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Exhibit 99
Press Release
         
 
  Contact:   Claire M. Gulmi
 
      Executive Vice President and
 
      Chief Financial Officer
 
      (615) 665-1283
AMSURG ANNOUNCES SECOND-QUARTER NET EARNINGS
FROM CONTINUING OPERATIONS OF $0.41 PER DILUTED SHARE
 
RESULTS INCLUDE 1% GROWTH IN SAME-CENTER REVENUE AND TRANSACTION
COSTS OF $0.02 PER DILUTED SHARE

 
AFFIRMS 2011 FINANCIAL GUIDANCE
NASHVILLE, Tenn. — (July 21, 2011) — Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the second quarter ended June 30, 2011. Revenues for the quarter rose 7% to $188,730,000 from $175,698,000 for the second quarter of 2010. Net earnings from continuing operations attributable to AmSurg common shareholders were $12,758,000, or $0.41 per diluted share, for the second quarter of 2011 compared with $12,716,000, or $0.41 per diluted share, for the second quarter of 2010. As anticipated, the results for the second 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 $0.03 per diluted share from the higher interest costs related to the refinancing of the Company’s credit facility in May 2010 and a higher effective tax rate. In addition, these results include acquisition transaction costs of $0.02 per diluted share related to the Company’s definitive merger agreement with National Surgical Care, announced in April 2011.
     Revenues for the first six months of 2011 increased 7% to $367,600,000 from $343,725,000 for the same period in 2010. Net earnings from continuing operations attributable to AmSurg common shareholders were $24,433,000, or $0.78 per diluted share, for the first half of 2011 compared with $25,117,000, or $0.82 per diluted share, for first six months of 2010. The results for the first six months of 2011 included an incremental negative impact of $0.02 per diluted share from the revision of the Medicare payment system for ASCs, $0.07 per diluted share from the higher interest costs related to the credit facility refinancing and a higher effective tax rate, and $0.02 per diluted share for acquisition transaction costs.
     “We are pleased to see modest strengthening in our comparable-quarter performance for the second quarter versus the first quarter, but our procedure volume, revenues, margins and earnings continue to be negatively affected by the weak national economy and high unemployment. Our revenue growth for the second quarter, which reflected a 7% increase in procedures, was produced largely from the expansion of our centers in operation during the previous year, to 208 at the end of the second quarter of 2011 from 197 at the same time in 2010. We also benefited from a 1% increase in same-center revenue for the comparable quarters. EBITDA less noncontrolling interests was 16.7% of revenue for the second quarter of 2011,
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AMSG Reports Second-Quarter Results
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July 21, 2011
which included a negative impact of approximately 60 basis points from the NSC transaction costs, compared with 17.5% for the second quarter last year.
     “We added five new centers during the second quarter, comprised of four acquisitions and the opening of a de novo center. The four acquisitions were among the seven centers we had expected to acquire by year-end 2010. We acquired another one of those centers in the first quarter of 2011, have completed the acquisition of the sixth of those centers since the end of the second quarter and are no longer pursuing the acquisition of the seventh center. We ended the second quarter of 2011 with four centers under letter of intent, including the one center since acquired in the third quarter, and with another center under development, which we expect to open in 2012.
     “Net cash flows from operating activities were $61.7 million for the second quarter of 2011 compared with $52.6 million for the second quarter of 2010. Excluding distributions to noncontrolling interests, net cash flows from operations were $26.2 million for the latest quarter compared with $17.2 million for the second quarter of 2010, which drove an 11% increase in net cash flows from operations excluding distributions to noncontrolling interests for the first six months of 2011. At the end of the second quarter, the ratio of total debt to trailing 12 months EBITDA was 2.4, we had cash and cash equivalents of $33.0 million and our availability under our revolving credit facility was $252 million.
     “On April 7, 2011, we announced a definitive agreement to acquire National Surgical Care (NSC), which we originally expected to complete before the end of the second quarter, subject to normal closing conditions, regulatory approvals and clearance under the Hart-Scott-Rodino Act. We continue to work with NSC toward meeting the conditions to close this transaction. 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 revenue and net earnings from continuing operations per diluted share attributable to common shareholders, and we establish our guidance for the third quarter of 2011, neither of which includes any future expected impact from the NSC transaction:
    Revenues in a range of $740 million to $770 million for 2011.
 
