SEC Filings

10-12G/A
AMSURG CORP filed this Form 10-12G/A on 05/09/1997
Entire Document
 
<PAGE>   90
 
                                  AMSURG CORP.
 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   

<TABLE>
<CAPTION>
                                                                                                     THREE MONTHS ENDED
                                                              YEAR ENDED DECEMBER 31,                    MARCH 31,
                                                      ----------------------------------------   --------------------------
                                                         1994          1995           1996          1996           1997
                                                      -----------   -----------   ------------   -----------   ------------
                                                                                                        (UNAUDITED)
<S>                                                   <C>           <C>           <C>            <C>           <C>
Cash flows from operating activities:
  Net income (loss).................................  $   651,254   $ 1,048,040   $  1,480,516   $   353,175   $(1,824,830)
    Income tax expense (Note 1 and 4)...............       26,000       578,000        985,000       236,000       329,000
    Minority interest (Note 1)......................    2,464,105     3,938,364      5,433,588     1,195,777     1,947,911
                                                      -----------   -----------   ------------   -----------   -----------
  Income before minority interest and income
    taxes...........................................    3,141,359     5,564,404      7,899,104     1,784,952       452,081
  Noncash expenses, revenues, losses and gains
    included in income:
    Depreciation and amortization (Note 1)..........    1,309,054     2,396,796      3,000,183       671,626     1,087,263
    Impairment loss (Note 10).......................           --            --             --            --     2,321,168
    Increase in working capital items...............     (285,015)     (132,418)      (856,584)     (164,196)     (335,832)
    Other noncash transactions......................       59,926       106,220        125,190        33,760        12,555
                                                      -----------   -----------   ------------   -----------   -----------
                                                        4,225,324     7,935,002     10,167,893     2,326,142     3,537,235
  Increase in other assets..........................     (373,201)     (120,705)      (286,031)      (20,148)     (111,475)
  Income taxes paid.................................           --       (74,105)      (970,309)     (303,100)     (144,891)
                                                      -----------   -----------   ------------   -----------   -----------
        Net cash flows provided by operating
          activities................................    3,852,123     7,740,192      8,911,553     2,002,894     3,280,869
                                                      -----------   -----------   ------------   -----------   -----------
Cash flows from investing activities:
  Acquisition of majority interest in surgery
    centers (Notes 2 and 10)........................   (4,537,780)   (3,186,512)   (12,669,794)   (3,543,842)   (6,030,569)
  Acquisition of property and equipment.............   (4,777,563)   (2,138,075)    (3,863,052)     (382,086)   (1,943,151)
  Decrease (increase) in long-term receivables......     (116,683)         (846)       137,582        35,607         5,085
                                                      -----------   -----------   ------------   -----------   -----------
        Net cash flows used in investing
          activities................................   (9,432,026)   (5,325,433)   (16,395,264)   (3,890,321)   (7,968,635)
                                                      -----------   -----------   ------------   -----------   -----------
Cash flows from financing activities:
  Additions to long-term debt (Notes 5 and 10)......    3,163,300     2,471,579     10,544,700     2,150,000     6,176,000
  Payments on long-term debt (Notes 5 and 10).......     (516,007)     (999,929)    (7,261,534)     (907,358)     (825,267)
  Distributions to minority partners................   (2,327,128)   (3,840,787)    (5,084,294)     (997,742)   (1,719,822)
  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       311,231       133,776
  Capital contributions by minority partners........      679,486       476,693      1,681,324        42,630       184,506
                                                      -----------   -----------   ------------   -----------   -----------
        Net cash flows provided by (used in)
          financing activities......................    6,592,212      (695,165)     7,206,458       598,761     3,949,193
                                                      -----------   -----------   ------------   -----------   -----------
Net increase (decrease) in cash and cash
  equivalents.......................................    1,012,309     1,719,594       (277,253)   (1,288,666)     (738,573)
Cash and cash equivalents, beginning of period......      737,758     1,750,067      3,469,661     3,469,661     3,192,408
                                                      -----------   -----------   ------------   -----------   -----------
Cash and cash equivalents, end of period............  $ 1,750,067   $ 3,469,661   $  3,192,408   $ 2,180,995   $ 2,453,835
                                                      ===========   ===========   ============   ===========   ===========
 
(Increase) decrease in working capital items
  excluding income taxes:
  Accounts receivable, net..........................  $  (605,969)  $  (467,620)  $ (1,353,365)  $  (171,358)  $  (611,293)
  Other current assets..............................     (114,893)     (183,856)      (342,086)       20,427      (148,658)
  Accounts payable..................................       28,959       145,612        419,586       527,563       604,572
  Accrued expenses..................................      406,888       373,446        419,281      (540,828)     (180,453)
                                                      -----------   -----------   ------------   -----------   -----------
                                                      $  (285,015)  $  (132,418)  $   (856,584)  $  (164,196)  $  (335,832)
                                                      ===========   ===========   ============   ===========   ===========
</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 and $205,342 and
   $312,915 during the three months ended March 31, 1996 and 1997, 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, and $489,200 and $1,061,347 during the three months ended March
   31, 1996 and 1997, respectively. (See Notes 2 and 10.)
    
 
        See accompanying notes to the consolidated financial statements.
 
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