Amsurg (AMSG) 8-K Amsurg Announces Net Earnings of $0.35 Per Diluted Share for Second-quarter 2007

Exhibit 99

Press Release

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

AMSURG ANNOUNCES NET EARNINGS OF $0.35 PER DILUTED SHARE FOR
SECOND-QUARTER 2007

NASHVILLE, Tenn. (July 24, 2007) — Ken P. McDonald, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the second quarter and six months ended June 30, 2007. Revenues for the quarter increased 11% to $131,726,000 from $118,518,000 for the second quarter of 2006. Net earnings from continuing operations rose 10% to $11,013,000 from $10,024,000. Net earnings from continuing operations per diluted share for the second quarter of 2007 were $0.35, up 6% from $0.33 for the comparable prior-year quarter.

     For the first six months of 2007, revenues increased 12% to $258,921,000 from $230,742,000 for the first half of 2006. Net earnings from continuing operations were $21,242,000, an increase of 14% from $18,686,000. Net earnings from continuing operations per diluted share for the first six months of 2007 rose 11% to $0.69 from $0.62 for the same period in 2006.

     Mr. McDonald remarked, “We are pleased that AmSurg’s earnings per diluted share met our expectations for the second quarter. Our revenue growth for the quarter was again attributable to expansion in our procedures performed, which increased 12% compared with the second quarter last year. This increase was supported by the addition of 17 continuing centers in operation since the end of the second quarter of 2006, raising our total to 165 at the end of the latest quarter. We also produced same-facility revenue growth of 3% for the second quarter, consistent with our same-facility performance for the previous two quarters and our guidance for the full year of 3% to 4%.

     “During the second quarter, we added two centers through acquisition and one de novo center, and we sold one center. For the first half of 2007, we added a total of 10 new centers. We completed the second quarter with four centers under development, two of which we expect to open in the fourth quarter of 2007, and with eight centers under letter of intent. We continue to have a robust pipeline of potential center transactions, and we remain confident of meeting our goal of adding 18 to 20 new centers for full-year 2007. We expect to fund the majority of these center additions through our continued strong cash flow from operations, which totaled $32.5 million for the first six months of 2007, or 1.5 times net earnings from continuing operations.

     “Based on our financial performance for the second quarter and first half of 2007, as well as our outlook for the second half of the year, we today affirm our existing guidance for full-year 2007 and establish guidance for the third quarter of the year, as follows:

• Revenues in a range of $510 million to $530 million for 2007.

• Same-center revenue growth of 3% to 4% for the full year.

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AMSG Reports Second-Quarter Results
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• The addition of 18 to 20 centers for the year, which includes two additional development centers expected to open in 2007.

• Net earnings from continuing operations per diluted share for 2007 in a range of $1.40 to $1.42 per diluted share, including a negative $0.03 impact from the effect of the Medicare Deficit Reduction Act of 2005.

• Net earnings per diluted share for the third quarter of 2007 in a range of $0.34 to $0.35 per diluted share, including the negative impact from the effect of the Medicare Deficit Reduction Act of 2005.”

     The information contained in the preceding paragraphs is forward-looking information, and the attainment of these targets is dependent not only on AmSurg’s achievement of its assumptions discussed above, but also on the risks and uncertainties listed below that could cause actual results, performance or developments to differ materially from those expressed or implied by this forward-looking information.

     Mr. McDonald continued, “Our operating and financial performance to-date for 2007 supports our confidence in our prospects for steadily expanding our proven business model and achieving our goals for the full year. As we announced last week, the issuance by the Centers for Medicare & Medicaid Services (CMS) of its final revised payment system rule and its proposed rule to determine published rates also enhances our growth prospects for 2008 and 2009. While the published rates may change when the proposed rule is finalized, our current expectation is that the rules would reduce our net earnings per share by $0.04 to $0.05 in both 2008 and 2009 (cumulatively, $0.08 to $0.10) and will have a negligible impact on earnings after 2009.

     “We have remained confident of the ability of both our team and our business model to generate long-term profitable growth and increased shareholder value,” concluded Mr. McDonald. “We are pleased that CMS’s announcement last week has also improved our prospects for the near to intermediate term.”

     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 towww.amsurg.com and clicking “Investor Relations” or by going towww.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 through the end of business on October 24, 2007.

