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, 2013. Revenues were $284.6 million for the quarter, an increase of 17% from $242.8 million for the fourth quarter of 2012. Net earnings from continuing operations attributable to AmSurg common shareholders increased 24% to $19.3 million for the fourth quarter of 2013 from $15.6 million for the fourth quarter of 2012 and increased 22% per diluted share to $0.60 from $0.49 per diluted share during the same periods.
Revenues for fiscal 2013 increased 17% to $1.08 billion from $923.2 million for fiscal 2012. Same-center revenue increased 1% for 2013 compared with 2012. Net earnings from continuing operations attributable to AmSurg common shareholders rose 17% to $72.7 million for 2013 from $62.2 million for 2012 and were $2.27 per diluted share, a 15% increase from $1.97 per diluted share in 2012. Results for 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 13% to $2.23 for 2013.
“AmSurg completed a year of significant profitable growth by producing a 22% increase in fourth-quarter earnings per diluted share, our strongest quarterly performance for 2013,” commented Mr. Holden. “This increase reflected 10% growth in procedures, mainly attributable to centers acquired in the prior year. In addition, our same-center revenue grew 2% for the fourth quarter. Revenue per procedure increased 6% for the fourth quarter of 2013, primarily due to the growth in the number of multi-specialty centers as a percentage of our center mix. These increases contributed to higher operating leverage for the quarter, which drove a 25% increase in EBITDA to $48.3 million compared with the fourth quarter of 2012 and a 100 basis point increase in EBITDA margin to 17%.
“We acquired six centers during 2013. These centers, along with an additional center acquisition completed January 2, 2014, are expected to generate annualized operating income of $20 million. Several relatively large and complex transactions did not close in 2013 as planned. Certain of these transactions remain in our pipeline and are expected to be completed in 2014. Our pipeline of additional potential transactions also remains strong, positioning us to achieve our acquisition objectives for 2014. We completed 2013 with a total of 242 centers in operation, compared with 237 at the end of 2012, and we had five letters of intent.
“The Company also remains well-positioned to fund its planned growth for 2014. At the end of 2013, we had availability of $222.5 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, down from 3.2 at the end of 2012. We had $50.8 million of cash and cash equivalents at the end of 2013, and we continued to produce substantial cash flow during the year. For the fourth quarter, net operating cash flows, excluding distributions to noncontrolling interests, were $36.8 million, and for 2013, were $148.7 million, up 12% from 2012.
“We are today establishing our financial and operating guidance both for 2014 and for the first quarter of 2014. Our financial guidance for the full year reflects the impact of fewer fourth-quarter 2013 acquisitions than planned. In addition, our guidance for the first quarter of 2014 includes the impact of severe winter weather during January and February to-date. For fiscal 2014, our guidance is as follows:
- Revenues in a range of $1.12 billion to $1.15 billion.
- Same-center revenue increase of 1% 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 $150 million to $160 million.
- Net earnings from continuing operations per diluted share attributable to common shareholders in a range of $2.45 to $2.49.
- For the first quarter of 2014, net earnings from continuing operations per diluted share attributable to common shareholders in a range of $0.53 to $0.57.”
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, “We continue to expect AmSurg, which owns and operates the most ambulatory surgery centers in the country, to benefit from strong demographic trends, better access to healthcare and increasing demand for high quality care in the most cost effective venue. In focusing the resources of our Company on enhancing the value proposition we provide our physician partners, we also expect to continue differentiating AmSurg in the market by our physician-centric operating model, thereby strengthening our position as the physicians’ strategic partner of choice.”
AmSurg Corp. will hold a conference call to discuss this release tomorrow, February 26, 2014, 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” 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 December 31, 2013, AmSurg owned and operated 242 centers.
