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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV