Amsurg 8K Results of Operations and Financial Condition | AMSG 25 Feb 13

Exhibit 99

Press Release

	Contact:	Claire M. Gulmi
		Executive Vice President and
		Chief Financial Officer
		(615) 665-1283

AMSURG REPORTS FOURTH-QUARTER NET EARNINGS FROM CONTINUING OPERATIONS OF $0.49 PER DILUTED SHARE

¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾

ACQUIRES 14 CENTERS DURING QUARTER WITH RECORD TOTAL ANNUALIZED OPERATING INCOME OF $60 MILLION

¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾ ¾

ESTABLISHES FINANCIAL GUIDANCE FOR 2013

NASHVILLE, Tenn. ─ (February 25, 2013) ─ 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, 2012. Revenues increased 10% for the quarter to $244.2 million from $221.1 million for the fourth quarter of 2011. Net earnings from continuing operations attributable to AmSurg common shareholders were $15.7 million, or $0.49 per diluted share, for the fourth quarter of 2012 compared with $13.6 million, or $0.43 per diluted share, for the fourth quarter of 2011. The 2011 period included acquisition transaction costs of $0.02 per diluted share. Excluding these costs from the prior year, net earnings from continuing operations per diluted share attributable to AmSurg common shareholders increased 9% for the fourth quarter of 2012.

Revenues for the year ended December 31, 2012 increased 19% to $928.5 million from $777.6 million for 2011. Net earnings from continuing operations attributable to AmSurg common shareholders increased to $62.6 million, or $1.98 per diluted share, for 2012 from $50.4 million, or $1.61 per diluted share, for 2011. Included in results for 2011 were acquisition transaction costs of $0.07 per diluted share. Excluding these costs from 2011, net earnings from continuing operations per diluted share attributable to AmSurg common shareholders increased 19% for 2012.

Mr. Holden said, “We are pleased with AmSurg’s operating and financial performance for the fourth quarter, which produced same-center revenue growth of 3% for the quarter and for all of 2012, up from 1% for the comparable periods in 2011. Our fourth-quarter earnings included a negative impact from Hurricane Sandy of an estimated $0.01 per diluted share. In addition, our acquisition strategy contributed significantly to our 19% growth in revenue and earnings per diluted share for full-year 2012 and, through a record level of activity in the fourth quarter, will continue to fuel our growth in 2013. We completed the acquisition of 14 centers during the fourth quarter that generate a record $60 million in annualized operating income, all of which were single-center transactions.

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“During the quarter, we also merged the operations of one center into another center and added two centers to discontinued operations. As a result, we completed 2012 with 240 centers in operation compared with 224 at the end of 2011. We had two additional centers under letter of intent at the end of 2012.

“Net cash flows from operating activities were $79.5 million for the fourth quarter of 2012 compared with $67.8 million for the fourth quarter of 2011. Excluding distributions to noncontrolling interests, net cash flows from operations increased 22% to $39.7 million from $32.5 million. In addition to maintenance and development capital expenditures of $8.1 million, we primarily applied cash flow to fund a portion of our acquisition costs for the fourth quarter. Net operating cash flows, excluding distributions, for all 2012 increased 27% to $132.7 million, and our maintenance and development capital expenditures for the year were $28.9 million.

“During the quarter, we also enhanced our capital structure through a $250 million offering of 5.625% senior notes due 2020, the proceeds of which were used to reduce the outstanding balance on our revolving credit facility. As previously discussed, this offering, in addition to supporting our fourth-quarter acquisitions, was designed to use the strength of our balance sheet to optimize our capital structure in support of our long-term growth. Through the offering, we took advantage of historically low interest rates and also significantly increased the percentage of our fixed-rate debt. Also as previously discussed, we expect the offering to increase 2013 interest expense by approximately $0.20 per diluted share after tax versus 2012. While this increase will offset a portion of the incremental earnings expected from the fourth-quarter acquisitions, we expect the strengthening of our capital structure to meaningfully improve our ability to implement our long-term growth strategies.

“At the end of 2012, our ratio of total debt to trailing 12 months EBITDA as calculated under our credit agreement was 3.2 compared with 2.9 at the end of 2011. We believe that this relatively low ratio, after two consecutive years of annual acquisition expenditures that were multiple times greater than our historical average, highlights the strengths of our business model. With a continued anticipation of strong cash flow generation in 2013 and with availability of $195 million under our revolving credit facility, we are well positioned to fund our planned growth for the year.