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AMSURG CORP. Unaudited Selected Consolidated Financial and Operating Data (In thousands, except earnings per share) |
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| For the Three Months | For the Year | ||||||||||||||||
| Ended December 31, | Ended December 31, | ||||||||||||||||
|
Statement of Earnings Data: |
2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues | $ | 284,570 | $ | 242,775 | $ | 1,079,343 | $ | 923,182 | |||||||||
| Operating expenses: | |||||||||||||||||
| Salaries and benefits | 86,080 | 76,199 | 333,190 | 290,063 | |||||||||||||
| Supply cost | 42,717 | 35,172 | 157,771 | 131,055 | |||||||||||||
| Other operating expenses | 59,410 | 51,349 | 222,677 | 193,025 | |||||||||||||
| Depreciation and amortization | 8,489 | 7,652 | 33,028 | 29,850 | |||||||||||||
| Total operating expenses | 196,696 | 170,372 | 746,666 | 643,993 | |||||||||||||
| Gain on deconsolidation | - | - | 2,237 | - | |||||||||||||
| Equity in earnings of unconsolidated affiliates | 958 | 461 | 3,151 | 1,564 | |||||||||||||
| Operating income | 88,832 | 72,864 | 338,065 | 280,753 | |||||||||||||
| Interest expense | 7,188 | 5,010 | 29,538 | 16,967 | |||||||||||||
| Earnings from continuing operations before income taxes | 81,644 | 67,854 | 308,527 | 263,786 | |||||||||||||
| Income tax expense | 13,276 | 10,470 | 49,754 | 42,364 | |||||||||||||
| Net earnings from continuing operations | 68,368 | 57,384 | 258,773 | 221,422 | |||||||||||||
| Discontinued operations: | |||||||||||||||||
| (Loss) earnings from operations of discontinued interests in surgery centers, net of income tax | (80 | ) | 432 | 169 | 2,196 | ||||||||||||
| Gain on disposal of discontinued interests in surgery centers, net of income tax | 2,880 | 1,578 | 2,602 | 25 | |||||||||||||
| Net earnings from discontinued operations | 2,800 | 2,010 | 2,771 | 2,221 | |||||||||||||
| Net earnings | 71,168 | 59,394 | 261,544 | 223,643 | |||||||||||||
| Less net earnings attributable to noncontrolling interests: | |||||||||||||||||
| Net earnings from continuing operations | 49,045 | 41,772 | 186,120 | 159,187 | |||||||||||||
| Net earnings from discontinued operations | 2,565 | 808 | 2,721 | 1,893 | |||||||||||||
| Total net earnings attributable to noncontrolling interests | 51,610 | 42,580 | 188,841 | 161,080 | |||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 19,558 | $ | 16,814 | $ | 72,703 | $ | 62,563 | |||||||||
| Amounts attributable to AmSurg Corp. common shareholders: | |||||||||||||||||
| Earnings from continuing operations, net of income tax | $ | 19,323 | $ | 15,612 | $ | 72,653 | $ | 62,235 | |||||||||
| Discontinued operations, net of income tax | 235 | 1,202 | 50 | 328 | |||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 19,558 | $ | 16,814 | $ | 72,703 | $ | 62,563 | |||||||||
| Earnings per share-basic: | |||||||||||||||||
| Net earnings from continuing operations attributable to AmSurg Corp. common shareholders | $ | 0.61 | $ | 0.51 | $ | 2.32 | $ | 2.02 | |||||||||
| Net earnings from discontinued operations attributable to AmSurg Corp. common shareholders | 0.01 | 0.04 | - | 0.01 | |||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 0.62 | $ | 0.54 | $ | 2.32 | $ | 2.03 | |||||||||
| Earnings per share-diluted: | |||||||||||||||||
| Net earnings from continuing operations attributable to AmSurg Corp. common shareholders | $ | 0.60 | $ | 0.49 | $ | 2.27 | $ | 1.97 | |||||||||
| Net earnings from discontinued operations attributable to AmSurg Corp. common shareholders | 0.01 | 0.04 | - | 0.01 | |||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 0.61 | $ | 0.53 | $ | 2.28 | $ | 1.98 | |||||||||
| Weighted average number of shares and share equivalents outstanding: | |||||||||||||||||
| Basic | 31,549 | 30,912 | 31,338 | 30,773 | |||||||||||||
| Diluted | 32,082 | 31,757 | 31,954 | 31,608 | |||||||||||||
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AMSURG CORP. Unaudited Selected Consolidated Financial and Operating Data, continued (Dollars in thousands) |
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| For the Three Months | For the Year | |||||||||||||||||||