     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, 2006, and other filings with the Securities and Exchange Commission, including the following risks: changes in the reimbursement system for outpatient surgical procedures under the Medicare program; the risk that payments from third-party payors, including government healthcare programs, may decrease or not increase as the Company’s costs increase; the Company’s ability to maintain favorable relations with its physician partners; the Company’s ability to acquire and develop additional

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surgery centers on favorable terms; the Company’s ability to grow revenues 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 compete for physician partners, managed care contracts, patients and strategic relationships; risks associated with weather and other factors that may affect the Company’s surgery centers located in Florida; the Company’s failure to comply with applicable laws and regulations; the risk of changes in legislation, regulations or regulatory interpretations that may negatively affect the Company; the risk of becoming subject to federal and state investigation; the risk of regulatory changes that may obligate the Company to buy out interests of physicians who are minority owners of its surgery centers; risks associated with the Company’s status as a general partner of limited partnerships; 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 write-off of the impaired portion of intangible assets; and risks associated with 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. develops, acquires and manages physician practice-based ambulatory surgery centers in partnership with surgical and other group practices. At June 30, 2007, AmSurg owned a majority interest in 165 continuing centers in operation and had four centers under development.

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AMSG Reports Second-Quarter Results
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July 24, 2007

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,
	2007			2006			2007			2006
Statement of Earnings Data:
Revenues	$	131,726		$	118,518		$	258,921		$	230,742
Operating expenses:
Salaries and benefits		38,098			34,311			76,431			68,741
Supply cost		15,105			14,148			29,633			26,831
Other operating expenses		27,968			22,734			52,816			44,138
Depreciation and amortization		4,743			4,287			9,437			8,419
Total operating expenses		85,914			75,480			168,317			148,129
Operating income		45,812			43,038			90,604			82,613
Minority interest		25,998			24,505			51,331			48,134
Interest expense, net		2,197			2,046			4,684			3,745
Earnings from continuing operations before income taxes		17,617			16,487			34,589			30,734
Income tax expense		6,604			6,463			13,347			12,048
Net earnings from continuing operations		11,013			10,024			21,242			18,686
Discontinued operations:
Earnings from operations of discontinued interests in surgery centers, net of income tax expense		32			80			80			143
Gain on disposal of discontinued interests in surgery centers, net of income tax expense		147			—			147			—
Net earnings from discontinued operations		179			80			227			143
Net earnings	$	11,192		$	10,104		$	21,469		$	18,829
Basic earnings per common share:
Net earnings from continuing operations	$	0.36		$	0.34		$	0.70		$	0.63
Net earnings	$	0.37		$	0.34		$	0.71		$	0.63
Diluted earnings per common share:
Net earnings from continuing operations	$	0.35		$	0.33		$	0.69		$	0.62
Net earnings	$	0.36		$	0.33		$	0.70		$	0.62
Weighted average number of shares and share equivalents (000’s):
Basic		30,541			29,794			30,294			29,744
Diluted		31,085			30,472			30,795			30,345
Operating Data:
Continuing centers in operation at end of period		165			148			165			148
Centers under development/not opened at end of period		4			4			4			4
Development centers awaiting CON approval at end of period		—			3			—			3
Centers under letter of intent		8			2			8			2
Average number of centers in operation		163			148			163			147
Average revenue per center	$	807		$	801		$	1,592		$	1,574
Same center revenues increase		3	%		5	%		3	%		6	%
Procedures performed during the period		242,290			216,280			476,248			426,950
Cash flows provided by operating activities	$	13,376		$	12,571		$	32,462		$	33,912
Cash flows used by investing activities	$	(9,402	)	$	(9,248	)	$	(55,333	)	$	(34,732	)
Cash flows (used) provided by financing activities	$	(7,760	)	$	(6,364	)	$	21,218		$	(1,998	)
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations	$	11,013		$	10,024		$	21,242		$	18,686
Add: income tax expense		6,604			6,463			13,347			12,048
Add: interest expense, net		2,197			2,046			4,684			3,745
Add: depreciation and amortization		4,743			4,287			9,437			8,419
EBITDA	$	24,557		$	22,820		$	48,710		$	42,898

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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(In thousands)

	June 30, 2007		Dec. 31, 2006
Balance Sheet Data:
Cash and cash equivalents	$	18,430	$	20,083
Accounts receivable, net		57,812		51,546
Working capital		74,332		66,591
Total assets		650,121		590,032
Long-term debt and other long-term liabilities		151,763		127,821
Minority interest		56,131		52,341
Shareholders’ equity		377,145		343,108

(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 is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to EBITDA as defined.

