SEC Filings

10-12G/A
AMSURG CORP filed this Form 10-12G/A on 05/21/1997
Entire Document
 
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           SELECTED HISTORICAL AND PRO FORMA FINANCIAL DATA OF AMSURG
 
     The following table sets forth selected consolidated financial data which
have been derived from the consolidated financial statements of AmSurg. The
financial statements as of and for the periods ended December 31, 1992 through
1996 have been audited. The operating data and balance sheet data as of and for
the three months ended March 31, 1996 and 1997, are derived from unaudited
financial statements which, in the opinion of management, include all
adjustments, consisting only of normal recurring accruals, necessary for a fair
presentation of financial condition and results of operations. Operating results
for the three months ended March 31, 1997 are not necessarily indicative of the
results that may be expected for the year ended December 31, 1997. The pro forma
combined statement of operations data for the year ended December 31, 1996 and
the three months ended March 31, 1997 set forth below reflect the effects of all
acquisitions (five surgery centers and one physician practice in 1996 and two
surgery centers and one physician practice in 1997) completed after the
beginning of the period as if such transactions were completed at January 1,
1996. Except for The Endoscopy Center of Ocala, Inc., which was acquired in
1996, none of the businesses acquired individually exceeded the significant
subsidiary tests requiring separate financial reporting under applicable SEC
regulations. Comparability of data on a year to year basis is affected by the
number of centers acquired in each year. All the information set forth below
should be read in conjunction with "Management's Discussion and Analysis of
Financial Condition and Results of Operations of AmSurg" and the Consolidated
Financial Statements and related notes included elsewhere herein. See "Index to
Financial Statements."
 
     The historical and pro forma financial information may not be indicative of
AmSurg's future performance and does not necessarily reflect the financial
position and results of operations of AmSurg had AmSurg operated as a separate,
stand-alone entity during the periods covered.
 

<TABLE>
<CAPTION>
                                                                                                    HISTORICAL                     
                                                                                                ------------------    PRO FORMA    
                                                  HISTORICAL                      PRO FORMA        THREE MONTHS      ------------  
                                ----------------------------------------------   ------------         ENDED          THREE MONTHS  
                                        YEAR ENDED AND AT DECEMBER 31,            YEAR ENDED     AND AT MARCH 31,       ENDED
                                ----------------------------------------------   DECEMBER 31,   ------------------    MARCH 31,
                                1992(1)    1993     1994      1995      1996         1996        1996       1997         1997
                                -------   ------   -------   -------   -------   ------------   -------    -------   ------------
                                                         (IN THOUSANDS EXCEPT PER SHARE AND CENTER DATA)
<S>                             <C>       <C>      <C>       <C>       <C>       <C>            <C>        <C>       <C>
OPERATING DATA:
Revenues......................  $  576    $6,586   $13,826   $22,489   $35,007     $47,116      $ 7,169    $12,610     $12,884
                                ------    ------   -------   -------   -------     -------      -------    -------     -------
Expenses:
  Salaries and benefits.......     456     2,307     4,092     6,243    11,613      14,315        2,247      3,972       4,019
  Other operating expenses....     288     3,002     5,091     7,563    11,547      16,391        2,254      4,451       4,543
  Depreciation and
    amortization..............      51       665     1,309     2,397     3,000       3,793          672      1,087       1,102
  Interest....................       3        30       193       722       948       1,642          211        327         341
  Impairment loss(2)..........      --        --        --        --        --          --           --      2,321       2,321
                                ------    ------   -------   -------   -------     -------      -------    -------     -------
        Total expenses........     798     6,004    10,685    16,925    27,108      36,141        5,384     12,158      12,326
                                ------    ------   -------   -------   -------     -------      -------    -------     -------
Income (loss) before minority
  interest and income taxes...    (222)      582     3,141     5,564     7,899      10,975        1,785        452         558
  Minority interest in
    earnings of consolidated
    partnerships..............      87     1,121     2,464     3,938     5,433       7,779        1,196      1,948       2,019
                                ------    ------   -------   -------   -------     -------      -------    -------     -------
Income (loss) before income
  taxes.......................    (309)     (539)      677     1,626     2,466       3,196          589     (1,496)     (1,461)
  Income tax expense..........      --        --        26       578       985       1,277          236        329         343
                                ------    ------   -------   -------   -------     -------      -------    -------     -------
Net income (loss).............    (309)     (539)      651     1,048     1,481       1,919          353     (1,825)     (1,804)
  Accretion of preferred stock
    discount..................      --        --        --        --        22          22           --         67          67
                                ------    ------   -------   -------   -------     -------      -------    -------     -------
Net income (loss) attributable
  to common stockholders......  $ (309)   $ (539)  $   651   $ 1,048   $ 1,459     $ 1,897      $   353    $(1,892)    $(1,871)
                                ======    ======   =======   =======   =======     =======      =======    =======     =======
Net income (loss) per share
  attributable to common
  stockholders(3).............  $(0.24)   $(0.11)  $  0.09   $  0.12   $  0.16     $  0.20      $  0.04    $ (0.20)    $ (0.20)
                                ======    ======   =======   =======   =======     =======      =======    =======     =======
Weighted average common shares
  and equivalents -- pro
  forma(3)....................   1,302     4,734     7,313     8,581     9,102       9,488        8,778      9,360       9,400
BALANCE SHEET DATA:
Cash and cash equivalents.....  $  583    $  738   $ 1,750   $ 3,470   $ 3,192                  $ 2,181    $ 2,454
Working capital...............   1,166       993     2,557     2,931     4,732                    1,604      4,842
Total assets..................   9,552    14,637    27,065    35,106    54,653                   38,676     60,892
Long-term debt................     214       640     3,520     4,786     9,218                    6,560     14,758
Minority interest.............     647       601     2,019     3,010     5,674                    3,187      6,418
Preferred stock...............      --        --        --        --     4,982                       --      5,050
Stockholders' equity..........   8,440    12,055    19,558    22,479    28,374                   23,633     27,677
GENERAL CENTER DATA:
Procedures....................   1,146    16,051    30,922    55,344    71,323                   15,441     23,211
Centers at period end.........       4         6        14        18        27                       18         29
</TABLE>

 
- ---------------
 
(1) Period from April 2, 1992 (inception) through December 31, 1992.
(2) Reflects an impairment loss attributable to one partnership, which had an
    impact of $0.24 per share on the historical and pro forma results of
    operations for the three months ended March 31, 1997. See "Management's
    Discussion and Analysis of Financial Condition and Results of Operation of
    AmSurg" and "Notes to the Consolidated Financial Statements of
    AmSurg -- Note 10."
(3) Adjusted to give effect to the Recapitalization which includes a one for
    three reverse stock split.
 
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