.26  
Net earnings from discontinued operations attributable to
AmSurg Corp. common shareholders
    0.00       0.01       0.00       0.01  
 
                       
 
                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.41     $ 0.43     $ 0.43     $ 1.27  
 
                       
 
                               
Weighted average number of shares and share equivalents (000’s):
                               
Basic
    30,212       30,239       30,251       30,234  
Diluted
    30,716       30,655       30,620       30,663  
-MORE-

 


 

AMSG Reports Fourth-Quarter Results
Page 10
February 24, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
Presented below is certain statement of earnings and operating data for 2009, which have been restated in order to present additional discontinued operations.
                                         
                                    For the Year  
    For the Three Months     Ended  
    March 31,     June 30,     Sept. 30,     Dec. 31,     Dec. 31,  
    2009     2009     2009     2009     2009  
Statement of Earnings Data:
                                       
 
                                       
Revenues
  $ 160,823     $ 166,122     $ 165,276     $ 166,002     $ 658,223  
 
                                       
Operating expenses:
                                       
Salaries and benefits
    48,331       48,702       50,638       49,898       197,569  
Supply cost
    19,655       20,685       20,136       21,131       81,607  
Other operating expenses
    33,145       33,679       32,924       34,826       134,574  
Depreciation and amortization
    5,495       5,553       5,606       5,697       22,351  
 
                             
 
                                       
Total operating expenses
    106,626       108,619       109,304       111,552       436,101  
 
                             
 
                                       
Operating income
    54,197       57,503       55,972       54,450       222,122  
 
                                       
Interest expense
    1,990       2,002       1,887       1,768       7,647  
 
                             
 
                                       
Earnings from continuing operations before income taxes
    52,207       55,501       54,085       52,682       214,475  
Income tax expense
    8,416       9,192       8,790       8,669       35,067  
 
                             
 
                                       
Net earnings from continuing operations
    43,791       46,309       45,295       44,013       179,408  
 
                                       
Net earnings (loss) from discontinued operations
    524       544       1,027       (153 )     1,942  
 
                             
 
                                       
Net earnings
    44,315       46,853       46,322       43,860       181,350  
 
                                       
Less net earnings attributable to noncontrolling interests:
                                       
Net earnings from continuing operations
    31,378       32,778       32,142       31,284       127,582  
Net earnings from discontinued operations
    321       495       377       427       1,620  
 
                             
 
                                       
Total net earnings attributable to noncontrolling interests
    31,699       33,273       32,519       31,711       129,202  
 
                             
Net earnings attributable to AmSurg Corp. common shareholders
  $ 12,616     $ 13,580     $ 13,803     $ 12,149     $ 52,148  
 
                             
 
                                       
Amounts attributable to AmSurg Corp. common shareholders:
                                       
Earnings from continuing operations, net of
income tax
  $ 12,413     $ 13,531     $ 13,153     $ 12,729     $ 51,826  
Discontinued operations, net of income tax
    203       49       650       (580 )     322  
 
                             
 
Net earnings attributable to AmSurg Corp. common shareholders
  $ 12,616     $ 13,580     $ 13,803     $ 12,149     $ 52,148  
 
                             
 
                                       
Earnings per share-basic:
                                       
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.40     $ 0.44     $ 0.44     $ 0.42     $ 1.69  
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders
    0.01       0.00       0.02       (0.02 )     0.01  
 
                             
 
                                       
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.40     $ 0.44     $ 0.46     $ 0.40     $ 1.71  
 
                             
 
                                       
Earnings per share-diluted:
                                       
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.40     $ 0.44     $ 0.43     $ 0.41     $ 1.68  
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders
    0.01       0.00       0.02       (0.02 )     0.01  
 
                             
 
                                       
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.40     $ 0.44     $ 0.45     $ 0.40     $ 1.69  
 
                             
 
                                       
Weighted average number of shares and share equivalents (000’s):
                                       
Basic
    31,244       30,660       30,195       30,206       30,576  
Diluted
    31,406       30,828       30,497       30,686       30,862  
-MORE-

 


 

AMSG Reports Fourth-Quarter Results
Page 11
February 24, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
Presented below is certain statement of earnings and operating data for 2010 and 2009, which have been restated in order to present additional discontinued operations.
                                 
                            For the Nine  
    For the Three Months Ended     Months Ended  
    March 31,     June 30,     Sept. 30,     Sept. 30,  
    2010     2010     2010     2010  
Operating Data:
                               
 
                               
Procedures
    303,259       319,229       322,014       944,502  
Reconciliation of net earnings to EBITDA (1):
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 12,686     $ 12,965     $ 13,074     $ 38,725  
Add: income tax expense
    8,621       9,252       7,798       25,671  
Add: interest expense, net
    1,839       3,135       4,011       8,985  
Add: depreciation and amortization
    5,662       5,850       6,971       18,483  
 
                       
 
                               
EBITDA
  $ 28,808     $ 31,202     $ 31,854     $ 91,864  
 
                       
                                         
                                    For the Year  
    For the Three Months     Ended  
    March 31,     June 30,     Sept. 30,     Dec. 31,     Dec. 31,  
    2009     2009     2009     2009     2009  
Operating Data:
                                       
 
                                       
Procedures
    297,633       308,039       304,983       305,129       1,215,784  
Reconciliation of net earnings to EBITDA (1):
                                       
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 12,413     $ 13,531     $ 13,153     $ 12,729     $ 51,826  
Add: income tax expense
    8,416       9,192       8,790       8,669       35,067  
Add: interest expense, net
    1,990       2,002       1,887       1,768       7,647  
Add: depreciation and amortization
    5,495       5,553       5,606       5,697       22,351  
 
                             
 
                                       
EBITDA
  $ 28,314     $ 30,278     $ 29,436     $ 28,863     $ 116,891  
 
                             
-END-