8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2011 (February 24, 2011)

AMSURG CORP.

(Exact Name of Registrant as Specified in Charter)

Tennessee
(State or Other Jurisdiction of
Incorporation) 000-22217
(Commission
File Number) 62-1493316
(I.R.S. Employer
Identification No.)

20 Burton Hills Boulevard
Nashville, Tennessee
(Address of Principal Executive Offices) 37215
(Zip Code)

(615) 665-1283
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

     On February 24, 2011, AmSurg Corp. issued a press release, the text of which is set forth as Exhibit 99.

Item 7.01. Regulation FD Disclosure

     On February 24, 2011, AmSurg Corp. issued a press release, the text of which is set forth as Exhibit 99.

Item 9.01. Financial Statements and Exhibits

     (c) 99 Press release dated February 24, 2011

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AMSURG CORP.
	By:	/s/ Claire M. Gulmi
		Claire M. Gulmi
		Executive Vice President and Chief Financial Officer (Principal Financial and Duly Authorized Officer)
Date: February 24, 2011

3

INDEX TO EXHIBITS

Exhibit
Number	Description
99	Press release dated February 24, 2011

4

EX-99

Exhibit 99

Press Release

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

AMSURG ANNOUNCES FOURTH-QUARTER NET EARNINGS

FROM CONTINUING OPERATIONS OF $0.43 PER DILUTED SHARE

ESTABLISHES 2011 FINANCIAL GUIDANCE

NASHVILLE, Tenn. — (February 24, 2011) — 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, 2010. Revenues increased 11% to $184,724,000 for the quarter from $166,002,000 for the fourth quarter of 2009. Net earnings from continuing operations attributable to AmSurg common shareholders for the fourth quarter of 2010 were $13,222,000, or $0.43 per diluted share, compared with $12,729,000, or $0.41 per diluted share, for the fourth quarter of 2009. The results for the fourth quarter of 2010 included an incremental negative impact of $0.01 per diluted share from the revision of the Medicare payment system for ASCs and $0.04 per diluted share from the higher interest costs related to the refinancing of the Company’s credit facility in May 2010, as previously disclosed.

     Revenues for the year ended December 31, 2010 increased 8% to $710,409,000 from $658,223,000 for 2009. Net earnings from continuing operations attributable to AmSurg common shareholders were $51,947,000, or $1.69 per diluted share, for 2010 compared with $51,826,000, or $1.68 per diluted share, for 2009. The results for 2010 included an incremental negative impact of $0.06 per diluted share from the revision of the Medicare payment system for ASCs and $0.10 per diluted share from the higher interest costs related to the refinancing of the Company’s credit facility.

     Mr. Holden remarked, “AmSurg’s comparable-quarter results strengthened for the fourth quarter of 2010, with an 11% increase in revenues and 5% growth in per-share earnings, after slight declines for the two previous quarters. Procedure growth of 9% contributed to our revenue growth for the quarter, as did a 2% increase in average revenue per procedure, which we attribute primarily to procedure mix. With same-center revenues flat with the fourth quarter of 2009, our procedure growth reflected the expansion in the average number of centers in operation for the fourth quarter of 2010 to 202 from 190 for the fourth quarter of 2009. Despite the deleveraging impact of flat same-center revenues, our continued focus on cost management and efficiency initiatives produced improved comparable-quarter EBITDA less noncontrolling interests as a percentage of revenues for the second consecutive quarter.

     “We acquired three additional centers during the fourth quarter and seven for the full year. We classified five centers as discontinued operations during the fourth quarter and expect final disposition of the centers to generate sales proceeds of approximately $5 million. We had expected to complete the acquisition of seven other centers under letter of intent by the end of

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February 24, 2011

2010. We have now completed one of these acquisitions, executed purchase agreements contingent on regulatory approval for another two of the centers and expect to complete the acquisition of the remaining four centers near the end of the first quarter. These seven centers are included in the eight centers we had under letter of intent at the end of 2010. We also have one center under development, which we expect to open in 2011.

