Amsurg (AMSG) 8-K Results of Operations and Financial Condition

	Exhibit 99
Press Release

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

AMSURG ANNOUNCES THIRD-QUARTER NET EARNINGS FROM CONTINUING OPERATIONS OF $0.53 PER DILUTED SHARE ON 19% GROWTH IN REVENUES

¾¾¾¾¾¾¾¾¾¾¾

INCREASES 2013 EPS GUIDANCE TO RANGE OF $2.19 TO $2.21

NASHVILLE, Tenn. ─ (October 22, 2013) ─ Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the third quarter ended September 30, 2013.  Revenues increased 19% for the quarter to $268.2 million from $224.9 million for the third quarter of 2012. Net earnings from continuing operations attributable to AmSurg common shareholders rose 12% to $17.0 million for the third quarter of 2013 compared with $15.3 million for the third quarter of 2012 and increased 10% per diluted share to $0.53 from $0.48 per diluted share.

            Revenues for the first nine months of 2013 increased 17% to $797.2 million from $683.6 million for the first nine months of 2012.  Net earnings from continuing operations attributable to AmSurg common shareholders were $53.4 million for the first nine months of 2013, a 14% increase from $46.9 million for the same period in 2012, and were $1.67 per diluted share, a 12% increase from $1.49 per diluted share.  Results for the first nine months of 2013 include a pre-tax gain of $2.2 million, or $0.04 per diluted share, related to the deconsolidation of a surgery center that AmSurg contributed to a newly formed joint venture with a hospital system partner. Excluding this gain, net earnings from continuing operations per diluted share attributable to AmSurg common shareholders increased 9% to $1.63 per diluted share for the first nine months of 2013.

            Mr. Holden said, “We are pleased with AmSurg’s second consecutive quarter of double-digit growth in earnings per share, especially considering the headwinds represented by the previously discussed reduction in workers’ compensation reimbursement by the State of California, sequestration and increased interest expense related to our debt offering in the fourth quarter of 2012. This performance was driven by the 19% growth in our third-quarter revenues, reflecting both growth in procedures compared with the third quarter of last year and an increase in revenue per procedure resulting from the higher percentage of multi-specialty centers in our overall center mix.

            “Our procedure growth for the third quarter was due primarily to the 17 centers we acquired in 2012, as well as the five centers added thus far in 2013.  We further benefited from a 2% increase in same-center revenues for the quarter, which was attributable, in part, to an additional business day in the third quarter this year versus the third quarter of 2012.

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AMSG Reports Third-Quarter Results

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October 22, 2013

            “During the third quarter, we acquired two centers, divested one center and merged two centers, giving us a total of 243 centers in operation at the quarter’s end, unchanged from the end of the second quarter. We completed the third quarter with five centers under letter of intent, and we remain confident of our ability to meet our acquisition goals for the year.

            “AmSurg continued to produce significant net operating cash flows, which, excluding distributions to noncontrolling interests, increased 58% to $50.8 million for the latest quarter compared with the third quarter of 2012. In addition to having cash and cash equivalents of $46 million at September 30, 2013, we had availability of $209 million under our revolving credit facility, and our ratio of total debt to trailing 12 months EBITDA as calculated under our credit agreement was 3.0.

            “For 2013, we expect our financial results to reflect increased interest expense of $0.19 per diluted share related to our debt offering in the fourth quarter of 2012, net of the positive interest rate impact from the amendment to the credit agreement during the second quarter of 2013; reductions by the State of California in workers’ compensation reimbursement that have a negative impact on 2013 same-center revenues of approximately 100 basis points and that total $0.06 per diluted share, spread relatively evenly through the year; and the impact of sequestration, which we expect to total $0.05 per diluted share for the year.  Due to our third-quarter financial performance and our expectations for the remainder of 2013, we are increasing our financial guidance for 2013 earnings per share, affirming our existing guidance for the other annual metrics and announcing our guidance for the fourth quarter of 2013, as follows:

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

·Same-center revenue increase of 0% to 1%.

·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 $2.19 to $2.21, excluding the impact of the deconsolidation gain, compared with the previous range of $2.17 to $2.20, excluding the impact of the deconsolidation gain.

·For the fourth quarter of 2013, net earnings from continuing operations per diluted share attributable to common shareholders in a range of $0.56 to $0.58.”

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.

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October 22, 2013

            Mr. Holden concluded, “With the increase in our earnings guidance for 2013, we now expect to produce double-digit growth for the year, despite the significant reimbursement headwinds experienced for the year.  While this expectation is primarily the result of our disciplined acquisitions in 2012, it reflects the ongoing significant growth potential of our business as the country’s largest owner and operator of freestanding ambulatory surgery centers in a highly fragmented industry.

            “We continue to expect this growth potential to be supported by favorable industry dynamics, such as strong demographic trends, increased access to healthcare and rising demand for high quality, cost effective procedures.  We also expect to maintain and enhance a differentiated market position with a physician-centric culture that produces high physician and patient satisfaction with our services.  By continually earning our position as the physician partner of choice, we are confident of driving long-term profitable growth and shareholder value.”

            AmSurg Corp. will hold a conference call to discuss this release tomorrow, October 23, 2013, at 9:00 a.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; the Company’s ability to generate sufficient cash to service all of its indebtedness; adverse weather and other factors beyond the Company’s control that may affect the Company’s surgery centers; the Company’s failure to comply with applicable laws and regulations; the risk of changes in legislation, regulations or regulatory interpretations that may negatively affect the Company; the risk of becoming subject to federal and state investigation; 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

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October 22, 2013

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, 2012 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 September 30, 2013, AmSurg owned and operated 243 centers.

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AMSG Reports Third-Quarter Results

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October 22, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data

(In thousands, except earnings per share)

			For the Three Months				For the Nine Months
			Ended September 30,				Ended September 30,
Statement of Earnings Data:			2013		2012		2013		2012
Revenues			$	268,233	$	224,916	$	797,186	$	683,643
Operating expenses:
	Salaries and benefits			84,918		72,301		248,058		214,858
	Supply cost			38,357		31,400		115,408		96,397
	Other operating expenses			56,391		46,968		163,911		142,301
	Depreciation and amortization			8,398		7,590		24,651		22,345
		Total operating expenses		188,064		158,259		552,028		475,901
Gain on deconsolidation				-		-		2,237		-
Equity in earnings of unconsolidated affiliates				1,095		392		2,193		1,103
		Operating income		81,264		67,049		249,588		208,845
Interest expense				7,295		3,536		22,352		11,961
		Earnings from continuing operations before income taxes		73,969		63,513		227,236		196,884
Income tax expense				11,424		10,132		36,562		32,110
		Net earnings from continuing operations		62,545		53,381		190,674		164,774
Discontinued operations:
	Earnings (loss) from operations of discontinued interests in surgery centers, net of income tax			-		384		(20)		1,028
	Loss on disposal of discontinued interests in surgery centers, net of income tax			(278)		-		(278)		(1,553)
		Net (loss) earnings from discontinued operations		(278)		384		(298)		(525)
		Net earnings and comprehensive income		62,267		53,765		190,376		164,249
Less net earnings attributable to noncontrolling interests:
	Net earnings from continuing operations			45,496		38,093		137,244		117,867
	Net earnings (loss) from discontinued operations			-		235		(13)		633
		Total net earnings attributable to noncontrolling interests		45,496		38,328		137,231		118,500
		Net earnings and comprehensive income attributable to AmSurg Corp. common shareholders	$	16,771	$	15,437	$	53,145	$	45,749
Amounts attributable to AmSurg Corp. common shareholders:
	Earnings from continuing operations, net of income tax		$	17,049	$	15,288	$	53,430	$	46,907
	Discontinued operations, net of income tax			(278)		149		(285)		(1,158)
		Net earnings and comprehensive income attributable to AmSurg Corp. common shareholders	$	16,771	$	15,437	$	53,145	$	45,749
Earnings per share-basic:
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders		$	0.54	$	0.50	$	1.71	$	1.53
	Net loss from discontinued operations attributable to AmSurg Corp. common shareholders			(0.01)		-		(0.01)		(0.04)
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.53	$	0.50	$	1.70	$	1.49
Earnings per share-diluted:
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders		$	0.53	$	0.48	$	1.67	$	1.49
	Net loss from discontinued operations attributable to AmSurg Corp. common shareholders			(0.01)		-		(0.01)		(0.04)
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.52	$	0.49	$	1.67	$	1.45
Weighted average number of shares and share equivalents outstanding:
	Basic			31,376		30,819		31,267		30,727
	Diluted			31,991		31,697		31,912		31,558