    Same-center revenues revised to a new range of 0% to 1% for 2011 from the previous range of 0% to a negative 1%.
 
    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, a negative $0.07 impact from higher interest costs related to the refinancing of our revolving credit facility and the higher effective tax rate, and acquisition transaction costs incurred in the second quarter of $0.02 per diluted share related to the NSC transaction.
 
    Net earnings from continuing operations per diluted share attributable to common shareholders for the third quarter of 2011 in a range of $0.42 to $0.44 per diluted share, including a negative $0.01 impact from the effect of the revised Medicare payment system revision.”
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AMSG Reports Second-Quarter Results
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July 21, 2011
     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 itsassumptions 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, “We are encouraged by the positive same-center revenues achieved for the second quarter of 2011, but we remain cautious about the sustainability of this improvement in the second half of the year due to the weak economic environment and continuing high unemployment. Moving into 2012, our same-center performance 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. In addition, we have now cycled the negative comparable-quarter impact of our refinancing at the end of May 2010. We continue to expect the full-year financial impact in 2012 of centers added in 2011 will be significantly more beneficial than their impact in 2011.
     “A number of compelling factors also support our longer-term growth prospects, including the aging U.S. population, substantially improved healthcare access for previously uninsured and underserved populations, and ongoing healthcare technology advances that enable additional surgical procedures to migrate from inpatient to outpatient venues. Due in part to the national concern over healthcare quality and the relentless rise in healthcare costs, there is also growing recognition among payers that freestanding ASCs provide high quality in the most affordable modality for many surgical procedures and that a substantial majority of these procedures are still being performed in much more expensive venues. As the country’s leading operator of freestanding ambulatory surgery centers, we are confident AmSurg is favorably positioned to leverage these strong industry dynamics to drive 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, 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 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
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AMSG Reports Second-Quarter Results
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July 21, 2011
to manage the growth in its business; the Company’s ability to obtain sufficient capital resources to complete acquisitions and develop new surgery centers; the Company’s ability physician partners, managed care contracts, patients and strategic relationships; adverse weather and other factors beyond the Company’s control that may affect the Company’s surgery centers; adverse impacts on the Company’s business associated with current and future economic conditions; 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 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 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 June 30, 2011, AmSurg owned a majority interest in 208 continuing centers in operation and had one center under development.
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AMSG Reports Second-Quarter Results
Page 5
July 21, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
Statement of Earnings Data:   2011     2010     2011     2010  
Revenues
  $ 188,730     $ 175,698     $ 367,600     $ 343,725  
 
                               
Operating expenses:
                               
Salaries and benefits
    57,492       51,451       113,102       102,244  
Supply cost
    24,254       22,701       47,035       44,768  
Other operating expenses
    40,663       37,923       78,669       74,621  
Depreciation and amortization
    6,161       5,856       12,102       11,523  
 
                       
 
                               
Total operating expenses
    128,570       117,931       250,908       233,156  
 
                       
 
                               
Operating income
    60,160       57,767       116,692       110,569  
 
                               
Interest expense
    3,633       3,163       7,576       5,031  
 
                       
 
                               
Earnings from continuing operations before income taxes
    56,527       54,604       109,116       105,538  
Income tax expense
    8,949       9,088       17,263       17,521  
 
                       
 
                               
Net earnings from continuing operations
    47,578       45,516       91,853       88,017  
 
                               
Discontinued operations:
                               
(Loss) earnings from operations of discontinued interests in surgery centers, net of income tax
    (117 )     1,112       417       2,123  
Loss on disposal of discontinued interests in surgery centers, net of income tax
    (1,084 )           (1,265 )      
 
                       
 
                               
Net (loss) earnings from discontinued operations
    (1,201 )     1,112       (848 )     2,123  
 
                       
 
                               
Net earnings
    46,377       46,628       91,005       90,140  
 
                               
Less net earnings attributable to noncontrolling interests:
                               
Net earnings from continuing operations
    34,820       32,800       67,420       62,900  
Net (loss) earnings from discontinued operations
    (73 )     686       262       1,401  
 
                       
 
                               
Total net earnings attributable to noncontrolling interests
    34,747       33,486       67,682       64,301  
 
                       
 
                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 11,630     $ 13,142     $ 23,323     $ 25,839  
 
                       
 
                               
Amounts attributable to AmSurg Corp. common shareholders:
                               
Earnings from continuing operations, net of income tax
  $ 12,758     $ 12,716     $ 24,433     $ 25,117  
Discontinued operations, net of income tax
    (1,128 )     426       (1,110 )     722  
 
                       
 
                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 11,630     $ 13,142     $ 23,323     $ 25,839  
 
                       
 
                               
Earnings per share-basic:
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.42     $ 0.42     $ 0.80     $ 0.83  
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders
    (0.04 )     0.01       (0.04 )     0.02  
 
                       
 
                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.38     $ 0.43     $ 0.77     $ 0.85  
 
                       
 
                               
Earnings per share-diluted:
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.41     $ 0.41     $ 0.78     $ 0.82  
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders
    (0.04 )     0.01       (0.04 )     0.02  
 
                       
 
                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.37     $ 0.43     $ 0.75     $ 0.84  
 
                       
 
                               
Weighted average number of shares and share equivalents (000’s):
                               
Basic
    30,415       30,239       30,418       30,226  
Diluted
    31,335       30,655       31,180       30,685  

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AMSG Reports Second-Quarter Results
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July 21, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands, except per share amounts)
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
Operating Data:   2011     2010     2011     2010  
Continuing centers in operation at end of period
    208       197       208       197  
Average number of continuing centers in operation
    208       197       205       196  
New centers added during the period
    5       1       6       2  
Centers discontinued during the period
                2        
Centers under development/not opened at end of period
    1       1       1       1  
Centers under letter of intent at end of period
    4       6       4       6  
Average revenue per center
  $ 909     $ 894     $ 1,791     $ 1,755  
Same center revenues increase (decrease)
    1 %     (2 %)     1 %     (2 %)
Procedures performed during the period
    340,049       316,962       660,076       617,672  
Income tax expense attributable to noncontrolling interests
  $ 175     $ 213     $ 304     $ 399  
Reconciliation of net earnings to EBITDA (1):
                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 12,758     $ 12,716     $ 24,433     $ 25,117  
Add: income tax expense
    8,949       9,088       17,263       17,521  
Add: interest expense, net
    3,633       3,163       7,576       5,031  
Add: depreciation and amortization
    6,161       5,856       12,102       11,523  
 
                       
EBITDA
  $ 31,501     $ 30,823     $ 61,374     $ 59,192  
 
                       
 
(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 Second-Quarter Results
Page 7
July 21, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
                 
    June 30,     December 31,  
Balance Sheet Data:   2011     2010  
Assets
               
 
               
Current assets:
               
Cash and cash equivalents
  $ 32,954     $ 34,147  
Accounts receivable, net of allowance of $13,719 and $13,070, respectively
    70,848       67,617  
Supplies inventory
    10,363       10,157  
Deferred income taxes
    2,073       1,509  
Prepaid and other current assets
    16,281       18,660  
Current assets held for sale
    264       866  
 
           
 
               
Total current assets
    132,783       132,956  
 
               
Property and equipment, net
    121,707       119,167  
Goodwill
    964,970       894,497  
Intangible assets, net
    15,921       11,361  
Long-term assets held for sale
    87       7,897  
 
           
 
               
Total assets
  $ 1,235,468     $ 1,165,878  
 
           
 
               
Liabilities and Equity
               
 
               
Current liabilities:
               
Current portion of long-term debt
  $ 7,826     $ 6,648  
Accounts payable
    11,485       15,291  
Accrued salaries and benefits
    18,191       17,952  
Other accrued liabilities
    4,158       3,136  
Current liabilities held for sale
    66       536  
 
           
 
               
Total current liabilities
    41,726       43,563  
 
               
Long-term debt
    293,070       283,215  
Deferred income taxes
    102,773       90,089  
Other long-term liabilities
    20,688       24,404  
Noncontrolling interests — redeemable
    165,688       147,740  
Equity:
               
Common stock, no par value 70,000,000 shares authorized, 31,282,439 and 31,039,770 shares outstanding, respectively
    171,342       171,522  
Retained earnings
    416,384       393,061  
Accumulated other comprehensive loss, net of income taxes
          (515 )
 
