[February 25, 2013] |
|
AmSurg Reports Fourth-Quarter Net Earnings from Continuing Operations of $0.49 Per Diluted Share
NASHVILLE, Tenn. --(Business Wire)--
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.
"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%.
-
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 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.
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMSURG CORP.
|
Unaudited Selected Consolidated Financial and Operating Data,
continued
|
(Dollars in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Development centers awaiting CON approval at end of period
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
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.
|
|
|
|
|
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
|
|
Current assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
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
|
Long-term assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
Current liabilities held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
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
|
|
Accumulated other comprehensive loss, net of income taxes
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
[ Back To TMCnet.com's Homepage ]
|