Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the third quarter ended September 30, 2011. Revenues for the quarter rose 11% to $195,934,000 from $176,343,000 for the third quarter of 2010. Net earnings from continuing operations attributable to AmSurg common shareholders were $13,069,000, or $0.42 per diluted share, for the third quarter of 2011 compared with $12,844,000, or $0.42 per diluted share, for the third quarter of 2010. As anticipated, the results for the third quarter of 2011 included an incremental negative impact of $0.01 per diluted share from the revision of the Medicare payment system for ASCs, as well as transaction costs of $0.03 per diluted share related to the National Surgical Care (“NSC”) transaction.
Revenues for the first nine months of 2011 increased 8% to $563,534,000 from $520,068,000 for the first nine months of 2010. Net earnings from continuing operations attributable to AmSurg common shareholders were $37,502,000, or $1.20 per diluted share, for the first nine months of 2011 compared with $37,961,000, or $1.24 per diluted share, for the same period in 2010. The results for the first nine months of 2011 included an incremental negative impact of $0.04 per diluted share from the revision of the Medicare payment system for ASCs, $0.05 per diluted share for NSC transaction costs, and $0.07 per diluted share from the higher interest costs related to the refinancing of the Company’s credit facility in May 2010 and a higher effective tax rate.
Mr. Holden remarked, “Our third-quarter results, which included a 1% increase in same-center revenue, indicate that the tenor of our business has improved over the past year, despite the continued impact of the weak national economy and persistent high unemployment. The 11% increase in comparable-quarter revenues was produced primarily by 9% growth in procedures, as well as by a 3% increase in revenue per procedure, which reflected an increasing multi-specialty component in procedure mix. Most of our procedure growth resulted from centers acquired since the third quarter last year.
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