| Ended December 31, | Ended December 31, | |||||||||||||||||||
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Operating Data: |
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Continuing centers in operation at end of period (consolidated) | 239 | 235 | 239 | 235 | ||||||||||||||||
| Continuing centers in operation at end of period (unconsolidated) | 3 | 2 | 3 | 2 | ||||||||||||||||
| Average number of continuing centers in operation (consolidated) | 238 | 225 | 236 | 222 | ||||||||||||||||
| New centers added during the period | 1 | 14 | 6 | 18 | ||||||||||||||||
| Centers merged into existing centers | - | 1 | 1 | 2 | ||||||||||||||||
| Centers discontinued during the period | 2 | 2 | 3 | 4 | ||||||||||||||||
| Centers under letter of intent at end of period | 5 | 2 | 5 | 2 | ||||||||||||||||
| Average revenue per consolidated center | $ | 1,196 | $ | 1,079 | $ | 4,571 | $ | 4,166 | ||||||||||||
| Same center revenues increase | 2 | % | 3 | % | 1 | % | 3 | % | ||||||||||||
| Procedures performed during the period at consolidated centers | 429,412 | 389,842 | 1,647,353 | 1,518,707 | ||||||||||||||||
| Income tax expense attributable to noncontrolling interests | $ | 160 | $ | 131 | $ | 725 | $ | 738 | ||||||||||||
| Reconciliation of net earnings to EBITDA (1): | ||||||||||||||||||||
| Net earnings from continuing operations attributable to AmSurg Corp. common shareholders | $ | 19,323 | $ | 15,612 | $ | 72,653 | $ | 62,235 | ||||||||||||
| Add: income tax expense | 13,276 | 10,470 | 49,754 | 42,364 | ||||||||||||||||
| Add: interest expense, net | 7,188 | 5,010 | 29,538 | 16,967 | ||||||||||||||||
| Add: depreciation and amortization | 8,489 | 7,652 | 33,028 | 29,850 | ||||||||||||||||
| EBITDA | $ | 48,276 | $ | 38,744 | $ | 184,973 | $ | 151,416 | ||||||||||||
| (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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AMSURG CORP. Unaudited Selected Consolidated Financial and Operating Data, continued (In thousands) |
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| December 31, | December 31, | |||||||
| Balance Sheet Data: | 2013 | 2012 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 50,840 | $ | 46,398 | ||||
| Accounts receivable, net of allowance of $27,862 and $22,379, respectively | 105,072 | 96,752 | ||||||
| Supplies inventory | 18,414 | 18,406 | ||||||
| Deferred income taxes | 3,097 | 3,088 | ||||||
| Prepaid and other current assets | 33,602 | 27,537 | ||||||
| Total current assets | 211,025 | 192,181 | ||||||
| Property and equipment, net | 169,895 | 166,612 | ||||||
| Investments in unconsolidated affiliates and long-term notes receivable | 16,392 | 11,274 | ||||||
| Goodwill | 1,758,970 | 1,652,002 | ||||||
| Intangible assets, net | 21,662 | 22,517 | ||||||
| Total assets | $ | 2,177,944 | $ | 2,044,586 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 20,844 | $ | 17,407 | ||||
| Accounts payable | 27,501 | 23,509 | ||||||
| Accrued salaries and benefits | 32,294 | 29,251 | ||||||
| Other accrued liabilities | 9,231 | 14,246 | ||||||
| Total current liabilities | 89,870 | 84,413 | ||||||
| Long-term debt | 583,298 | 620,705 | ||||||
| Deferred income taxes | 176,020 | 137,648 | ||||||
| Other long-term liabilities | 25,503 | 25,972 | ||||||
| Commitments and contingencies | ||||||||
| Noncontrolling interests – redeemable | 177,697 | 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, 32,353 and 31,941 shares outstanding, respectively |
185,873 | 183,867 | ||||||
| Retained earnings | 578,324 | 505,621 | ||||||
| Total AmSurg Corp. equity | 764,197 | 689,488 | ||||||
| Noncontrolling interests – non-redeemable | 361,359 | 310,978 | ||||||
| Total equity | 1,125,556 | 1,000,466 | ||||||
| Total liabilities and equity | $ | 2,177,944 | $ | 2,044,586 | ||||
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AMSURG CORP. Unaudited Selected Consolidated Financial and Operating Data, continued (In thousands) |
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| For the Three Months | For the Year | |||||||||||||||||||
| Ended December 31, | Ended December 31, | |||||||||||||||||||