“Today, we establish our financial guidance for 2013, as well as our guidance for the first quarter of the year. We expect our results to reflect the increased interest expense of $0.20 per diluted share discussed above, as well as reductions by the State of California in workers’ compensation reimbursement that are expected to have a negative impact on 2013 same-center revenues of approximately 100 basis points and on net earnings from continuing operations attributable to common shareholders of $0.06 per diluted share, spread relatively evenly through the year. We will also have two less business days in the first quarter of 2013 compared with the first quarter of 2012. Our 2013 financial guidance is as follows:

· Revenues in a range of $1.06 billion to $1.09 billion.

· Same-center revenue increase of 0% to 2%.

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· Center acquisitions that generate annualized operating income in a range of $25 million to $29 million.

· Net cash flow provided by operating activities, less distributions to noncontrolling interests, in a range of $140 million to $150 million.

· Net earnings from continuing operations per diluted share attributable to common shareholders in a range of $2.18 to $2.23.

· For the first quarter of 2013, net earnings from continuing operations per diluted share attributable to common shareholders in a range of $0.50 to $0.52.

“Our 2013 financial guidance does not include any impact related to sequestration. In the event that sequestration occurs under current legislation, it would negatively affect our results by $0.06 per diluted share on an annualized basis.”

The information contained in the preceding paragraphs, including information regarding the Company’s acquisition plans and financial results for future periods, is forward-looking information. Forward-looking information involves known and unknown risks and uncertainties as described below. There can be no assurance that AmSurg will be successful in acquiring the surgery centers described above and the attainment of the financial targets set forth in this press release is dependent on the assumptions described above. The Company’s actual results and performance could differ materially from those expressed or implied by the forward-looking information contained in this press release.

Mr. Holden concluded, “Our strong fourth-quarter acquisition activity and our improved same-center revenue performance in a slowly strengthening economic environment support our ability to achieve our growth objectives for 2013. While we expect to continue to face headwinds in the near term from the uncertain strength of the economy and turmoil in the healthcare industry related to the Patient Protection Affordable Care Act (PPACA) and the national debate on taxes and spending, we believe trends favoring the long-term growth of the free-standing ASC industry and, in particular, AmSurg have not diminished.

“We expect industry procedures to continue to be positively affected by the demographics of the baby boom generation and by the increased access to insurance expected to be provided to at least 30 million people under PPACA. Concurrent with this increasing demand, the value proposition of lower cost, high quality care that we provide through our centers is resonating with payers, patients and physicians. Operating the largest number of freestanding ASCs in the country, the Company is well-positioned to drive long-term organic growth as a result of these industry forces.

“AmSurg also has an unequaled record of consistent growth through acquisition in an industry that remains highly fragmented. In addition to our strong operating cash flow generation, we believe our access to capital is a competitive advantage in implementing our center acquisition strategy. Through our continued fundamental focus on differentiating AmSurg through a physician-centric culture, we further believe we have built a market-leading position as

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February 25, 2013

the physician partner of choice. With these competitive strengths in an industry experiencing favorable long-term growth trends, we are confident of our ability to achieve long-term growth in earnings and shareholder value.”

AmSurg Corp. will hold a conference call to discuss this release today at 4:30 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 important factors, including, but not limited to, 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 compete for physician partners, managed care contracts, patients and strategic relationships; 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 obtain sufficient capital resources to complete acquisitions and develop new surgery centers; 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; uncertainties regarding the 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; potential liability relating to the tax deductibility of goodwill; and other risk factors described in AmSurg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and other filings with the Securities and Exchange Commission. 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, 2012, AmSurg owned and operated 240 centers.

