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8-K - FORM 8-K - AMSURG CORP | g26935e8vk.htm |
Exhibit 99
Press Release
Contact: | Claire M. Gulmi | |||
Executive Vice President and | ||||
Chief Financial Officer | ||||
(615) 665-1283 |
AMSURG ANNOUNCES FIRST-QUARTER NET EARNINGS
FROM CONTINUING OPERATIONS OF $0.38 PER DILUTED SHARE
FROM CONTINUING OPERATIONS OF $0.38 PER DILUTED SHARE
AFFIRMS 2011 FINANCIAL GUIDANCE
NASHVILLE, Tenn. (April 21, 2011) Christopher A. Holden, President and Chief Executive Officer
of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the first quarter ended March
31, 2011. Revenues for the quarter were $179,415,000, a 6% increase from $169,164,000 for the
first quarter of 2010. Net earnings from continuing operations attributable to AmSurg common
shareholders for the first quarter of 2011 were $11,709,000, or $0.38 per diluted share, compared
with $12,620,000, or $0.41 per diluted share, for the first quarter last year. As anticipated, the
results for the first quarter of 2011 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 Companys credit facility in May 2010
and a higher effective tax rate.
AmSurgs earnings for the first quarter were in-line with our guidance and continued to
reflect the impact of a weak economic environment and high unemployment, in addition to the
expected negative incremental impact from Medicare reimbursement, our 2010 debt refinancing and
higher taxes, said Mr. Holden. Our revenue growth for the quarter was attributable to the
acquisition of nine centers during the trailing 12 months, while same-center revenues for the first
quarter were flat with the first quarter last
year. Total procedures for the first quarter increased 6% compared with the first quarter of 2010,
primarily due to the nine new centers added since the first quarter last year. Even with the
deleveraging effect of flat same-center revenues, our ongoing initiatives to improve cost
management and efficiency enabled us to limit the decrease in EBITDA less noncontrolling interests
as a percentage of revenues to 16.7% for the quarter from 17.0% for the first quarter last year.
During the first quarter, we acquired one of the eight centers that were under letter of
intent at the end of 2010. We have completed the acquisition of three more of these centers since
the end of the first quarter, and we expect to complete transactions for another three during the
second quarter. In the first quarter, we also sold two centers. We completed the first quarter
with seven centers under letter of intent, including the three centers since acquired, and one
center under development that we expect to open this year.
Net cash flows from operating activities of $51.3 million were strong for the first quarter
of 2011, and distributions to noncontrolling interests, which are included in net cash flows from
financing activities, were $31.9 million. Operating net cash flows less these distributions
totaled
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April 21, 2011
$19.4 million. At the end of the first quarter, we had cash and cash equivalents of $37.7 million
and availability under our revolving credit facility of $196 million.
On April 7, 2011, we were pleased to announce a definitive agreement to acquire National
Surgical Care (NSC) for $173.5 million in cash. NSC owns and operates 18 ASCs, including 16
multi-specialty centers and two GI centers, that produced consolidated revenues for 2010 of $124.5
million and adjusted EBITDA of $21.5 million. We intend to fund this transaction with available
cash and additional borrowings and have exercised the accordion feature on our revolving credit
facility, increasing the Companys borrowing capacity to $450 million from $375 million previously.
We expect to complete the transaction, subject to normal closing conditions, regulatory approvals
and clearance under the Hart-Scott-Rodino Act, by the end of the second quarter.
We expect the NSC transaction will be accretive to our 2012 financial results and, excluding
transaction costs, to our results for 2011. However, we will incorporate the specific impact of
the transaction into our guidance for 2011 only after the transaction is complete. As a result,
today, we affirm our existing guidance for 2011, and we establish our guidance for the second
quarter of 2011, neither of which includes the impact of the NSC transaction,:
| 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, not including the NSC transaction. | ||
| 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 the higher effective tax rate. | ||
| Net earnings from continuing operations per diluted share attributable to common shareholders for the second quarter of 2011 in a range of $0.40 to $0.42 per diluted share, including a negative $0.01 impact from the effect of the revised Medicare payment system revision and a negative $0.03 impact from the higher interest costs related to the refinancing of our credit facility and 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 AmSurgs 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, Based on our results thus far in 2011, we remain cautious about the
impact of a weak economic environment and continuing high unemployment on our financial results for
2011. This caution, combined with the effect of the final years implementation of the revised
Medicare payment system, underscores our soft same-center revenue guidance, which drives our
expectation of significant margin pressure for the year. We believe these challenges will increase
consolidation pressure in the ASC industry at a time of growing operating and
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regulatory complexity. Our pipeline of potential center acquisitions continues to support our
guidance for center additions for 2011.
Although we have very limited visibility about the impact of the nations economic
environment on our financial results for 2012, a number of factors support a substantially improved
outlook for the year compared with 2011. We continue to expect that our results for 2012 will
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, and from the cycling at the
end of May 2011 of the comparative negative impact of our refinancing at the end of May 2010. We
also expect the full-year financial impact in 2012 of centers added in 2011 through both the
18-center NSC transaction and the addition of the 18 to 20 centers referenced in our guidance
will be significantly more beneficial than their impact in 2011.
Supporting our longer-term prospects for growth, the NSC transaction will make AmSurg one of
the leading operators of freestanding, multi-specialty ASCs in the country, enhancing the industry
leadership role we already occupy by having the largest GI and ophthalmology ASC market share. We
are building this strong market position in an industry with very favorable growth dynamics due to,
among other factors, the aging U.S. population, health care legislation providing insurance for 30
million previously uninsured people, and a growing recognition among payers that freestanding ASCs
provide high quality in the most affordable modality for many surgical procedures, a substantial
majority of which are still being performed in much more expensive venues. 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 AmSurgs Annual Report on Form
10-K for the fiscal year ended December 31, 2010 and other filings with the Securities and Exchange
Commission, including the following risks: the risk that payments from third-party payors,
including government healthcare programs, may decrease or not increase as the Companys costs
increase; adverse developments affecting the medical practices of the Companys physician partners;
the Companys ability to maintain favorable relations with its physician partners; the Companys
ability to acquire and develop additional surgery centers on favorable terms; the Companys ability
to grow revenues by increasing procedure volume while maintaining its operating margins and
profitability at its existing centers; the Companys ability to manage the growth in its business;
the Companys ability to obtain sufficient capital resources to complete acquisitions and develop
new surgery centers; the Companys ability to compete for
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physician partners, managed care contracts, patients and strategic relationships; adverse weather
and other factors beyond the Companys control that may affect the Companys surgery centers;
adverse impacts on the Companys business associated with current and future economic conditions;
the Companys 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 from an unpredictable impact
of the Health Reform Law; 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 Companys status as a general partner of limited partnerships; liabilities for
claims brought against our facilities; the Companys 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 March 31, 2011, AmSurg owned a majority
interest in 203 continuing centers in operation and had one center under development.
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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
For the Three Months | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
Statement of Earnings Data: |
||||||||
Revenues |
$ | 179,415 | $ | 169,164 | ||||
Operating expenses: |
||||||||
Salaries and benefits |
55,673 | 50,803 | ||||||
Supply cost |
23,073 | 22,552 | ||||||
Other operating expenses |
38,082 | 36,643 | ||||||
Depreciation and amortization |
5,946 | 5,652 | ||||||
Total operating expenses |
122,774 | 115,650 | ||||||
Operating income |
56,641 | 53,514 | ||||||
Interest expense |
3,941 | 1,867 | ||||||
Earnings from continuing operations before income taxes |
52,700 | 51,647 | ||||||
Income tax expense |
8,336 | 8,578 | ||||||
Net earnings from continuing operations |
44,364 | 43,069 | ||||||
Discontinued operations: |
||||||||
Earnings from operations of discontinued interest in surgery centers,
net of income tax |
445 | 443 | ||||||
Loss on disposal of discontinued interest in surgery centers, net of income tax |
(181 | ) | | |||||
Net earnings from discontinued operations |
264 | 443 | ||||||
Net earnings |
44,628 | 43,512 | ||||||
Less net earnings attributable to noncontrolling interests: |
||||||||
Net earnings from continuing operations |
32,655 | 30,449 | ||||||
Net earnings from discontinued operations |
280 | 366 | ||||||
Total net earnings attributable to noncontrolling interests |
32,935 | 30,815 | ||||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 11,693 | $ | 12,697 | ||||
Amounts attributable to AmSurg Corp. common shareholders: |
||||||||
Earnings from continuing operations, net of income tax |
$ | 11,709 | $ | 12,620 | ||||
Discontinued operations, net of income tax |
(16 | ) | 77 | |||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 11,693 | $ | 12,697 | ||||
Earnings per share-basic: |
||||||||
Net earnings from continuing operations attributable to
AmSurg Corp. common shareholders |
$ | 0.38 | $ | 0.42 | ||||
Net (loss) earnings from discontinued operations attributable to
AmSurg Corp. common shareholders |
| | ||||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 0.38 | $ | 0.42 | ||||
Earnings per share-diluted: |
||||||||
Net earnings from continuing operations attributable to
AmSurg Corp. common shareholders |
$ | 0.38 | $ | 0.41 | ||||
Net (loss) earnings from discontinued operations attributable to
AmSurg Corp. common shareholders |
| | ||||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 0.38 | $ | 0.41 | ||||
Weighted average number of shares and share equivalents (000s): |
||||||||
Basic |
30,420 | 30,212 | ||||||
Diluted |
31,024 | 30,716 |
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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands, except per share amounts)
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands, except per share amounts)
For the Three Months | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
Operating Data: |
||||||||
Continuing centers in operation at end of period |
203 | 196 | ||||||
Average number of continuing centers in operation |
203 | 195 | ||||||
New centers added during the period |
1 | 1 | ||||||
Centers discontinued during the period |
2 | | ||||||
Centers under development/not opened at end of period |
1 | 1 | ||||||
Centers under letter of intent at end of period |
7 | 4 | ||||||
Average revenue per center |
$ | 884 | $ | 868 | ||||
Same center revenues increase (decrease) |
0 | % | (2 | %) | ||||
Procedures performed during the period |
320,060 | 301,825 | ||||||
Income tax expense attributable to noncontrolling interests |
$ | 129 | $ | 186 | ||||
Reconciliation of net earnings to EBITDA (1): |
||||||||
Net earnings from continuing operations attributable to AmSurg Corp.
common shareholders |
$ | 11,709 | $ | 12,620 | ||||
Add: income tax expense |
8,336 | 8,578 | ||||||
Add: interest expense, net |
3,941 | 1,867 | ||||||
Add: depreciation and amortization |
5,946 | 5,652 | ||||||
EBITDA |
$ | 29,932 | $ | 28,717 | ||||
(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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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Balance Sheet Data: |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 37,708 | $ | 34,147 | ||||
Accounts receivable, net of allowance of $13,003 and $13,070, respectively |
69,012 | 67,617 | ||||||
Supplies inventory |
10,172 | 10,157 | ||||||
Deferred income taxes |
1,178 | 1,509 | ||||||
Prepaid and other current assets |
17,663 | 18,660 | ||||||
Current assets held for sale |
438 | 866 | ||||||
Total current assets |
136,171 | 132,956 | ||||||
Property and equipment, net |
118,085 | 119,167 | ||||||
Goodwill |
899,984 | 894,497 | ||||||
Intangible assets, net |
12,559 | 11,361 | ||||||