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Statement of Cash Flow Data: |
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net earnings | $ | 71,168 | $ | 59,394 | $ | 261,544 | $ | 223,643 | ||||||||||||
| Adjustments to reconcile net earnings to net cash flows provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 8,489 | 7,652 | 33,028 | 29,850 | ||||||||||||||||
| Net gain on sale of long-lived assets | (1,552 | ) | (1,664 | ) | (1,468 | ) | (1,065 | ) | ||||||||||||
| Gain on deconsolidation | - | - | (2,237 | ) | - | |||||||||||||||
| Share-based compensation | 2,251 | 1,573 | 8,321 | 6,692 | ||||||||||||||||
| Excess tax benefit from share-based compensation | (5,357 | ) | (516 | ) | (7,247 | ) | (1,784 | ) | ||||||||||||
| Deferred income taxes | 8,528 | 5,941 | 38,363 | 24,558 | ||||||||||||||||
| Equity in earnings of unconsolidated affiliates | (958 | ) | (461 | ) | (3,151 | ) | (1,564 | ) | ||||||||||||
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Increase (decrease) in cash and cash equivalents, net of effects of acquisitions and dispositions, due to changes in: |
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| Accounts receivable, net | 142 | 3,230 | (1,297 | ) | 8,061 | |||||||||||||||
| Supplies inventory | 470 | (233 | ) | 132 | 110 | |||||||||||||||
| Prepaid and other current assets | (4,307 | ) | (4,326 | ) | (5,308 | ) | (4,651 | ) | ||||||||||||
| Accounts payable | 3,264 | 3,354 | 441 | 579 | ||||||||||||||||
| Accrued expenses and other liabilities | (127 | ) | 4,040 | 6,693 | 7,550 | |||||||||||||||
| Other, net | 1,880 | 1,556 | 5,010 | 3,673 | ||||||||||||||||
| Net cash flows provided by operating activities | 83,891 | 79,540 | 332,824 | 295,652 | ||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Acquisition of interests in surgery centers and related transactions | (14,139 | ) | (261,291 | ) | (73,594 | ) | (277,388 | ) | ||||||||||||
| Acquisition of property and equipment | (8,145 | ) | (8,064 | ) | (28,856 | ) | (28,864 | ) | ||||||||||||
| Proceeds from sale of interests in surgery centers | 3,402 | 7,309 | 3,553 | 7,309 | ||||||||||||||||
| Other | 52 | - | 159 | - | ||||||||||||||||
| Net cash flows used in investing activities | (18,830 | ) | (262,046 | ) | (98,738 | ) | (298,943 | ) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Proceeds from long-term borrowings | 32,769 | 515,355 | 162,204 | 565,566 | ||||||||||||||||
| Repayment on long-term borrowings | (50,407 | ) | (283,025 | ) | (202,083 | ) | (394,164 | ) | ||||||||||||
| Distributions to noncontrolling interests | (47,068 | ) | (39,875 | ) | (184,149 | ) | (162,941 | ) | ||||||||||||
| Proceeds from issuance of common stock upon exercise of stock options | 10,060 | 6,286 | 33,349 | 18,214 | ||||||||||||||||
| Repurchase of common stock | (10,483 | ) | - | (45,964 | ) | (13,101 | ) | |||||||||||||
| Capital contributions and ownership transactions by noncontrolling interests | 113 | 186 | 1,074 | 1,595 | ||||||||||||||||
| Excess tax benefit from share-based compensation | 5,357 | 516 | 7,247 | 1,784 | ||||||||||||||||
| Financing cost incurred | (65 | ) | (6,221 | ) | (1,322 | ) | (7,982 | ) | ||||||||||||
| Net cash flows (used in) provided by financing activities | (59,724 | ) | 193,222 | (229,644 | ) | 8,971 | ||||||||||||||
| Net increase in cash and cash equivalents | 5,337 | 10,716 | 4,442 | 5,680 | ||||||||||||||||
| Cash and cash equivalents, beginning of period | 45,503 | 35,682 | 46,398 | 40,718 | ||||||||||||||||
| Cash and cash equivalents, end of period | $ | 50,840 | $ | 46,398 | $ | 50,840 | $ | 46,398 | ||||||||||||
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AMSURG CORP. Unaudited Selected Consolidated Financial and Operating Data, continued (In thousands, except earnings per share) |
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Presented below is certain statement of earnings and operating data for 2013, which have been restated in order to present additional discontinued operations. |
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| For the Nine | ||||||||||||||||||
| For the Three Months |
Months |
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| March 31, | June 30, | Sept. 30, | Sept. 30, | |||||||||||||||
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Statement of Earnings Data: |
2013 | 2013 | 2013 | 2013 | ||||||||||||||
| Revenues | $ | 259,043 | $ | 268,099 | $ | 267,631 | $ | 794,773 | ||||||||||
| Operating expenses: | ||||||||||||||||||
| Salaries and benefits | 81,187 | 81,309 | 84,614 | 247,110 | ||||||||||||||
| Supply cost | 37,483 | 39,297 | 38,274 | 115,054 | ||||||||||||||
| Other operating expenses | 52,944 | 54,133 | 56,190 | 163,267 | ||||||||||||||
| Depreciation and amortization | 8,029 | 8,146 | 8,364 | 24,539 | ||||||||||||||
| Total operating expenses | 179,643 | 182,885 | 187,442 | 549,970 | ||||||||||||||
| Gain on deconsolidation | 2,237 | - | - | 2,237 | ||||||||||||||
| Equity in earnings of unconsolidated affiliates | 402 | 696 | 1,095 | 2,193 | ||||||||||||||
| Operating income | 82,039 | 85,910 | 81,284 | 249,233 | ||||||||||||||
| Interest expense | 7,543 | 7,512 | 7,295 | 22,350 | ||||||||||||||
| Earnings from continuing operations before income taxes | 74,496 | 78,398 | 73,989 | 226,883 | ||||||||||||||
| Income tax expense | 12,293 | 12,758 | 11,427 | 36,478 | ||||||||||||||
| Net earnings from continuing operations | 62,203 | 65,640 | 62,562 | 190,405 | ||||||||||||||
| Net earnings (loss) from discontinued operations | 70 | 196 | (295 | ) | (29 | ) | ||||||||||||
| Net earnings | 62,273 | 65,836 | 62,267 | 190,376 | ||||||||||||||
| Less net earnings attributable to noncontrolling interests: | ||||||||||||||||||
| Net earnings from continuing operations | 44,418 | 47,151 | 45,506 | 137,075 | ||||||||||||||
| Net earnings (loss) from discontinued operations | 44 | 122 | (10 | ) | 156 | |||||||||||||
| Total net earnings attributable to noncontrolling interests | 44,462 | 47,273 | 45,496 | 137,231 | ||||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 17,811 | $ | 18,563 | $ | 16,771 | $ | 53,145 | ||||||||||
| Amounts attributable to AmSurg Corp. common shareholders: | ||||||||||||||||||
| Earnings from continuing operations, net of income tax | $ | 17,785 | $ | 18,489 | $ | 17,056 | $ | 53,330 | ||||||||||
| Discontinued operations, net of income tax | 26 | 74 | (285 | ) | (185 | ) | ||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 17,811 | $ | 18,563 | $ | 16,771 | $ | 53,145 | ||||||||||
| Earnings per share-basic: | ||||||||||||||||||
|
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders |
$ | 0.57 | $ | 0.59 | $ | 0.54 | $ | 1.71 | ||||||||||
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Net loss from discontinued operations attributable to AmSurg Corp. common shareholders |
- | - | (0.01 | ) | (0.01 | ) | ||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 0.57 | $ | 0.59 | $ | 0.53 | $ | 1.70 | ||||||||||
| Earnings per share-diluted: | ||||||||||||||||||
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Net earnings from continuing operations attributable to AmSurg Corp. common shareholders |
$ | 0.56 | $ | 0.58 | $ | 0.53 | $ | 1.67 | ||||||||||
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Net loss from discontinued operations attributable to AmSurg Corp. common shareholders |
- | - | (0.01 | ) | (0.01 | ) | ||||||||||||
| Net earnings attributable to AmSurg Corp. common shareholders | $ | 0.56 | $ | 0.58 | $ | 0.52 | $ | 1.67 | ||||||||||
| Weighted average number of shares and share equivalents: | ||||||||||||||||||
| Basic | 31,217 | 31,208 | 31,376 | 31,267 | ||||||||||||||
| Diluted | 31,881 | 31,862 | 31,991 | 31,911 | ||||||||||||||
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AMSURG CORP. Unaudited Selected Consolidated Financial and Operating Data, continued (In thousands, except earnings per share) |
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Presented below is certain statement of earnings and operating data for 2012, which have been restated in order to present additional discontinued operations. |
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| 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 | $ | 227,567 | $ | 228,955 | $ | 223,885 | $ | 242,775 | $ | 923,182 | ||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Salaries and benefits | 71,695 | 70,187 | 71,982 | 76,199 | 290,063 | |||||||||||||||||