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February 25, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data

(Dollars in thousands, except per share amounts)

				For the Three Months				For the Year
			��	Ended December 31,				Ended December 31,
Statement of Earnings Data:				2012		2011		2012		2011

Revenues				$	244,160	$	221,148	$	928,509	$	777,587
Operating expenses:
	Salaries and benefits				76,615		68,505		291,713		240,386
	Supply cost				35,483		31,120		132,044		102,356
	Other operating expenses				51,700		49,175		194,293		169,730
	Depreciation and amortization				7,709		7,410		30,078		25,872
		Total operating expenses			171,507		156,210		648,128		538,344
Equity in earnings of unconsolidated affiliates					461		466		1,564		613
		Operating income			73,114		65,404		281,945		239,856
Interest expense					5,011		4,169		16,972		15,330
		Earnings from continuing operations before income taxes			68,103		61,235		264,973		224,526
Income tax expense					10,519		9,982		42,627		35,254
		Net earnings from continuing operations			57,584		51,253		222,346		189,272
Discontinued operations:
	Earnings from operations of discontinued interests in surgery centers, net of income tax				232		398		1,272		2,385
	Gain (loss) on disposal of discontinued interests in surgery centers, net of income tax				1,578		(159)		25		(1,543)
		Net earnings from discontinued operations			1,810		239		1,297		842
		Net earnings			59,394		51,492		223,643		190,114
Less net earnings attributable to noncontrolling interests:
	Net earnings from continuing operations				41,894		37,701		159,761		138,878
	Net earnings from discontinued operations				686		243		1,319		1,239
		Total net earnings attributable to noncontrolling interests			42,580		37,944		161,080		140,117
		Net earnings attributable to AmSurg Corp. common shareholders		$	16,814	$	13,548	$	62,563	$	49,997
Amounts attributable to AmSurg Corp. common shareholders:
	Earnings from continuing operations, net of income tax			$	15,690	$	13,552	$	62,585	$	50,394
	Discontinued operations, net of income tax				1,124		(4)		(22)		(397)
		Net earnings attributable to AmSurg Corp. common shareholders		$	16,814	$	13,548	$	62,563	$	49,997

Earnings per share-basic:
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders			$	0.51	$	0.44	$	2.03	$	1.65
	Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders				0.04		-		-		(0.01)
		Net earnings attributable to AmSurg Corp. common shareholders		$	0.54	$	0.44	$	2.03	$	1.64

Earnings per share-diluted:
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders			$	0.49	$	0.43	$	1.98	$	1.61
	Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders				0.04		-		-		(0.01)
		Net earnings attributable to AmSurg Corp. common shareholders		$	0.53	$	0.43	$	1.98	$	1.60

Weighted average number of shares and share equivalents outstanding:
	Basic				30,912		30,537		30,773		30,452
	Diluted				31,757		31,323		31,608		31,211

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February 25, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands)

			For the Three Months				For the Year
			Ended December 31,				Ended December 31,
Operating Data:			2012		2011		2012		2011

Continuing centers in operation at end of period (consolidated)				238		222		238		222
Continuing centers in operation at end of period (unconsolidated)				2		2		2		2
Average number of continuing centers in operation (consolidated)				228		220		225		208
New centers added during the period				14		3		18		27
Centers merged into existing centers				1		-		2		-
Centers discontinued during the period				2		-		4		5
Centers under development/not opened at end of period				-		1		-		1
Centers under letter of intent at end of period				2		2		2		2
Average revenue per consolidated center			$	1,071	$	1,007	$	4,135	$	3,737
Same center revenues increase				3%		1%		3%		1%
Procedures performed during the period at consolidated centers				391,697		375,287		1,526,053		1,370,421
Income tax expense attributable to noncontrolling interests			$	131	$	107	$	738	$	568

Reconciliation of net earnings to EBITDA (1):
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders		$	15,690	$	13,552	$	62,585	$	50,394
	Add: income tax expense			10,519		9,982		42,627		35,254
	Add: interest expense, net			5,011		4,169		16,972		15,330
	Add: depreciation and amortization			7,709		7,410		30,078		25,872
		EBITDA	$	38,929	$	35,113	$	152,262	$	126,850

Reconciliation of net earnings per share-diluted to adjusted net earnings per share-diluted (2):
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.49	$	0.43	$	1.98	$	1.61
	Plus: NSC transaction costs			-		0.02		-		0.07

	Adjusted net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.49	$	0.45	$	1.98	$	1.68

(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.

(2) We believe the calculation of adjusted net earnings from continuing operations per diluted share attributable to AmSurg Corp. common shareholders provides a better measure of our ongoing performance and provides better comparability between periods because it excludes costs incurred in executing the NSC transaction, which are of a nature and significance not generally associated with our historical individual center acquisition activity. Adjusted net earnings from continuing operations per diluted share attributable to AmSurg Corp. common shareholders should not be considered as a measure of financial performance under accounting principles generally accepted in the United States, and the item excluded from it is a significant component in understanding and assessing financial performance. Because adjusted net earnings from continuing operations per diluted share attributable to AmSurg Corp. common shareholders is not a measurement determined in accordance with accounting principles generally accepted in the United States and is thus susceptible to varying calculations, it may not be comparable as presented to other similarly titled measures of other companies.

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February 25, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands)

			December 31,		December 31,
Balance Sheet Data:			2012		2011

Assets

Current assets:
	Cash and cash equivalents		$	46,398	$	40,718
	Accounts receivable, net of allowance of $22,379 and $18,844, respectively			96,752		93,454
	Supplies inventory			18,406		15,039
	Deferred income taxes			3,088		2,129
	Prepaid and other current assets			27,537		21,875
		Total current assets		192,181		173,215

Property and equipment, net				166,612		144,558
Investments in unconsolidated affiliates and long-term notes receivable				11,274		10,522
Goodwill				1,652,002		1,229,298
Intangible assets, net				22,517		15,425

		Total assets	$	2,044,586	$	1,573,018

Liabilities and Equity

Current liabilities:
	Current portion of long-term debt		$	17,407	$	10,800
	Accounts payable			23,509		19,746
	Current income taxes payable			-		1,796
	Accrued salaries and benefits			29,251		22,224
	Other accrued liabilities			14,246		9,088
		Total current liabilities		84,413		63,654

Long-term debt				620,705		447,963
Deferred income taxes				137,648		114,167
Other long-term liabilities				25,972		28,131
Commitments and contingencies
Noncontrolling interests - redeemable				175,382		170,636
Preferred stock, no par value, 5,000,000 shares authorized, no shares issued or outstanding				-		-

Equity:
	Common stock, no par value, 70,000,000 shares authorized, 31,941,441 and 31,283,772 shares outstanding, respectively			183,867		173,187
	Retained earnings			505,621		443,058
		Total AmSurg Corp. equity		689,488		616,245
		Noncontrolling interests - non-redeemable		310,978		132,222
		Total equity		1,000,466		748,467

		Total liabilities and equity	$	2,044,586	$	1,573,018

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February 25, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands)

						For the Three Months				For the Year
						Ended December 31,				Ended December 31,
Statement of Cash Flow Data:						2012		2011		2012		2011

Cash flows from operating activities:
	Net earnings					$	59,394	$	51,492	$	223,643	$	190,114
	Adjustments to reconcile net earnings to net cash flows provided by operating activities:
		Depreciation and amortization					7,709		7,410		30,078		25,872
		Net gain on sale of long-lived assets					(1,664)		(238)		(1,065)		(1,518)
		Share-based compensation					1,573		1,416		6,692		6,178
		Excess tax benefit from share-based compensation					(516)		(488)		(1,784)		(977)
		Deferred income taxes					5,941		5,039		24,558		23,623
		Equity in earnings of unconsolidated affiliates					(461)		(466)		(1,564)		(613)
		Increase (decrease) in cash and cash equivalents, net of effects
			of acquisition and dispositions, due to changes in:
				Accounts receivable, net			3,230		(1,451)		8,061		(2,122)
				Supplies inventory			(233)		47		110		168
				Prepaid and other current assets			(4,326)		(642)		(4,651)		838
				Accounts payable			3,354		165		579		(2,205)
				Accrued expenses and other liabilities			4,040		4,990		7,550		2,329
				Other, net			1,499		542		3,445		1,736
					Net cash flows provided by operating activities		79,540		67,816		295,652		243,423

Cash flows from investing activities:
	Acquisition of interests in surgery centers and related transactions						(261,291)		(50,723)		(277,388)		(239,223)
	Acquisition of property and equipment						(8,064)		(6,838)		(28,864)		(22,170)
	Proceeds from sale of interests in surgery centers						7,309		2,452		7,309		7,026
					Net cash flows used by investing activities		(262,046)		(55,109)		(298,943)		(254,367)