     “Net cash flows from operating activities for the fourth quarter of 2010 were $65.8 million, and distributions to noncontrolling interests, which are included in net cash flows from financing activities, were $33.4 million. Operating net cash flows less these distributions totaled $32.4 million for the fourth quarter, with which we funded capital expenditures for the quarter of $5.8 million and acquisitions of $12.1 million. We also reduced our debt during the fourth quarter and completed the quarter with a ratio of total debt to trailing 12 months EBITDA of 2.3 compared with 2.6 at the end of 2009. At the end of 2010, we had cash and cash equivalents of $34.1 million and availability under our revolving credit facility of $187.0 million.

     “Our guidance for 2011 includes the impact of headwinds from the last year of the four-year phase-in of the revised Medicare payment system, the partial year impact of the 2010 refinancing of our revolving credit facility and an increased effective tax rate. In addition, based on our same-center performance in the first quarter to-date and ongoing concern about high unemployment and sluggish economic conditions, we expect continuing negative leverage from flat to declining same-center procedures for 2011. As a result, we today established the following guidance for the 2011 fiscal year and for the first quarter of 2011:

• Revenues in a range of $740 million to $770 million for 2011.

• Same-center revenues in a range of 0% to a negative 1% for 2011.

• The addition of 18 to 20 new centers for the year.

• Net cash flow provided by operating activities, less distributions to noncontrolling interests, in a range of $90 million to $95 million.

• Net earnings from continuing operations per diluted share attributable to common shareholders for 2011 in a range of $1.64 to $1.68, which includes a negative $0.05 impact from the effect of the revised Medicare payment system and a negative $0.07 impact from higher interest costs related to the refinancing of our revolving credit facility and from the higher effective tax rate.

• Net earnings from continuing operations per diluted share attributable to common shareholders for the first quarter of 2011 in a range of $0.37 to $0.39 per diluted share, including a negative $0.01 impact from the effect of the revised Medicare payment system revision and a negative $0.04 impact from the higher interest costs related to the refinancing of our credit facility and from the higher effective tax rate.”

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

     Mr. Holden concluded, “The strong headwinds AmSurg has faced during 2010 will affect our financial results for 2011. While we continue to focus on offsetting the deleveraging effect

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

of weak same-center revenue performance through initiatives to reengineer, automate and simplify our operations, our guidance anticipates significant margin pressure for 2011.

     “Our outlook for 2012 is substantially better. While we have limited visibility as to the timing or sustainability of any strengthening in the nation’s economic environment, we believe that our operating structure enables us to produce operating leverage with a relatively small sustained increase in same-center revenues. In addition, we expect our results for 2012 to benefit from:

• the completion of reductions in Medicare rate reimbursement in 2011, with no scheduled reduction in Medicare rates for 2012 for the first time in four years;

• the cycling at the end of May 2011 of the comparative negative impact of our refinancing at the end of May 2010;

• no expected negative comparative impact for changes in our effective tax rate.

     “With our leading GI and ophthalmology market share and the growing recognition of the high quality ASCs offer in the most affordable modality for many surgical procedures, we are confident that we are strongly positioned to benefit from clear demographic trends and from health care reform. In addition, we have a strong financial position and a robust pipeline of prospective center acquisitions. We are also continuously focused on ensuring that we are the strategic partner of choice for physicians. In pursuit of that goal, we achieved further material gains in physician satisfaction during 2010. As a result and despite the challenges we face in 2011, we are confident of our direction, our resources and our opportunities for long-term growth in earnings and shareholder value.”

     AmSurg Corp. will hold a conference call to discuss this release today at 5:00 p.m. Eastern time. Investors will have the opportunity to listen to the conference call over the Internet by going 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 the important factors, among others, set forth in AmSurg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and other filings with the Securities and Exchange Commission, including the following risks: adverse impacts on the Company’s business associated with current and future economic conditions; 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 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

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

obtain sufficient capital resources to complete acquisitions and develop new surgery centers; the Company’s ability to compete for physician partners, managed care contracts, patients and strategic relationships; adverse weather and other factors 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; 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; and potential liability relating to the tax deductibility of goodwill. Consequently, actual results, performance or developments may differ materially from the forward-looking statements included above. AmSurg disclaims any intent or obligation to update these forward-looking statements.

