SEC Filings

10-12G
AMSURG CORP filed this Form 10-12G on 03/11/1997
Entire Document
 
<PAGE>   86
 
                                  AMSURG CORP.
 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
 

<TABLE>
<CAPTION>
                                                                 YEAR ENDED DECEMBER 31,
                                                         ----------------------------------------
                                                            1994          1995           1996
                                                         -----------   -----------   ------------
<S>                                                      <C>           <C>           <C>
Cash flows from operating activities:
  Net income...........................................  $   651,254   $ 1,048,040   $  1,480,516
     Income tax expense (Note 1 and 4).................       26,000       578,000        985,000
     Minority interest (Note 1)........................    2,464,105     3,938,364      5,433,588
                                                         -----------   -----------   ------------
  Income before income taxes and minority interest.....    3,141,359     5,564,404      7,899,104
  Noncash expenses, revenues, losses and gains included
     in income:
     Depreciation and amortization (Note 1)............    1,309,054     2,396,796      3,000,183
     Increase in working capital items.................     (285,015)     (132,418)      (856,584)
     Other noncash transactions........................       59,926       106,220        125,190
                                                         -----------   -----------   ------------
                                                           4,225,324     7,935,002     10,167,893
  Increase in other assets.............................     (373,201)     (120,705)      (286,031)
  Income taxes (net paid)..............................           --       (74,105)      (970,309)
                                                         -----------   -----------   ------------
          Net cash flows provided by operating
            activities.................................    3,852,123     7,740,192      8,911,553
                                                         -----------   -----------   ------------
Cash flows from investing activities:
  Acquisition of majority interest in surgery centers
     (Note 2)..........................................   (4,537,780)   (3,186,512)   (12,669,794)
  Acquisition of property and equipment................   (4,777,563)   (2,138,075)    (3,863,052)
  Decrease (increase) in long-term receivables.........     (116,683)         (846)       137,582
                                                         -----------   -----------   ------------
          Net cash flows used in investing
            activities.................................   (9,432,026)   (5,325,433)   (16,395,264)
                                                         -----------   -----------   ------------
Cash flows from financing activities:
  Additions to long-term debt (Note 5).................    3,163,300     2,471,579     10,544,700
  Payments on long-term debt (Note 5)..................     (516,007)     (999,929)    (7,261,534)
  Distributions to minority partners...................   (2,327,128)   (3,840,787)    (5,084,294)
  Issuance of preferred stock (net of issuance
     costs)............................................           --            --      4,960,000
  Issuance of common stock (net of issuance costs).....    5,592,561     1,197,279      2,366,262
  Capital contributions by minority partners...........      679,486       476,693      1,681,324
                                                         -----------   -----------   ------------
          Net cash flows provided by (used in)
            financing activities.......................    6,592,212      (695,165)     7,206,458
                                                         -----------   -----------   ------------
Net increase (decrease) in cash and cash equivalents...    1,012,309     1,719,594       (277,253)
Cash and cash equivalents, beginning of year...........      737,758     1,750,067      3,469,661
                                                         -----------   -----------   ------------
Cash and cash equivalents, end of year.................  $ 1,750,067   $ 3,469,661   $  3,192,408
                                                         ===========   ===========   ============
 
(Increase) decrease in working capital items excluding
  income taxes:
  Accounts receivable, net.............................  $  (605,969)  $  (467,620)  $ (1,353,365)
  Other current assets.................................     (114,893)     (183,856)      (342,086)
  Accounts payable.....................................       28,959       145,612       (419,586)
  Accrued expenses.....................................      406,888       373,446       (419,281)
                                                         -----------   -----------   ------------
                                                         $  (285,015)  $  (132,418)  $   (856,584)
                                                         ===========   ===========   ============
</TABLE>

 
SUPPLEMENTAL NOTES TO CONSOLIDATED STATEMENTS OF CASH FLOWS
 
1. Interest payments of $159,534, $550,725 and $909,884 were made during the
   years ended December 31, 1994, 1995 and 1996, respectively.
2. Shares of stock valued at $997,649, $676,200 and $2,069,962 were issued in
   conjunction with the acquisition of majority interests in various surgery
   centers during the years ended December 31, 1994, 1995 and 1996,
   respectively. (See Note 2)
 
        See accompanying notes to the consolidated financial statements.
 
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