| Supply cost | 31,830 | 32,825 | 31,228 | 35,172 | 131,055 | |||||||||||||||||
| Other operating expenses | 46,776 | 48,118 | 46,782 | 51,349 | 193,025 | |||||||||||||||||
| Depreciation and amortization | 7,285 | 7,373 | 7,540 | 7,652 | 29,850 | |||||||||||||||||
| Total operating expenses | 157,586 | 158,503 | 157,532 | 170,372 | 643,993 | |||||||||||||||||
| Equity in earnings of unconsolidated affiliates | 395 | 316 | 392 | 461 | 1,564 | |||||||||||||||||
| Operating income | 70,376 | 70,768 | 66,745 | 72,864 | 280,753 | |||||||||||||||||
| Interest expense | 4,266 | 4,157 | 3,534 | 5,010 | 16,967 | |||||||||||||||||
| Earnings from continuing operations before income taxes | 66,110 | 66,611 | 63,211 | 67,854 | 263,786 | |||||||||||||||||
| Income tax expense | 10,761 | 11,070 | 10,063 | 10,470 | 42,364 | |||||||||||||||||
| Net earnings from continuing operations | 55,349 | 55,541 | 53,148 | 57,384 | 221,422 | |||||||||||||||||
| Net (loss) earnings from discontinued operations | (410 | ) | 4 | 617 | 2,010 | 2,221 | ||||||||||||||||
| Net earnings | 54,939 | 55,545 | 53,765 | 59,394 | 223,643 | |||||||||||||||||
| Less net earnings attributable to noncontrolling interests: | ||||||||||||||||||||||
| Net earnings from continuing operations | 39,861 | 39,602 | 37,952 | 41,772 | 159,187 | |||||||||||||||||
| Net earnings from discontinued operations | 302 | 407 | 376 | 808 | 1,893 | |||||||||||||||||
| 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 | $ | 15,488 | $ | 15,939 | $ | 15,196 | $ | 15,612 | $ | 62,235 | ||||||||||||
| Discontinued operations, net of income tax | (712 | ) | (403 | ) | 241 | 1,202 | 328 | |||||||||||||||
| 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 | $ | 0.49 | $ | 0.51 | $ | 2.02 | ||||||||||||
|
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders |
(0.02 | ) | (0.01 | ) | 0.01 | 0.04 | 0.01 | |||||||||||||||
| 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 |
$ | 0.49 | $ | 0.50 | $ | 0.48 | $ | 0.49 | $ | 1.97 | ||||||||||||
|
Net (loss) earnings from discontinued operations attributable to AmSurg Corp. common shareholders |
(0.02 | ) | (0.01 | ) | 0.01 | 0.04 | 0.01 | |||||||||||||||
| 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: | ||||||||||||||||||||||
| 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) |
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|
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. |
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| For the Nine | ||||||||||||||||||||
| For the Three Months |
Months |
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| March 31, | June 30, | Sept. 30, | Sept. 30, | |||||||||||||||||
|
Operating Data: |
2013 | 2013 | 2013 | 2013 | ||||||||||||||||
| Procedures | 392,880 | 417,086 | 407,975 | 1,217,941 | ||||||||||||||||
| Reconciliation of net earnings to EBITDA (1): | ||||||||||||||||||||
|
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders |
$ | 17,785 | $ | 18,489 | $ | 17,056 | $ | 53,330 | ||||||||||||
| Add: income tax expense | 12,293 | 12,758 | 11,427 | 36,478 | ||||||||||||||||
| Add: interest expense, net | 7,543 | 7,512 | 7,295 | 22,350 | ||||||||||||||||
| Add: depreciation and amortization | 8,029 | 8,146 | 8,364 | 24,539 | ||||||||||||||||
| EBITDA | $ | 45,650 | $ | 46,905 | $ | 44,142 | $ | 136,697 | ||||||||||||
| 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 | 377,609 | 380,628 | 370,628 | 389,842 | 1,518,707 | |||||||||||||||
| Reconciliation of net earnings to EBITDA (1): | ||||||||||||||||||||
|
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders |
$ | 15,488 | $ | 15,939 | $ | 15,196 | $ | 15,612 | $ | 62,235 | ||||||||||
| Add: income tax expense | 10,761 | 11,070 | 10,063 | 10,470 | 42,364 | |||||||||||||||
| Add: interest expense, net | 4,266 | 4,157 | 3,534 | 5,010 | 16,967 | |||||||||||||||
| Add: depreciation and amortization | 7,285 | 7,373 | 7,540 | 7,652 | 29,850 | |||||||||||||||
| EBITDA | $ | 37,800 | $ | 38,539 | $ | 36,333 | $ | 38,744 | $ | 151,416 | ||||||||||
| (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. | |