Cash flows from financing activities:
	Proceeds from long-term borrowings						515,355		58,344		565,566		288,869
	Repayment on long-term borrowings						(283,025)		(29,564)		(394,164)		(129,107)
	Distributions to noncontrolling interests						(39,875)		(35,326)		(162,941)		(138,724)
	Proceeds from issuance of common stock upon exercise of stock options						6,286		2,112		18,214		6,872
	Repurchase of common stock						-		(3,822)		(13,101)		(10,007)
	Capital contributions and ownership transactions by noncontrolling interests						186		(38)		1,595		660
	Excess tax benefit from share-based compensation						516		488		1,784		977
	Financing cost incurred						(6,221)		(22)		(7,982)		(2,025)
					Net cash flows provided by (used by) financing activities		193,222		(7,828)		8,971		17,515

Net increase in cash and cash equivalents							10,716		4,879		5,680		6,571
Cash and cash equivalents, beginning of period							35,682		35,839		40,718		34,147
Cash and cash equivalents, end of period						$	46,398	$	40,718	$	46,398	$	40,718

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February 25, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands, except per share amounts)

Presented below is certain statement of earnings and operating data for 2012, which have been restated in order to present additional discontinued operations.

									For the Nine
			For the Three Months						Months Ended
			March 31,		June 30,		Sept. 30,		Sept. 30,
Statement of Earnings Data:			2012		2012		2012		2012

Revenues			$	228,899	$	230,326	$	225,124	$	684,349
Operating expenses:
	Salaries and benefits			72,115		70,604		72,379		215,098
	Supply cost			32,097		33,029		31,435		96,561
	Other operating expenses			47,132		48,398		47,063		142,593
	Depreciation and amortization			7,341		7,429		7,599		22,369
		Total operating expenses		158,685		159,460		158,476		476,621
Equity in earnings of unconsolidated affiliates				395		316		392		1,103
		Operating income		70,609		71,182		67,040		208,831
Interest expense				4,267		4,158		3,536		11,961
		Earnings from continuing operations before income taxes		66,342		67,024		63,504		196,870
Income tax expense				10,816		11,162		10,130		32,108
		Net earnings from continuing operations		55,526		55,862		53,374		164,762
		Net (loss) earnings from discontinued operations		(587)		(317)		391		(513)
		Net earnings		54,939		55,545		53,765		164,249
Less net earnings attributable to noncontrolling interests:
	Net earnings from continuing operations			39,972		39,802		38,093		117,867
	Net earnings from discontinued operations			191		207		235		633
		Total net earnings attributable to noncontrolling interests		40,163		40,009		38,328		118,500
		Net earnings attributable to AmSurg Corp. common shareholders	$	14,776	$	15,536	$	15,437	$	45,749
Amounts attributable to AmSurg Corp. common shareholders:
	Earnings from continuing operations, net of income tax		$	15,554	$	16,060	$	15,281	$	46,895
	Discontinued operations, net of income tax			(778)		(524)		156		(1,146)
		Net earnings attributable to AmSurg Corp. common shareholders	$	14,776	$	15,536	$	15,437	$	45,749

Earnings per share-basic:
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.51	$	0.52	$	0.50	$	1.53
	Net (loss) earnings from discontinued operations attributable to
		AmSurg Corp. common shareholders		(0.03)		(0.02)		0.01		(0.04)
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.48	$	0.51	$	0.50	$	1.49
Earnings per share - diluted:
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.50	$	0.51	$	0.48	$	1.49
	Net (loss) earnings from discontinued operations attributable to
		AmSurg Corp. common shareholders		(0.03)		(0.02)		0.01		(0.04)
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.47	$	0.49	$	0.49	$	1.45

Weighted average number of shares and share equivalents (000's):
	Basic			30,619		30,743		30,819		30,727
	Diluted			31,401		31,577		31,697		31,558

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AMSG Reports Fourth-Quarter Results

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February 25, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands, except per share amounts)

Presented below is certain statement of earnings and operating data for 2011, 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,
Statement of Earnings Data:			2011		2011		2011		2011		2011