Long-term assets held for sale |
1,994 | 7,897 | ||||||
Total assets |
$ | 1,168,793 | $ | 1,165,878 | ||||
Liabilities and Equity |
||||||||
Current liabilities: |
||||||||
Current portion of long-term debt |
$ | 7,237 | $ | 6,648 | ||||
Accounts payable |
12,694 | 15,291 | ||||||
Accrued salaries and benefits |
15,860 | 17,952 | ||||||
Other accrued liabilities |
3,773 | 3,136 | ||||||
Income taxes payable |
568 | | ||||||
Current liabilities held for sale |
223 | 536 | ||||||
Total current liabilities |
40,355 | 43,563 | ||||||
Long-term debt |
273,721 | 283,215 | ||||||
Deferred income taxes |
95,934 | 90,089 | ||||||
Other long-term liabilities |
20,398 | 24,404 | ||||||
Noncontrolling interests redeemable |
150,584 | 147,740 | ||||||
Equity: |
||||||||
Common stock, no par value 70,000,000 shares authorized, 31,217,763 and
31,039,770 shares outstanding, respectively |
170,266 | 171,522 | ||||||
Retained earnings |
404,754 | 393,061 | ||||||
Accumulated other comprehensive loss, net of income taxes |
(138 | ) | (515 | ) | ||||
Total AmSurg Corp. equity |
574,882 | 564,068 | ||||||
Noncontrolling interests non-redeemable |
12,919 | 12,799 | ||||||
Total equity |
587,801 | 576,867 | ||||||
Total liabilities and equity |
$ | 1,168,793 | $ | 1,165,878 | ||||
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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
For the Three Months | ||||||||
Ended March 31, | ||||||||
2011 | 2010 | |||||||
Statement of Cash Flow Data: |
||||||||
Cash flows from operating activities: |
||||||||
Net earnings |
$ | 44,628 | $ | 43,512 | ||||
Adjustments to reconcile net earnings to net cash flows provided by operating activities: |
||||||||
Depreciation and amortization |
5,946 | 5,652 | ||||||
Net loss on sale and impairment of long-lived assets |
102 | | ||||||
Share-based compensation |
1,593 | 1,231 | ||||||
Excess tax benefit from share-based compensation |
(542 | ) | (46 | ) | ||||
Deferred income taxes |
5,646 | 3,706 | ||||||
Increase (decrease) in cash and cash equivalents, net of effects
of acquisition and dispositions, due to changes in: |
||||||||
Accounts receivable, net |
(1,244 | ) | (966 | ) | ||||
Supplies inventory |
(74 | ) | 18 | |||||
Prepaid and other current assets |
1,362 | 1,135 | ||||||
Accounts payable |
(2,147 | ) | (1,653 | ) | ||||
Accrued expenses and other liabilities |
(4,392 | ) | 1,523 | |||||
Other, net |
402 | 212 | ||||||
Net cash flows provided by operating activities |
51,280 | 54,324 | ||||||
Cash flows from investing activities: |
||||||||
Acquisition of interest in surgery centers and related transactions |
(3,695 | ) | (27,675 | ) | ||||
Acquisition of property and equipment |
(4,344 | ) | (3,510 | ) | ||||
Proceeds from the sale of surgery centers |
3,366 | | ||||||
Net cash flows used in investing activities |
(4,673 | ) | (31,185 | ) | ||||
Cash flows from financing activities: |
||||||||
Proceeds from long-term borrowings |
15,620 | 36,621 | ||||||
Repayment on long-term borrowings |
(24,776 | ) | (25,913 | ) | ||||
Distributions to noncontrolling interests |
(31,863 | ) | (30,229 | ) | ||||
Proceeds from issuance of common stock upon exercise of stock options |
3,597 | 296 | ||||||
Repurchase of common stock |
(6,185 | ) | | |||||
Capital contributions and ownership transactions by noncontrolling interests |
23 | (140 | ) | |||||
Excess tax benefit from share-based compensation |
542 | 46 | ||||||
Financing cost incurred |
(4 | ) | (25 | ) | ||||
Net cash flows used in financing activities |
(43,046 | ) | (19,344 | ) | ||||
Net increase in cash and cash equivalents |
3,561 | 3,795 | ||||||
Cash and cash equivalents, beginning of period |
34,147 | 29,377 | ||||||
Cash and cash equivalents, end of period |
$ | 37,708 | $ | 33,172 | ||||
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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
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, which have been
restated in order to present additional discontinued operations.