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October 22, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands)

			For the Three Months				For the Nine Months
			Ended September 30,				Ended September 30,
Operating Data:			2013		2012		2013		2012
Continuing centers in operation at end of period (consolidated)				240		224		240		224
Continuing centers in operation at end of period (unconsolidated)				3		2		3		2
Average number of continuing centers in operation (consolidated)				239		224		238		222
New centers added during the period				2		1		4		3
Centers discontinued during the period				1		-		1		2
Centers under letter of intent at end of period				5		15		5		15
Average revenue per consolidated center			$	1,124	$	1,005	$	3,357	$	3,074
Same center revenues increase				2%		2%		0%		3%
Procedures performed during the period at consolidated centers				409,080		372,038		1,221,750		1,133,377
Income tax expense attributable to noncontrolling interests			$	197	$	210	$	565	$	607
Reconciliation of net earnings to EBITDA  (1):
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders		$	17,049	$	15,288	$	53,430	$	46,907
	Add:  income tax expense			11,424		10,132		36,562		32,110
	Add:  interest expense, net			7,295		3,536		22,352		11,961
	Add:  depreciation and amortization			8,398		7,590		24,651		22,345
		EBITDA	$	44,166	$	36,546	$	136,995	$	113,323

(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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October 22, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(In thousands)

			September 30,		December 31,
Balance Sheet Data:			2013		2012
Assets
Current assets:
	Cash and cash equivalents		$	45,503	$	46,398
	Accounts receivable, net of allowance of $26,537 and $22,379, respectively			104,285		96,752
	Supplies inventory			18,941		18,406
	Deferred income taxes			4,388		3,088
	Prepaid and other current assets			29,284		27,537
		Total current assets		202,401		192,181
Property and equipment, net				168,029		166,612
Investments in unconsolidated affiliates and long-term notes receivable				16,970		11,274
Goodwill				1,738,032		1,652,002
Intangible assets, net				22,149		22,517
		Total assets	$	2,147,581	$	2,044,586
Liabilities and Equity
Current liabilities:
	Current portion of long-term debt		$	21,369	$	17,407
	Accounts payable			22,469		23,509
	Accrued salaries and benefits			31,578		29,251
	Other accrued liabilities			14,101		14,246
		Total current liabilities		89,517		84,413
Long-term debt				599,386		620,705
Deferred income taxes				165,826		137,648
Other long-term liabilities				26,223		25,972
Commitments and contingencies
Noncontrolling interests - redeemable				175,335		175,382
Preferred stock, no par value, 5,000 shares authorized, no shares issued or outstanding				-		-
Equity:
	Common stock, no par value, 70,000 shares authorized, 32,154 and 31,941 shares outstanding, respectively			180,824		183,867
	Retained earnings			558,766		505,621
		Total AmSurg Corp. equity		739,590		689,488
		Noncontrolling interests - non-redeemable		351,704		310,978
		Total equity		1,091,294		1,000,466
		Total liabilities and equity	$	2,147,581	$	2,044,586

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October 22, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(In thousands)