Revenues			$	176,531	$	186,292	$	193,616	$	221,148	$	777,587
Operating expenses:
	Salaries and benefits			54,931		56,787		60,163		68,505		240,386
	Supply cost			22,382		23,843		25,011		31,120		102,356
	Other operating expenses			37,483		40,146		42,926		49,175		169,730
	Depreciation and amortization			5,895		6,073		6,494		7,410		25,872
		Total operating expenses		120,691		126,849		134,594		156,210		538,344
Equity in earnings of unconsolidated affiliates				-		-		147		466		613
		Operating income		55,840		59,443		59,169		65,404		239,856
Interest expense				3,937		3,629		3,595		4,169		15,330
		Earnings from continuing operations before income taxes		51,903		55,814		55,574		61,235		224,526
Income tax expense				8,159		8,788		8,325		9,982		35,254
		Net earnings from continuing operations		43,744		47,026		47,249		51,253		189,272
		Net earnings (loss) from discontinued operations		884		(649)		368		239		842
		Net earnings		44,628		46,377		47,617		51,492		190,114
Less net earnings attributable to noncontrolling interests:
	Net earnings from continuing operations			32,284		34,491		34,402		37,701		138,878
	Net earnings from discontinued operations			651		256		89		243		1,239
		Total net earnings attributable to noncontrolling interests		32,935		34,747		34,491		37,944		140,117
		Net earnings attributable to AmSurg Corp. common shareholders	$	11,693	$	11,630	$	13,126	$	13,548	$	49,997
Amounts attributable to AmSurg Corp. common shareholders:
	Earnings from continuing operations, net of income tax		$	11,460	$	12,535	$	12,847	$	13,552	$	50,394
	Discontinued operations, net of income tax			233		(905)		279		(4)		(397)
		Net earnings attributable to AmSurg Corp. common shareholders	$	11,693	$	11,630	$	13,126	$	13,548	$	49,997

Earnings per share-basic:
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.38	$	0.41	$	0.42	$	0.44	$	1.65
	Net earnings (loss) from discontinued operations attributable to
		AmSurg Corp. common shareholders		0.01		(0.03)		0.01		-		(0.01)
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.38	$	0.38	$	0.43	$	0.44	$	1.64
Earnings per share - diluted:
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.37	$	0.40	$	0.41	$	0.43	$	1.61
	Net earnings (loss) from discontinued operations attributable to
		AmSurg Corp. common shareholders		0.01		(0.03)		0.01		-		(0.01)
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.38	$	0.37	$	0.42	$	0.43	$	1.60

Weighted average number of shares and share equivalents (000's):
	Basic			30,420		30,415		30,436		30,537		30,452
	Diluted			31,024		31,335		31,162		31,323		31,211

-MORE-

AMSG Reports Fourth-Quarter Results

Page 11

February 25, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands, except per share amounts)

Presented below is certain statement of earnings and operating data for 2012 and 2011, which have been restated in order to present additional discontinued operations.

												For the Nine
						For the Three Months						Months Ended
						March 31,		June 30,		Sept. 30,		Sept. 30,
Operating Data:						2012		2012		2012		2012

Procedures							379,454		382,587		372,315		1,134,356
Reconciliation of net earnings to EBITDA (1):
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders					$	15,554	$	16,060	$	15,281	$	46,895
	Add: income tax expense						10,816		11,162		10,130		32,108
	Add: interest expense, net						4,267		4,158		3,536		11,961
	Add: depreciation and amortization						7,341		7,429		7,599		22,369
		EBITDA				$	37,978	$	38,809	$	36,546	$	113,333



												For the Year
				For the Three Months								Ended
				March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,
Operating Data:				2011		2011		2011		2011		2011

Procedures					315,448		335,387		344,299		375,287		1,370,421
Reconciliation of net earnings to EBITDA (1):
	Net earnings from continuing operations
		attributable to AmSurg Corp. common shareholders		$	11,460	$	12,535	$	12,847	$	13,552	$	50,394
		Add: income tax expense			8,159		8,788		8,325		9,982		35,254
		Add: interest expense, net			3,937		3,629		3,595		4,169		15,330
		Add: depreciation and amortization			5,895		6,073		6,494		7,410		25,872
			EBITDA	$	29,451	$	31,025	$	31,261	$	35,113	$	126,850

-END-

Amsurg (AMSG) Inactive 8-KResults of Operations and Financial Condition