SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

AmSurg Reports Fourth-Quarter Net Earnings from Continuing Operations of $0.49 Per Diluted Share
[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 ]





LATEST VIDEOS

DOWNLOAD CENTER

UPCOMING WEBINARS

MOST POPULAR STORIES





Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved.