SEC Filings

10-12G
AMSURG CORP filed this Form 10-12G on 03/11/1997
Entire Document
 
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                    SELECTED PRO FORMA FINANCIAL DATA OF AHC
 
     The summary unaudited pro forma financial data of AHC set forth below
reflects certain adjustments to the historical consolidated financial statements
of AHC for each of the fiscal years in the five year period ended August 31,
1996, and the three month periods ended November 30, 1995 and 1996 to present
AmSurg as a discontinued operation.
 

<TABLE>
<CAPTION>
                                                                                          THREE MONTHS
                                                                                              ENDED
                                            FOR THE YEAR ENDED AND AT AUGUST 31,          NOVEMBER 30,
                                       -----------------------------------------------   ---------------
                                        1992      1993      1994      1995      1996      1995     1996
                                       -------   -------   -------   -------   -------   ------   ------
                                                     (IN THOUSANDS EXCEPT PER SHARE DATA)
<S>                                    <C>       <C>       <C>       <C>       <C>       <C>      <C>      <C>
OPERATING DATA:
Revenues:
        Total revenues...............  $37,112   $39,682   $41,144   $36,583   $31,403   $8,023   $7,979
                                       -------   -------   -------   -------   -------   ------   ------
Expenses:
  Salaries and benefits..............   16,488    16,972    18,699    18,878    19,866    4,944    5,261
  Other operating expenses...........   11,860    11,771    12,271    10,865     7,254    1,571    2,009
  Depreciation and amortization......    1,336     1,340     1,293     1,339     1,273      356      330
  Interest...........................       12         8         6         7         5        2        1
                                       -------   -------   -------   -------   -------   ------   ------
        Total expenses...............   29,696    30,091    32,269    31,089    28,398    6,873    7,601
                                       -------   -------   -------   -------   -------   ------   ------
Income before income taxes and
  discontinued operations............    7,416     9,591     8,875     5,494     3,005    1,150      378
Income tax expense(1)................    3,040     3,884     3,586     2,252       544      499      171
                                       -------   -------   -------   -------   -------   ------   ------
Income from continuing operations....    4,376     5,707     5,289     3,242     2,461      651      207
  Discontinued operations............       --      (170)       38       674       799      149      256
                                       -------   -------   -------   -------   -------   ------   ------
Net income...........................  $ 4,376   $ 5,537   $ 5,327   $ 3,916   $ 3,260   $  800   $  463
                                       =======   =======   =======   =======   =======   ======   ======
Income per share from continuing
  operations(2)......................  $  0.52   $  0.68   $  0.63   $  0.40   $  0.30   $ 0.08   $ 0.03
Income (loss) per share from
  discontinued operations(2).........       --     (0.02)     0.00      0.08      0.10     0.02     0.03
                                       -------   -------   -------   -------   -------   ------   ------
Net income per share(2)..............  $  0.52   $  0.66   $  0.63   $  0.48   $  0.40   $ 0.10   $ 0.06
                                       =======   =======   =======   =======   =======   ======   ======
Weighted average common shares and
  equivalents........................    8,370     8,404     8,461     8,211     8,161    8,090    8,199
</TABLE>

 

<TABLE>
<CAPTION>
                                                                                                               AS
                                                                                                           ADJUSTED(3)
                                                                                                           -----------
<S>                                    <C>       <C>       <C>       <C>       <C>       <C>      <C>      <C>
BALANCE SHEET DATA:
Cash and cash equivalents............                                          $12,562            $9,982     $ 9,982
Working capital......................                                           13,324            12,279      11,804
Net assets of discontinued
  operations.........................                                           16,361            17,321          --
Total assets.........................                                           48,487            48,656      33,035
Long-term debt and other long-term
  liabilities........................                                            2,657             2,178       2,178
Stockholders' equity.................                                           41,611            42,209      26,113
</TABLE>

 
- ---------------
 
(1) Includes nonrecurring income tax benefit in fourth quarter of fiscal 1996 of
    $760,000 or $.09 per share.
(2) Per share information does not give effect to the increase in weighted
    average number of shares outstanding that is expected to occur as a result
    of the adjustment of AHC stock options in connection with the Distribution.
    See "THE DISTRIBUTION -- Adjustment of AHC Stock Options; and -- Accounting
    Treatment."
(3) Adjusted to give effect to the Distribution and estimated expenses of
    $475,000 related thereto and estimated non-cash compensation expense of
    $5,970,000 ($4,270,000 net of income taxes) that is expected to be
    recognized as a result of the adjustment of AHC stock options in connection
    with the Distribution. See "THE DISTRIBUTION -- Adjustment of AHC Stock
    Options; and -- Accounting Treatment."
 
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