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Press release from Business Wire

AmSurg Announces Third-Quarter Net Earnings from Continuing Operations of $0.53 Per Diluted Share on 19% Growth in Revenues

<p class='bwalignc'> <b>Increases 2013 EPS Guidance to Range of $2.19 to $2.21</b> </p>

Tuesday, October 22, 2013

AmSurg Announces Third-Quarter Net Earnings from Continuing Operations of $0.53 Per Diluted Share on 19% Growth in Revenues

16:30 EDT Tuesday, October 22, 2013

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

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

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

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

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

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

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

  • Revenues in a range of $1.06 billion to $1.09 billion.
  • Same-center revenue increase of 0% to 1%.
  • Center acquisitions that generate annualized operating income in a range of $25 million to $29 million.
  • Net cash flow provided by operating activities, less distributions to noncontrolling interests, in a range of $140 million to $150 million.
  • Net earnings from continuing operations per diluted share attributable to common shareholders in a range of $2.19 to $2.21, excluding the impact of the deconsolidation gain, compared with the previous range of $2.17 to $2.20, excluding the impact of the deconsolidation gain.
  • For the fourth quarter of 2013, net earnings from continuing operations per diluted share attributable to common shareholders in a range of $0.56 to $0.58.”

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

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

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

AmSurg Corp. will hold a conference call to discuss this release tomorrow, October 23, 2013, at 9:00 a.m. Eastern time. Investors will have the opportunity to listen to the conference call over the Internet by going to www.amsurg.com and clicking “Investors” or by going to www.earnings.com at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at these sites shortly after the call and continue for 30 days.

This press release contains forward-looking statements. These statements, which have been included in reliance on the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, but not limited to, the following risks: the risk that payments from third-party payors, including government healthcare programs, may decrease or not increase as the Company's costs increase; adverse developments affecting the medical practices of the Company's physician partners; the Company's ability to maintain favorable relations with its physician partners; the Company's ability to compete for physician partners, managed care contracts, patients and strategic relationships; the Company's ability to acquire and develop additional surgery centers on favorable terms; the Company's ability to grow revenues by increasing procedure volume while maintaining its operating margins and profitability at its existing centers; the Company's ability to manage the growth in its business; the Company's ability to obtain sufficient capital resources to complete acquisitions and develop new surgery centers; the Company's ability to generate sufficient cash to service all of its indebtedness; adverse weather and other factors beyond the Company's control that may affect the Company's surgery centers; the Company's failure to comply with applicable laws and regulations; the risk of changes in legislation, regulations or regulatory interpretations that may negatively affect the Company; the risk of becoming subject to federal and state investigation; uncertainties regarding the impact of the Health Reform Law; the risk of regulatory changes that may obligate the Company to buy out interests of physicians who are minority owners of its surgery centers; potential liabilities associated with the Company's status as a general partner of limited partnerships; liabilities for claims brought against our facilities; the Company's legal responsibility to minority owners of its surgery centers, which may conflict with its interests and prevent it from acting solely in its best interests; risks associated with the potential write-off of the impaired portion of intangible assets; potential liability relating to the tax deductibility of goodwill; and other risk factors described in AmSurg's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other filings with the Securities and Exchange Commission. Consequently, actual results, performance or developments may differ materially from the forward-looking statements included above. AmSurg disclaims any intent or obligation to update these forward-looking statements.

AmSurg Corp. acquires, develops and operates ambulatory surgery centers in partnership with physician practice groups throughout the United States. At September 30, 2013, AmSurg owned and operated 243 centers.

           
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(In thousands, except earnings per share)
       
For the Three Months For the Nine Months
Ended September 30, Ended September 30,

Statement of Earnings Data:

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

Operating Data:

2013 2012 2013 2012
 
Continuing centers in operation at end of period (consolidated) 240 224 240 224
Continuing centers in operation at end of period (unconsolidated) 3 2 3 2
Average number of continuing centers in operation (consolidated) 239 224 238 222
New centers added during the period 2 1 4 3
Centers discontinued during the period 1 - 1 2
Centers under letter of intent at end of period

5

15

5

15
Average revenue per consolidated center $ 1,124 $ 1,005 $ 3,357 $ 3,074
Same center revenues increase 2% 2% 0% 3%
Procedures performed during the period at consolidated centers 409,080 372,038 1,221,750 1,133,377
Income tax expense attributable to noncontrolling interests $ 197 $ 210 $ 565 $ 607
 
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders $ 17,049 $ 15,288 $ 53,430 $ 46,907
Add: income tax expense 11,424 10,132 36,562 32,110
Add: interest expense, net 7,295 3,536 22,352 11,961
Add: depreciation and amortization   8,398   7,590   24,651   22,345
EBITDA $ 44,166 $ 36,546 $ 136,995 $ 113,323
 
 
(1) EBITDA is defined as earnings before interest, income taxes and depreciation and amortization. EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from EBITDA are significant components in understanding and assessing financial performance. EBITDA is an analytical indicator used by management and the health care industry to evaluate company performance, allocate resources and measure leverage and debt service capacity. EBITDA should not be considered in isolation or as an alternative to net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, EBITDA as presented may not be comparable to other similarly titled measures of other companies. Net earnings from continuing operations attributable to AmSurg Corp. common shareholders is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to EBITDA as defined.
 