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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(In thousands)

Presented below is certain statement of earnings and operating data for quarter ending March 31, 2007, which has been restated in order to include discontinued operations.

	For the Three
	Months Ended
	March 31,
	2007
Statement of Earnings Data:
Revenues	$	127,195
Operating expenses:
Salaries and benefits		38,333
Supply cost		14,528
Other operating expenses		24,848
Depreciation and amortization		4,694
Total operating expenses		82,403
Operating income		44,792
Minority interest		25,333
Interest expense, net		2,487
Earnings from continuing operations before income taxes		16,972
Income tax expense		6,743
Net earnings from continuing operations		10,229
Discontinued operations:
Earnings from operations of discontinued interests in surgery centers, net of income tax expense		48
Net earnings	$	10,277
Basic earnings per common share:
Net earnings from continuing operations	$	0.34
Net earnings	$	0.34
Diluted earnings per common share:
Net earnings from continuing operations	$	0.34
Net earnings	$	0.34
Weighted average number of shares and share equivalents (000’s):
Basic		30,046
Diluted		30,505
Operating Data:
Procedures		233,958
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations	$	10,229
Add: income tax expense		6,743
Add: interest expense, net		2,487
Add: depreciation and amortization		4,694
EBITDA	$	24,153

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AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(In thousands)

Presented below is certain statement of earnings and operating data for 2006, which have been restated in order to present additional discontinued operations.

											For the Year
	For the Three Months Ended										Ended
	March 31,		June 30,		Sept. 30,			Dec. 31,			Dec. 31,
	2006		2006		2006			2006			2006
Statement of Earnings Data:
Revenues	$	112,224	$	118,518	$	113,755		$	118,498		$	462,995
Operating expenses:
Salaries and benefits		34,430		34,311		33,850			34,999			137,590
Supply cost		12,683		14,148		13,064			14,005			53,900
Other operating expenses		21,404		22,734		23,116			24,330			91,584
Depreciation and amortization		4,132		4,287		4,314			4,593			17,326
Total operating expenses		72,649		75,480		74,344			77,927			300,400
Operating income		39,575		43,038		39,411			40,571			162,595
Minority interest		23,629		24,505		22,109			22,641			92,884
Interest expense, net		1,699		2,046		1,924			2,019			7,688
Earnings from continuing operations before income taxes		14,247		16,487		15,378			15,911			62,023
Income tax expense		5,585		6,463		6,028			6,008			24,084
Net earnings from continuing operations		8,662		10,024		9,350			9,903			37,939
Discontinued operations:
Earnings from operations of discontinued interests in surgery centers, net of income tax expense		63		80		68			52			263
Loss on disposal of discontinued interests in surgery centers, net of income tax benefit		—		—		(56	)		(407	)		(463	)
Earnings (loss) from discontinued operations		63		80		12			(355	)		(200	)
Net earnings	$	8,725	$	10,104	$	9,362		$	9,548		$	37,739
Basic earnings per common share:
Net earnings from continuing operations	$	0.29	$	0.34	$	0.31		$	0.33		$	1.27
Net earnings	$	0.29	$	0.34	$	0.31		$	0.32		$	1.27
Diluted earnings per common share:
Net earnings from continuing operations	$	0.29	$	0.33	$	0.31		$	0.32		$	1.25
Net earnings	$	0.29	$	0.33	$	0.31		$	0.31		$	1.24
Weighted average number of shares and share equivalents (000’s):
Basic		29,693		29,794		29,875			29,924			29,822
Diluted		30,219		30,472		30,423			30,477			30,398
Operating Data:
Procedures		210,670		216,280		207,469			215,104			849,523
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations	$	8,662	$	10,024	$	9,350		$	9,903		$	37,939
Add: income tax expense		5,585		6,463		6,028			6,008			24,084
Add: interest expense, net		1,699		2,046		1,924			2,019			7,688
Add: depreciation and amortization		4,132		4,287		4,314			4,593			17,326
EBITDA	$	20,078	$	22,820	$	21,616		$	22,523		$	87,037

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