					For the Three Months				For the Nine Months
					Ended September 30,				Ended September 30,
Statement of Cash Flow Data:					2013		2012		2013		2012
Cash flows from operating activities:
	Net earnings				$	62,267	$	53,765	$	190,376	$	164,249
	Adjustments to reconcile net earnings to net cash flows provided by operating activities:
		Depreciation and amortization				8,398		7,590		24,651		22,345
		Net loss on sale of long-lived assets				84		-		84		599
		Gain on deconsolidation				-		-		(2,237)		-
		Share-based compensation				2,104		1,707		6,070		5,119
		Excess tax benefit from share-based compensation				(680)		(739)		(1,890)		(1,268)
		Deferred income taxes				10,506		5,229		29,835		18,617
		Equity in earnings of unconsolidated affiliates				(1,095)		(392)		(2,193)		(1,103)
		Increase (decrease) in cash and cash equivalents, net of effects of acquisition and dispositions, due to changes in:
			Accounts receivable, net			3,782		1,896		(1,439)		4,831
			Supplies inventory			(18)		10		(338)		343
			Prepaid and other current assets			1,056		6		(1,001)		(325)
			Accounts payable			(472)		(3,676)		(2,823)		(2,775)
			Accrued expenses and other liabilities			8,975		6,126		6,820		3,510
			Other, net			1,476		966		3,018		1,970
				Net cash flows provided by operating activities		96,383		72,488		248,933		216,112
Cash flows from investing activities:
	Acquisition of interests in surgery centers and related transactions					(41,109)		(6,125)		(59,455)		(16,097)
	Acquisition of property and equipment					(8,239)		(6,231)		(20,711)		(20,800)
	Proceeds from sale of interests in surgery centers					151		-		151		-
	Other					52		-		107		-
				Net cash flows used in investing activities		(49,145)		(12,356)		(79,908)		(36,897)
Cash flows from financing activities:
	Proceeds from long-term borrowings					58,513		16,833		129,435		50,211
	Repayment on long-term borrowings					(55,454)		(38,622)		(151,676)		(111,139)
	Distributions to noncontrolling interests					(45,555)		(40,307)		(137,081)		(123,066)
	Proceeds from issuance of common stock upon exercise of stock options					9,561		5,256		23,289		11,928
	Repurchase of common stock					(9,317)		(5,882)		(35,481)		(13,101)
	Capital contributions and ownership transactions by noncontrolling interests					25		(110)		961		1,409
	Excess tax benefit from share-based compensation					680		739		1,890		1,268
	Financing cost incurred					(111)		(6)		(1,257)		(1,761)
				Net cash flows used in financing activities		(41,658)		(62,099)		(169,920)		(184,251)
Net increase (decrease) in cash and cash equivalents						5,580		(1,967)		(895)		(5,036)
Cash and cash equivalents, beginning of period						39,923		37,649		46,398		40,718
Cash and cash equivalents, end of period					$	45,503	$	35,682	$	45,503	$	35,682

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October 22, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(In thousands, except earnings per share)

Presented below is certain statement of earnings and operating data for 2013, which have been restated in order to present additional discontinued operations.

			For the Three Months
			March 31,		June 30,
Statement of Earnings Data:			2013		2013
Revenues			$	259,804	$	269,149
Operating expenses:
	Salaries and benefits			81,501		81,639
	Supply cost			37,578		39,473
	Other operating expenses			53,159		54,361
	Depreciation and amortization			8,074		8,179
		Total operating expenses		180,312		183,652
Gain on deconsolidation				2,237		-
Equity in earnings of unconsolidated affiliates				402		696
		Operating income		82,131		86,193
Interest expense				7,544		7,513
		Earnings from continuing operations before income taxes		74,587		78,680
Income tax expense				12,315		12,823
		Net earnings from continuing operations		62,272		65,857
		Net earnings (loss) from discontinued operations		1		(21)
		Net earnings		62,273		65,836
Less net earnings attributable to noncontrolling interests:
	Net earnings from continuing operations			44,461		47,287
	Net earnings (loss) from discontinued operations			1		(14)
		Total net earnings attributable to noncontrolling interests		44,462		47,273
		Net earnings attributable to AmSurg Corp. common shareholders	$	17,811	$	18,563
Amounts attributable to AmSurg Corp. common shareholders:
	Earnings from continuing operations, net of income tax		$	17,811	$	18,570
	Discontinued operations, net of income tax			-		(7)
		Net earnings attributable to AmSurg Corp. common shareholders	$	17,811	$	18,563
Earnings per share-basic:
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.57	$	0.60
	Net earnings from discontinued operations attributable to
		AmSurg Corp. common shareholders		-		-
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.57	$	0.59
Earnings per share - diluted:
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.56	$	0.58
	Net earnings from discontinued operations attributable to
		AmSurg Corp. common shareholders		-		-
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.56	$	0.58
Weighted average number of shares and share equivalents (000's):
	Basic			31,217		31,208
	Diluted			31,881		31,862

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AMSG Reports Third-Quarter Results

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October 22, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(In thousands, except earnings per share)

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 Year
			For the Three Months								Ended
			March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,
Statement of Earnings Data:			2012		2012		2012		2012		2012
Revenues			$	228,629	$	230,098	$	224,916	$	243,935	$	927,578
Operating expenses:
	Salaries and benefits			72,032		70,525		72,301		76,543		291,401
	Supply cost			32,028		32,969		31,400		35,417		131,814
	Other operating expenses			47,030		48,303		46,968		51,610		193,911
	Depreciation and amortization			7,333		7,422		7,590		7,701		30,046
		Total operating expenses		158,423		159,219		158,259		171,271		647,172
Equity in earnings of unconsolidated affiliates				395		316		392		461		1,564
		Operating income		70,601		71,195		67,049		73,125		281,970
Interest expense				4,267		4,158		3,536		5,011		16,972
		Earnings from continuing operations before income taxes		66,334		67,037		63,513		68,114		264,998
Income tax expense				10,814		11,164		10,132		10,522		42,632
		Net earnings from continuing operations		55,520		55,873		53,381		57,592		222,366
		Net (loss) earnings from discontinued operations		(581)		(328)		384		1,802		1,277
		Net earnings		54,939		55,545		53,765		59,394		223,643
Less net earnings attributable to noncontrolling interests:
	Net earnings from continuing operations			39,972		39,802		38,093		41,894		159,761
	Net earnings from discontinued operations			191		207		235		686		1,319
		Total net earnings attributable to noncontrolling interests		40,163		40,009		38,328		42,580		161,080
		Net earnings attributable to AmSurg Corp. common shareholders	$	14,776	$	15,536	$	15,437	$	16,814	$	62,563
Amounts attributable to AmSurg Corp. common shareholders:
	Earnings from continuing operations, net of income tax		$	15,548	$	16,071	$	15,288	$	15,698	$	62,605
	Discontinued operations, net of income tax			(772)		(535)		149		1,116		(42)
		Net earnings attributable to AmSurg Corp. common shareholders	$	14,776	$	15,536	$	15,437	$	16,814	$	62,563
Earnings per share-basic:
	Net earnings from continuing operations attributable to						��
		AmSurg Corp. common shareholders	$	0.51	$	0.52	$	0.50	$	0.51	$	2.03
	Net (loss) earnings from discontinued operations attributable to
		AmSurg Corp. common shareholders		(0.03)		(0.02)		-		0.04		-
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.48	$	0.51	$	0.50	$	0.54	$	2.03
Earnings per share - diluted:
	Net earnings from continuing operations attributable to
		AmSurg Corp. common shareholders	$	0.50	$	0.51	$	0.48	$	0.49	$	1.98
	Net (loss) earnings from discontinued operations attributable to
		AmSurg Corp. common shareholders		(0.02)		(0.02)		-		0.04		-
		Net earnings attributable to AmSurg Corp. common shareholders	$	0.47	$	0.49	$	0.49	$	0.53	$	1.98
Weighted average number of shares and share equivalents (000's):
	Basic			30,619		30,743		30,819		30,912		30,773
	Diluted			31,401		31,577		31,697		31,757		31,608

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AMSG Reports Third-Quarter Results

Page 11

October 22, 2013

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued

(Dollars in thousands)

Presented below is certain statement of earnings and operating data for 2013 and 2012, which have been restated in order to present additional discontinued operations.

									For the Three Months
									March 31,		June 30,
Operating Data:									2013		2013
Procedures										394,117		418,553
Reconciliation of net earnings to EBITDA (1):
	Net earnings from continuing operations attributable to AmSurg Corp. common shareholders								$	17,811	$	18,570
	Add:  income tax expense									12,315		12,823
	Add:  interest expense, net									7,544		7,513
	Add:  depreciation and amortization									8,074		8,179
		EBITDA							$	45,744	$	47,085
											For the Year
			For the Three Months								Ended
			March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,
Operating Data:			2012		2012		2012		2012		2012
Procedures				379,086		382,253		372,038		391,404		1,524,781
Reconciliation of net earnings to EBITDA (1):
	Net earnings from continuing operations
		attributable to AmSurg Corp. common shareholders	$	15,548	$	16,071	$	15,288	$	15,698	$	62,605
		Add:  income tax expense		10,814		11,164		10,132		10,522		42,632
		Add:  interest expense, net		4,267		4,158		3,536		5,011		16,972
		Add:  depreciation and amortization		7,333		7,422		7,590		7,701		30,046
		EBITDA	$	37,962	$	38,815	$	36,546	$	38,932	$	152,255

(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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