AMSURG CORP.

Unaudited Selected Consolidated Financial and Operating Data, continued
(In thousands)
                             
September 30, December 31,

Balance Sheet Data:

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

Statement of Cash Flow Data:

2013 2012 2013 2012
 
Cash flows from operating activities:
Net earnings $ 62,267 $ 53,765 $ 190,376 $ 164,249
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
Depreciation and amortization 8,398 7,590 24,651 22,345
Net loss on sale of long-lived assets 84 - 84 599
Gain on deconsolidation - - (2,237 ) -
Share-based compensation 2,104 1,707 6,070 5,119
Excess tax benefit from share-based compensation (680 ) (739 ) (1,890 ) (1,268 )
Deferred income taxes 10,506 5,229 29,835 18,617
Equity in earnings of unconsolidated affiliates (1,095 ) (392 ) (2,193 ) (1,103 )
Increase (decrease) in cash and cash equivalents, net of effects of acquisition and dispositions, due to changes in:
Accounts receivable, net 3,782 1,896 (1,439 ) 4,831
Supplies inventory (18 ) 10 (338 ) 343
Prepaid and other current assets 1,056 6 (1,001 ) (325 )
Accounts payable (472 ) (3,676 ) (2,823 ) (2,775 )
Accrued expenses and other liabilities 8,975 6,126 6,820 3,510
Other, net   1,476     966     3,018     1,970  
Net cash flows provided by operating activities 96,383 72,488 248,933 216,112
 
Cash flows from investing activities:
Acquisition of interests in surgery centers and related transactions (41,109 ) (6,125 ) (59,455 ) (16,097 )
Acquisition of property and equipment (8,239 ) (6,231 ) (20,711 ) (20,800 )
Proceeds from sale of interests in surgery centers 151 - 151 -
Other   52     -     107     -  
Net cash flows used in investing activities (49,145 ) (12,356 ) (79,908 ) (36,897 )
 
Cash flows from financing activities:
Proceeds from long-term borrowings 58,513 16,833 129,435 50,211
Repayment on long-term borrowings (55,454 ) (38,622 ) (151,676 ) (111,139 )
Distributions to noncontrolling interests (45,555 ) (40,307 ) (137,081 ) (123,066 )
Proceeds from issuance of common stock upon exercise of stock options 9,561 5,256 23,289 11,928
Repurchase of common stock (9,317 ) (5,882 ) (35,481 ) (13,101 )
Capital contributions and ownership transactions by noncontrolling interests 25 (110 ) 961 1,409
Excess tax benefit from share-based compensation 680 739 1,890 1,268
Financing cost incurred   (111 )   (6 )   (1,257 )   (1,761 )
Net cash flows used in financing activities   (41,658 )   (62,099 )   (169,920 )   (184,251 )
 
Net increase (decrease) in cash and cash equivalents 5,580 (1,967 ) (895 ) (5,036 )
Cash and cash equivalents, beginning of period   39,923     37,649     46,398     40,718  
Cash and cash equivalents, end of period $ 45,503   $ 35,682   $ 45,503   $ 35,682  
 
 
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(In thousands, except earnings per share)
                               
Presented below is certain statement of earnings and operating data for 2013, which have been restated in order to present additional discontinued operations.
 
 
For the Three Months
March 31, June 30,

Statement of Earnings Data:

2013 2013
 
Revenues $ 259,804 $ 269,149
Operating expenses:
Salaries and benefits 81,501 81,639
Supply cost 37,578 39,473
Other operating expenses 53,159 54,361
Depreciation and amortization   8,074   8,179  
Total operating expenses 180,312 183,652
Gain on deconsolidation 2,237 -
Equity in earnings of unconsolidated affiliates   402   696  
Operating income 82,131 86,193
Interest expense   7,544   7,513  
Earnings from continuing operations before income taxes 74,587 78,680
Income tax expense   12,315   12,823  
Net earnings from continuing operations 62,272 65,857
Net earnings (loss) from discontinued operations   1   (21 )
Net earnings 62,273 65,836
Less net earnings attributable to noncontrolling interests:
Net earnings from continuing operations 44,461 47,287
Net earnings (loss) from discontinued operations   1   (14 )
Total net earnings attributable to noncontrolling interests   44,462   47,273  
Net earnings attributable to AmSurg Corp. common shareholders $ 17,811 $ 18,563  
Amounts attributable to AmSurg Corp. common shareholders:
Earnings from continuing operations, net of income tax $ 17,811 $ 18,570
Discontinued operations, net of income tax   -   (7 )
Net earnings attributable to AmSurg Corp. common shareholders $ 17,811 $ 18,563  
 
Earnings per share-basic:

Net earnings from continuing operations attributable to AmSurg Corp. common shareholders

$ 0.57 $ 0.60

Net earnings from discontinued operations attributable to AmSurg Corp. common shareholders

  -   -  
Net earnings attributable to AmSurg Corp. common shareholders $ 0.57 $ 0.59  
Earnings per share - diluted:

Net earnings from continuing operations attributable to AmSurg Corp. common shareholders

$ 0.56 $ 0.58

Net earnings from discontinued operations attributable to AmSurg Corp. common shareholders

  -   -  
Net earnings attributable to AmSurg Corp. common shareholders $ 0.56 $ 0.58  
 
Weighted average number of shares and share equivalents (000's):
Basic 31,217 31,208
Diluted 31,881 31,862
 
 
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(In thousands, except earnings per share)
                   
Presented below is certain statement of earnings and operating data for 2012, which have been restated in order to present additional discontinued operations.
 
For the Year
For the Three Months Ended
March 31, June 30, Sept. 30, Dec. 31, Dec. 31,

Statement of Earnings Data:

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

Net earnings from continuing operations attributable to AmSurg Corp. common shareholders

$ 0.51 $ 0.52 $ 0.50 $ 0.51 $ 2.03

Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders

  (0.03 )   (0.02 )   -   0.04   -  
Net earnings attributable to AmSurg Corp. common shareholders $ 0.48   $ 0.51   $ 0.50 $ 0.54 $ 2.03  
Earnings per share - diluted:

Net earnings from continuing operations attributable to AmSurg Corp. common shareholders

$ 0.50 $ 0.51 $ 0.48 $ 0.49 $ 1.98

Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders

  (0.02 )   (0.02 )   -   0.04   -  
Net earnings attributable to AmSurg Corp. common shareholders $ 0.47   $ 0.49   $ 0.49 $ 0.53 $ 1.98  
 
Weighted average number of shares and share equivalents (000's):
Basic 30,619 30,743 30,819 30,912 30,773
Diluted 31,401 31,577 31,697 31,757 31,608
 
 
AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)
                       
Presented below is certain statement of earnings and operating data for 2013 and 2012, which have been restated in order to present additional discontinued operations.
 
 
For the Three Months
March 31, June 30,

Operating Data:

2013 2013
 
Procedures 394,117 418,553
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders $ 17,811 $ 18,570
Add: income tax expense 12,315 12,823
Add: interest expense, net 7,544 7,513
Add: depreciation and amortization   8,074   8,179
EBITDA $ 45,744 $ 47,085
 
 
 
For the Year
For the Three Months Ended
March 31, June 30, Sept. 30, Dec. 31, Dec. 31,

Operating Data:

2012 2012 2012 2012 2012
 
Procedures 379,086 382,253 372,038 391,404 1,524,781
Reconciliation of net earnings to EBITDA (1):

Net earnings from continuing operations attributable to AmSurg Corp. common shareholders

$ 15,548 $ 16,071 $ 15,288 $ 15,698 $ 62,605
Add: income tax expense 10,814 11,164 10,132 10,522 42,632
Add: interest expense, net 4,267 4,158 3,536 5,011 16,972
Add: depreciation and amortization   7,333   7,422   7,590   7,701   30,046
EBITDA $ 37,962 $ 38,815 $ 36,546 $ 38,932 $ 152,255
 
(1) EBITDA is defined as earnings before interest, income taxes and depreciation and amortization. EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from EBITDA are significant components in understanding and assessing financial performance. EBITDA is an analytical indicator used by management and the health care industry to evaluate company performance, allocate resources and measure leverage and debt service capacity. EBITDA should not be considered in isolation or as an alternative to net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, EBITDA as presented may not be comparable to other similarly titled measures of other companies. Net earnings from continuing operations attributable to AmSurg Corp. common shareholders is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to EBITDA as defined.

AmSurg Corp.
Claire M. Gulmi, 615-665-1283
Executive Vice President and Chief Financial Officer

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