     AmSurg Corp. acquires, develops and operates ambulatory surgery centers in partnership with physician practice groups throughout the United States. At December 31, 2010, AmSurg owned a majority interest in 204 continuing centers in operation and had one center under development.

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)

	For the Three Months						For the Twelve Months
	Ended December 31,						Ended December 31,
	2010			2009			2010			2009
Statement of Earnings Data:
Revenues	$	184,724		$	166,002		$	710,409		$	658,223
Operating expenses:
Salaries and benefits		56,576			49,898			213,274			197,569
Supply cost		24,293			21,131			94,064			81,607
Other operating expenses		37,058			34,826			148,878			134,574
Depreciation and amortization		6,427			5,697			24,910			22,351
Total operating expenses		124,354			111,552			481,126			436,101
Operating income		60,370			54,450			229,283			222,122
Interest expense		4,386			1,768			13,371			7,647
Earnings from continuing operations before income taxes		55,984			52,682			215,912			214,475
Income tax expense		8,653			8,669			34,324			35,067
Net earnings from continuing operations		47,331			44,013			181,588			179,408
Discontinued operations:
Earnings from operations of discontinued interest in surgery centers, net of income tax		525			697			1,640			2,644
Loss on disposal of discontinued interest in surgery centers, net of income tax		(2,635	)		(850	)		(2,732	)		(702	)
Net (loss) earnings from discontinued operations		(2,110	)		(153	)		(1,092	)		1,942
Net earnings		45,221			43,860			180,496			181,350
Less net earnings attributable to noncontrolling interests:
Net earnings from continuing operations		34,109			31,284			129,641			127,582
Net earnings from discontinued operations		244			427			1,030			1,620
Total net earnings attributable to noncontrolling interests		34,353			31,711			130,671			129,202
Net earnings attributable to AmSurg Corp. common shareholders	$	10,868		$	12,149		$	49,825		$	52,148
Amounts attributable to AmSurg Corp. common shareholders:
Earnings from continuing operations, net of income tax	$	13,222		$	12,729		$	51,947		$	51,826
Discontinued operations, net of income tax		(2,354	)		(580	)		(2,122	)		322
Net earnings attributable to AmSurg Corp. common shareholders	$	10,868		$	12,149		$	49,825		$	52,148
Earnings per share-basic:
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	0.44		$	0.42		$	1.72		$	1.69
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders		(0.08	)		(0.02	)		(0.07	)		0.01
Net earnings attributable to AmSurg Corp. common shareholders	$	0.36		$	0.40		$	1.65		$	1.71
Earnings per share-diluted:
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	0.43		$	0.41		$	1.69		$	1.68
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders		(0.08	)		(0.02	)		(0.07	)		0.01
Net earnings attributable to AmSurg Corp. common shareholders	$	0.35		$	0.40		$	1.62		$	1.69
Weighted average number of shares and share equivalents (000’s):
Basic		30,318			30,206			30,255			30,576
Diluted		30,763			30,686			30,689			30,862

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands, except per share amounts)

	For the Three Months						For the Twelve Months
	Ended December 31,						Ended December 31,
	2010			2009			2010			2009
Operating Data:
Continuing centers in operation at end of period		204			197			204			197
New centers added during the period		3			8			7			14
Centers discontinued during the period		5			—			5			1
Centers under development/not opened at end of period		1			1			1			1
Centers under letter of intent		8			1			8			1
Average number of centers in operation		202			190			200			188
Average revenue per center	$	914		$	874		$	3,552		$	3,501
Same center revenues (decrease) increase		0	%		1	%		(2	%)		0	%
Procedures performed during the period		331,729			305,129			1,276,231			1,215,784
Income tax expense attributable to noncontrolling interests	$	31		$	200		$	628		$	639
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	13,222		$	12,729		$	51,947		$	51,826
Add: income tax expense		8,653			8,669			34,324			35,067
Add: interest expense, net		4,386			1,768			13,371			7,647
Add: depreciation and amortization		6,427			5,697			24,910			22,351
EBITDA	$	32,688		$	28,863		$	124,552		$	116,891