           
 
               
Total AmSurg Corp. equity
    587,726       564,068  
Noncontrolling interests — non-redeemable
    23,797       12,799  
 
           
 
               
Total equity
    611,523       576,867  
 
           
 
               
Total liabilities and equity
  $ 1,235,468     $ 1,165,878  
 
           

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AMSG Reports Second-Quarter Results
Page 8
July 21, 2011
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
Statement of Cash Flow Data:   2011     2010     2011     2010  
Cash flows from operating activities:
                               
Net earnings
  $ 46,377     $ 46,628     $ 91,005     $ 90,140  
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
                               
Depreciation and amortization
    6,156       5,856       12,102       11,523  
Net loss on sale of long-lived assets
    (465 )           (363 )      
Share-based compensation
    1,578       1,309       3,171       2,540  
Excess tax benefit from share-based compensation
    (61 )     (23 )     (463 )     (69 )
Deferred income taxes
    5,814       4,339       11,460       8,045  
Increase (decrease) in cash and cash equivalents, net of effects of acquisition and dispositions, due to changes in:
                               
Accounts receivable, net
    (290 )     (1,916 )     (1,534 )     (2,882 )
Supplies inventory
    141       207       67       225  
Prepaid and other current assets
    1,144       760       2,506       1,895  
Accounts payable
    (1,590 )     (1,120 )     (3,737 )     (2,773 )
Accrued expenses and other liabilities
    2,666       (3,908 )     (1,866 )     (2,385 )
Other, net
    275       428       677       625  
 
                       
 
                               
Net cash flows provided by operating activities
    61,745       52,560       113,025       106,884  
 
                               
Cash flows from investing activities:
                               
Acquisition of interest in surgery centers and related transactions
    (41,979 )     (5,526 )     (45,674 )     (33,201 )
Acquisition of property and equipment
    (5,959 )     (4,021 )     (10,303 )     (7,531 )
Proceeds from the sale of interests in surgery centers
    3             3,369        
 
                       
 
                               
Net cash flows used in investing activities
    (47,935 )     (9,547 )     (52,608 )     (40,732 )
 
                               
Cash flows from financing activities:
                               
Proceeds from long-term borrowings
    57,364       103,068       72,984       139,689  
Repayment on long-term borrowings
    (40,076 )     (113,243 )     (64,852 )     (139,156 )
Distributions to noncontrolling interests
    (35,497 )     (35,392 )     (67,360 )     (65,621 )
Proceeds from issuance of common stock upon exercise of stock options
    891       246       4,628       542  
Repurchase of common stock
                (6,185 )      
Capital contributions and ownership transactions by noncontrolling interests
    675       3       698       (137 )
Excess tax benefit from share-based compensation
    61       23       463       69  
Financing cost incurred
    (1,982 )     (4,377 )     (1,986 )     (4,402 )
 
                       
 
                               
Net cash flows used in financing activities
    (18,564 )     (49,672 )     (61,610 )     (69,016 )
 
                       
 
                               
Net decrease in cash and cash equivalents
    (4,754 )     (6,659 )     (1,193 )     (2,864 )
Cash and cash equivalents, beginning of period
    37,708       33,172       34,147       29,377  
 
                       
Cash and cash equivalents, end of period
  $ 32,954     $ 26,513     $ 32,954     $ 26,513  
 
                       
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AMSG Reports Second-Quarter Results
Page 9
July 21, 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 2011 and 2010, which have been restated in order to present additional discontinued operations.
                                                 
                                            For the Year  
    For the Three Months     Ended  
    March 31,     March 31,     June 30,     Sept. 30,     Dec. 31,     Dec. 31,  
Statement of Earnings Data:   2011     2010     2010     2010     2010     2010  
Revenues
  $ 178,870     $ 168,027     $ 175,698     $ 176,343     $ 183,371     $ 703,439  
 
                                               
Operating expenses:
                                               
Salaries and benefits
    55,610       50,793       51,451       53,350       56,215       211,809  
Supply cost
    22,781       22,067       22,701       23,155       23,807       91,730  
Other operating expenses
    38,006       36,698       37,923       36,918       36,648       148,187  
Depreciation and amortization
    5,941       5,667       5,856       6,975       6,430       24,928  
 
                                   
 
                                               
Total operating expenses
    122,338       115,225       117,931       120,398       123,100       476,654  
 
                                   
 
                                               
Operating income
    56,532       52,802       57,767       55,945       60,271       226,785  
 
                                               
Interest expense
    3,943       1,868       3,163       4,040       4,415       13,486  
 
                                   
 
                                               
Earnings from continuing operations before income taxes
    52,589       50,934       54,604       51,905       55,856       213,299  
Income tax expense
    8,314       8,433       9,088       7,644       8,626       33,791  
 
                                   
 
                                               
Net earnings from continuing operations
    44,275       42,501       45,516       44,261       47,230       179,508  
 
                                               
Net earnings (loss) from discontinued operations
    353       1,011       1,112       874       (2,009 )     988  
 
                                   
 
                                               
Net earnings
    44,628       43,512       46,628       45,135       45,221       180,496  
 
                                               
Less net earnings attributable to noncontrolling interests:
                                               
Net earnings from continuing operations
    32,600       30,100       32,800       31,417       34,047       128,364  
Net earnings from discontinued operations
    335       715       686       600       306       2,307  
 
                                   
 
                                               
Total net earnings attributable to noncontrolling interests
    32,935       30,815       33,486       32,017       34,353       130,671  
 
                                   
 
                                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 11,693     $ 12,697     $ 13,142     $ 13,118     $ 10,868     $ 49,825  
 
                                   
 
                                               
Amounts attributable to AmSurg Corp. common shareholders:
                                               
Earnings from continuing operations, net of income tax
  $ 11,675     $ 12,402     $ 12,716     $ 12,844     $ 13,183     $ 51,145  
Discontinued operations, net of income tax
    18       295       426       274       (2,315 )     (1,320 )
 
                                   
 
                                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 11,693     $ 12,697     $ 13,142     $ 13,118     $ 10,868     $ 49,825  
 
                                   
 
                                               
Earnings per share-basic:
                                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.38     $ 0.41     $ 0.42     $ 0.42     $ 0.43     $ 1.69  
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders
    0.00       0.01       0.01       0.01       (0.08 )     (0.04 )
 
                                   
 
                                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.38     $ 0.42     $ 0.43     $ 0.43     $ 0.36     $ 1.65  
 
                                   
 
                                               
Earnings per share — diluted:
                                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 0.38     $ 0.40     $ 0.41     $ 0.42     $ 0.43     $ 1.67  
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders
    0.00       0.01       0.01       0.01       (0.08 )     (0.04 )
 
                                   
 
                                               
Net earnings attributable to AmSurg Corp. common shareholders
  $ 0.38     $ 0.41     $ 0.43     $ 0.43     $ 0.35     $ 1.62  
 
                                   
 
                                               
Weighted average number of shares and share equivalents (000’s):
                                               
Basic
    30,420       30,212       30,239       30,251       30,318       30,255  
Diluted
    31,024       30,716       30,655       30,620       30,763       30,689  
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AMSG Reports Second-Quarter Results
Page 10
July 21, 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 2011 and 2010, which have been restated in order to present additional discontinued operations.
                                                 
                                            For the Year  
    For the Three Months     Ended  
    March 31,     March 31,     June 30,     Sept. 30,     Dec. 31,     Dec. 31,  
Operating Data:   2011     2010     2010     2010     2010     2010  
Procedures
    320,027       300,710       316,962       319,870       330,045       1,267,587  
Reconciliation of net earnings to EBITDA (1):
                                               
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders
  $ 11,675     $ 12,402     $ 12,716     $ 12,844     $ 13,183     $ 51,145  
Add: income tax expense
    8,314       8,433       9,088       7,644       8,626       33,791  
Add: interest expense, net
    3,943       1,868       3,163       4,040       4,415       13,486  
Add: depreciation and amortization
    5,941       5,667       5,856       6,975       6,430       24,928  
 
                                   
 
                                               
EBITDA
  $ 29,873     $ 28,370     $ 30,823     $ 31,503     $ 32,654     $ 123,350  
 
                                   
 
(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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