For the Year | ||||||||||||||||
For the Three Months | Ended | |||||||||||||||
June 30, | Sept. 30, | Dec. 31, | Dec. 31, | |||||||||||||
2010 | 2010 | 2010 | 2010 | |||||||||||||
Statement of Earnings Data: |
||||||||||||||||
Revenues |
$ | 176,450 | $ | 176,951 | $ | 183,654 | $ | 706,219 | ||||||||
Operating expenses: |
||||||||||||||||
Salaries and benefits |
51,448 | 53,344 | 56,189 | 211,784 | ||||||||||||
Supply cost |
23,047 | 23,489 | 24,103 | 93,191 | ||||||||||||
Other operating expenses |
37,854 | 36,896 | 36,914 | 148,307 | ||||||||||||
Depreciation and amortization |
5,839 | 6,959 | 6,412 | 24,862 | ||||||||||||
Total operating expenses |
118,188 | 120,688 | 123,618 | 478,144 | ||||||||||||
Operating income |
58,262 | 56,263 | 60,036 | 228,075 | ||||||||||||
Interest expense |
3,163 | 4,039 | 4,415 | 13,484 | ||||||||||||
Earnings from continuing operations before income taxes |
55,099 | 52,224 | 55,621 | 214,591 | ||||||||||||
Income tax expense |
9,188 | 7,709 | 8,579 | 34,054 | ||||||||||||
Net earnings from continuing operations |
45,911 | 44,515 | 47,042 | 180,537 | ||||||||||||
Net earnings (loss) from discontinued operations |
717 | 620 | (1,821 | ) | (41 | ) | ||||||||||
Net earnings |
46,628 | 45,135 | 45,221 | 180,496 | ||||||||||||
Less net earnings attributable to noncontrolling interests: |
||||||||||||||||
Net earnings from continuing operations |
33,044 | 31,575 | 33,932 | 129,000 | ||||||||||||
Net earnings from discontinued operations |
442 | 442 | 421 | 1,671 | ||||||||||||
Total net earnings attributable to noncontrolling interests |
33,486 | 32,017 | 34,353 | 130,671 | ||||||||||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 13,142 | $ | 13,118 | $ | 10,868 | $ | 49,825 | ||||||||
Amounts attributable to AmSurg Corp. common shareholders: |
||||||||||||||||
Earnings from continuing operations, net of income tax |
$ | 12,867 | $ | 12,940 | $ | 13,110 | $ | 51,537 | ||||||||
Discontinued operations, net of income tax |
275 | 178 | (2,242 | ) | (1,712 | ) | ||||||||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 13,142 | $ | 13,118 | $ | 10,868 | $ | 49,825 | ||||||||
Earnings per share-basic: |
||||||||||||||||
Net earnings from continuing operations attributable to
AmSurg Corp. common shareholders |
$ | 0.43 | $ | 0.43 | $ | 0.43 | $ | 1.70 | ||||||||
Net earnings (loss) from discontinued operations attributable to
AmSurg Corp. common shareholders |
0.01 | 0.01 | (0.07 | ) | (0.06 | ) | ||||||||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 0.43 | $ | 0.43 | $ | 0.36 | $ | 1.65 | ||||||||
Earnings per share diluted: |
||||||||||||||||
Net earnings from continuing operations attributable to
AmSurg Corp. common shareholders |
$ | 0.42 | $ | 0.42 | $ | 0.43 | $ | 1.68 | ||||||||
Net earnings (loss) from discontinued operations attributable to
AmSurg Corp. common shareholders |
0.01 | 0.01 | (0.07 | ) | (0.06 | ) | ||||||||||
Net earnings attributable to AmSurg Corp. common shareholders |
$ | 0.43 | $ | 0.43 | $ | 0.35 | $ | 1.62 | ||||||||
Weighted average number of shares and share equivalents (000s): |
||||||||||||||||
Basic |
30,239 | 30,251 | 30,318 | 30,255 | ||||||||||||
Diluted |
30,655 | 30,620 | 30,763 | 30,689 |
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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
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, which have been
restated in order to present additional discontinued operations.
For the Year | ||||||||||||||||
For the Three Months | Ended | |||||||||||||||
June 30, | Sept. 30, | Dec. 31, | Dec. 31, | |||||||||||||
2010 | 2010 | 2010 | 2010 | |||||||||||||
Operating Data: |
||||||||||||||||
Procedures |
317,665 | 320,361 | 330,090 | 1,269,941 | ||||||||||||
Reconciliation of net earnings to EBITDA (1): |
||||||||||||||||
Net earnings from continuing operations attributable to AmSurg Corp.
common shareholders |
$ | 12,867 | $ | 12,940 | $ | 13,110 | $ | 51,537 | ||||||||
Add: income tax expense |
9,188 | 7,709 | 8,579 | 34,054 | ||||||||||||
Add: interest expense, net |
3,163 | 4,039 | 4,415 | 13,484 | ||||||||||||
Add: depreciation and amortization |
5,839 | 6,959 | 6,412 | 24,862 | ||||||||||||
EBITDA |
$ | 31,057 | $ | 31,647 | $ | 32,516 | $ | 123,937 | ||||||||
(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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