(1) EBITDA is defined as earnings before interest, income taxes and depreciation and amortization. EBITDA should not be considered a measure of financial performance under generally accepted accounting principles. Items excluded from EBITDA are significant components in understanding and assessing financial performance. EBITDA is an analytical indicator used by management and the health care industry to evaluate company performance, allocate resources and measure leverage and debt service capacity. EBITDA should not be considered in isolation or as an alternative to net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity. Because EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, EBITDA as presented may not be comparable to other similarly titled measures of other companies. Net earnings from continuing operations attributable to AmSurg Corp. common shareholders is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to EBITDA as defined.

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)

	December 31,			December 31,
	2010			2009
Balance Sheet Data:
Assets
Current assets:
Cash and cash equivalents	$	34,147		$	29,377
Accounts receivable, net of allowance of $13,070 and $12,375, respectively		67,617			66,886
Supplies inventory		10,157			8,745
Deferred income taxes		1,509			2,324
Prepaid and other current assets		18,660			15,408
Current assets held for sale		866			34
Total current assets		132,956			122,774
Property and equipment, net		119,167			120,158
Goodwill		894,497			813,876
Intangible assets, net		11,361			9,797
Long-term assets held for sale		7,897			170
Long-term receivables		—			56
Total assets	$	1,165,878		$	1,066,831
Liabilities and Equity
Current liabilities:
Current portion of long-term debt	$	6,648		$	5,989
Accounts payable		15,291			14,821
Accrued salaries and benefits		17,952			18,156
Other accrued liabilities		3,136			3,208
Income taxes payable		—			402
Current liabilities held for sale		536			37
Total current liabilities		43,563			42,613
Long-term debt		283,215			296,783
Deferred income taxes		90,089			71,665
Other long-term liabilities		24,404			22,036
Noncontrolling interests — redeemable		147,740			123,363
Equity:
Common stock, no par value 70,000,000 shares authorized, 31,039,770 and 30,674,525 shares outstanding, respectively		171,522			163,729
Retained earnings		393,061			343,236
Accumulated other comprehensive loss, net of income taxes		(515	)		(1,849	)
Total AmSurg Corp. equity		564,068			505,116
Noncontrolling interests — non-redeemable		12,799			5,255
Total equity		576,867			510,371
Total liabilities and equity	$	1,165,878		$	1,066,831

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)

	For the Three Months						For the Twelve Months
	Ended December 31,						Ended December 31,
	2010			2009			2010			2009
Statement of Cash Flow Data:
Cash flows from operating activities:
Net earnings	$	45,221		$	43,860		$	180,496		$	181,350
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
Depreciation and amortization		6,427			5,697			24,910			22,351
Net loss on sale and impairment of long-lived assets		4,084			21			4,243			455
Share-based compensation		1,444			966			4,869			4,068
Excess tax benefit from share-based compensation		(119	)		(5	)		(200	)		(32	)
Deferred income taxes		4,830			3,464			18,247			14,703
Increase (decrease) in cash and cash equivalents, net of effects of acquisition and dispositions, due to changes in:
Accounts receivable, net		3,666			3,596			713			1,494
Supplies inventory		(901	)		(418	)		(541	)		(60	)
Prepaid and other current assets		(3,184	)		(1,754	)		(3,364	)		(733	)
Accounts payable		2,033			2,233			(220	)		1,289
Accrued expenses and other liabilities		2,116			(1,473	)		168			6,666
Other, net		202			347			1,254			1,033
Net cash flows provided by operating activities		65,819			56,534			230,575			232,584
Cash flows from investing activities:
Acquisition of interest in surgery centers and related transactions		(12,075	)		(76,121	)		(53,690	)		(95,826	)
Acquisition of property and equipment		(5,775	)		(3,421	)		(19,275	)		(19,930	)
Proceeds from the sale of surgery centers		60			400			60			1,298
Repayment of notes receivable		—			—			—			1,666
Net cash flows used in investing activities		(17,790	)		(79,142	)		(72,905	)		(112,792	)
Cash flows from financing activities:
Proceeds from long-term borrowings		20,030			84,719			176,619			137,178
Repayment on long-term borrowings		(31,423	)		(29,902	)		(195,960	)		(116,951	)
Distributions to noncontrolling interests		(33,449	)		(33,660	)		(132,110	)		(130,855	)
Proceeds from issuance of common stock upon exercise of stock options		1,900			23			2,583			201
Repurchase of common stock		—			—			—			(12,587	)
Capital contributions and ownership transactions by noncontrolling interests		160			178			224			1,036
Excess tax benefit from share-based compensation		119			5			200			32
Financing cost incurred		(16	)		(6	)		(4,456	)		(17	)
Net cash flows (used in) provided by financing activities		(42,679	)		21,357			(152,900	)		(121,963	)
Net increase (decrease) in cash and cash equivalents		5,350			(1,251	)		4,770			(2,171	)
Cash and cash equivalents, beginning of period		28,797			30,628			29,377			31,548
Cash and cash equivalents, end of period	$	34,147		$	29,377		$	34,147		$	29,377

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)

Presented below is certain statement of earnings and operating data for prior quarterly periods in 2010, which have been restated in order to include additional discontinued operations.

							For the Nine
	For the Three Months Ended						Months Ended
	March 31,		June 30,		Sept. 30,		Sept. 30,
	2010		2010		2010		2010
Statement of Earnings Data:
Revenues	$	170,116	$	177,498	$	178,071	$	525,685
Operating expenses:
Salaries and benefits		51,176		51,811		53,711		156,698
Supply cost		22,778		23,285		23,708		69,771
Other operating expenses		36,800		38,006		37,014		111,820
Depreciation and amortization		5,662		5,850		6,971		18,483
Total operating expenses		116,416		118,952		121,404		356,772
Operating income		53,700		58,546		56,667		168,913
Interest expense		1,839		3,135		4,011		8,985
Earnings from continuing operations before income taxes		51,861		55,411		52,656		159,928
Income tax expense		8,621		9,252		7,798		25,671
Net earnings from continuing operations		43,240		46,159		44,858		134,257
Net earnings from discontinued operations		272		469		277		1,018
Net earnings		43,512		46,628		45,135		135,275
Less net earnings attributable to noncontrolling interests:
Net earnings from continuing operations		30,554		33,194		31,784		95,532
Net earnings from discontinued operations		261		292		233		786
Total net earnings attributable to noncontrolling interests		30,815		33,486		32,017		96,318
Net earnings attributable to AmSurg Corp. common shareholders	$	12,697	$	13,142	$	13,118	$	38,957
Amounts attributable to AmSurg Corp. common shareholders:
Earnings from continuing operations, net of income tax	$	12,686	$	12,965	$	13,074	$	38,725
Discontinued operations, net of income tax		11		177		44		232
Net earnings attributable to AmSurg Corp. common shareholders	$	12,697	$	13,142	$	13,118	$	38,957
Earnings per share-basic:
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	0.42	$	0.43	$	0.43	$	1.28
Net earnings from discontinued operations attributable to AmSurg Corp. common shareholders		0.00		0.01		0.00		0.01
Net earnings attributable to AmSurg Corp. common shareholders	$	0.42	$	0.43	$	0.43	$	1.29
Earnings per share-diluted:
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	0.41	$	0.42	$	0.43	$	1.26
Net earnings from discontinued operations attributable to AmSurg Corp. common shareholders		0.00		0.01		0.00		0.01
Net earnings attributable to AmSurg Corp. common shareholders	$	0.41	$	0.43	$	0.43	$	1.27
Weighted average number of shares and share equivalents (000’s):
Basic		30,212		30,239		30,251		30,234
Diluted		30,716		30,655		30,620		30,663

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AMSG Reports Fourth-Quarter Results
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February 24, 2011

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)

Presented below is certain statement of earnings and operating data for 2009, 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,
	2009		2009		2009		2009			2009
Statement of Earnings Data:
Revenues	$	160,823	$	166,122	$	165,276	$	166,002		$	658,223
Operating expenses:
Salaries and benefits		48,331		48,702		50,638		49,898			197,569
Supply cost		19,655		20,685		20,136		21,131			81,607
Other operating expenses		33,145		33,679		32,924		34,826			134,574
Depreciation and amortization		5,495		5,553		5,606		5,697			22,351
Total operating expenses		106,626		108,619		109,304		111,552			436,101
Operating income		54,197		57,503		55,972		54,450			222,122
Interest expense		1,990		2,002		1,887		1,768			7,647
Earnings from continuing operations before income taxes		52,207		55,501		54,085		52,682			214,475
Income tax expense		8,416		9,192		8,790		8,669			35,067
Net earnings from continuing operations		43,791		46,309		45,295		44,013			179,408
Net earnings (loss) from discontinued operations		524		544		1,027		(153	)		1,942
Net earnings		44,315		46,853		46,322		43,860			181,350
Less net earnings attributable to noncontrolling interests:
Net earnings from continuing operations		31,378		32,778		32,142		31,284			127,582
Net earnings from discontinued operations		321		495		377		427			1,620
Total net earnings attributable to noncontrolling interests		31,699		33,273		32,519		31,711			129,202
Net earnings attributable to AmSurg Corp. common shareholders	$	12,616	$	13,580	$	13,803	$	12,149		$	52,148
Amounts attributable to AmSurg Corp. common shareholders:
Earnings from continuing operations, net of income tax	$	12,413	$	13,531	$	13,153	$	12,729		$	51,826
Discontinued operations, net of income tax		203		49		650		(580	)		322
Net earnings attributable to AmSurg Corp. common shareholders	$	12,616	$	13,580	$	13,803	$	12,149		$	52,148
Earnings per share-basic:
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	0.40	$	0.44	$	0.44	$	0.42		$	1.69
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders		0.01		0.00		0.02		(0.02	)		0.01
Net earnings attributable to AmSurg Corp. common shareholders	$	0.40	$	0.44	$	0.46	$	0.40		$	1.71
Earnings per share-diluted:
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	0.40	$	0.44	$	0.43	$	0.41		$	1.68
Net earnings (loss) from discontinued operations attributable to AmSurg Corp. common shareholders		0.01		0.00		0.02		(0.02	)		0.01
Net earnings attributable to AmSurg Corp. common shareholders	$	0.40	$	0.44	$	0.45	$	0.40		$	1.69
Weighted average number of shares and share equivalents (000’s):
Basic		31,244		30,660		30,195		30,206			30,576
Diluted		31,406		30,828		30,497		30,686			30,862

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AMSG Reports Fourth-Quarter Results
Page 11
February 24, 2011

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)

Presented below is certain statement of earnings and operating data for 2010 and 2009, which have been restated in order to present additional discontinued operations.

							For the Nine
	For the Three Months Ended						Months Ended
	March 31,		June 30,		Sept. 30,		Sept. 30,
	2010		2010		2010		2010
Operating Data:
Procedures		303,259		319,229		322,014		944,502
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	12,686	$	12,965	$	13,074	$	38,725
Add: income tax expense		8,621		9,252		7,798		25,671
Add: interest expense, net		1,839		3,135		4,011		8,985
Add: depreciation and amortization		5,662		5,850		6,971		18,483
EBITDA	$	28,808	$	31,202	$	31,854	$	91,864

									For the Year
	For the Three Months								Ended
	March 31,		June 30,		Sept. 30,		Dec. 31,		Dec. 31,
	2009		2009		2009		2009		2009
Operating Data:
Procedures		297,633		308,039		304,983		305,129		1,215,784
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	12,413	$	13,531	$	13,153	$	12,729	$	51,826
Add: income tax expense		8,416		9,192		8,790		8,669		35,067
Add: interest expense, net		1,990		2,002		1,887		1,768		7,647
Add: depreciation and amortization		5,495		5,553		5,606		5,697		22,351
EBITDA	$	28,314	$	30,278	$	29,436	$	28,863	$	116,891

-END-