SEC Filings

10-12G/A
AMSURG CORP filed this Form 10-12G/A on 11/03/1997
Entire Document
 
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           SUMMARY HISTORICAL AND PRO FORMA FINANCIAL DATA OF AMSURG
 
   
     The following table sets forth summary 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 nine months ended September 30, 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 nine months ended September 30, 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 nine months ended September 30, 1997 set forth below reflect the effects
of all acquisitions (five surgery centers and one physician practice in 1996 and
five 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., and The Endoscopy Center,
Inc. which were acquired in 1996 and 1997, respectively, 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    ------------------   -------------
                               ----------------------------------------------   ------------       NINE MONTHS       NINE MONTHS
                                          YEAR ENDED DECEMBER 31,                YEAR ENDED      SEPTEMBER 30,          ENDED
                               ----------------------------------------------   DECEMBER 31,   ------------------   SEPTEMBER 30,
                               1992(1)    1993     1994      1995      1996         1996        1996       1997         1997
                               -------   ------   -------   -------   -------   ------------   -------    -------   -------------
<S>                            <C>       <C>      <C>       <C>       <C>       <C>            <C>        <C>       <C>
                                                        (IN THOUSANDS EXCEPT PER SHARE AND CENTER DATA)
OPERATING DATA:
Revenues.....................  $  576    $6,586   $13,826   $22,489   $35,007     $51,082      $24,075    $41,163      $43,784
                               ------    ------   -------   -------   -------     -------      -------    -------      -------
Expenses:
  Salaries and benefits......     456     2,307     4,092     6,243    11,613      15,195        7,976     12,552       13,107
  Other operating expenses...     288     3,002     5,091     7,563    11,547      17,482        7,914     14,564       15,260
  Depreciation and
    amortization.............      51       665     1,309     2,397     3,000       4,101        2,096      3,511        3,708
  Interest...................       3        30       193       722       948       1,981          668      1,141        1,365
  Net loss on sale of
    assets(2)................      --        --        --        --        --          --           --      1,494        1,494
  Distribution cost(3).......      --        --        --        --        --          --           --        458          458
                               ------    ------   -------   -------   -------     -------      -------    -------      -------
        Total expenses.......     798     6,004    10,685    16,925    27,108      38,759       18,654     33,720       35,392
                               ------    ------   -------   -------   -------     -------      -------    -------      -------
Income (loss) before minority
  interest and income
  taxes......................    (222)      582     3,141     5,564     7,899      12,323        5,421      7,443        8,392
  Minority interest in
    earnings of consolidated
    partnerships.............      87     1,121     2,464     3,938     5,433       8,690        3,756      6,447        7,072
                               ------    ------   -------   -------   -------     -------      -------    -------      -------
Income (loss) before income
  taxes......................    (309)     (539)      677     1,626     2,466       3,633        1,665        996        1,320
  Income tax expense.........      --        --        26       578       985       1,452          665      1,279        1,409
                               ------    ------   -------   -------   -------     -------      -------    -------      -------
Net income (loss)............    (309)     (539)      651     1,048     1,481       2,181        1,000       (283)         (89)
  Accretion of preferred
    stock discount...........      --        --        --        --        22          22           --        210          210
                               ------    ------   -------   -------   -------     -------      -------    -------      -------
Net income (loss)
  attributable to common
  stockholders...............  $ (309)   $ (539)  $   651   $ 1,048   $ 1,459     $ 2,159      $ 1,000    $  (493)     $  (299)
                               ======    ======   =======   =======   =======     =======      =======    =======      =======
Net income (loss) per share
  attributable to common
  stockholders(4)............  $(0.24)   $(0.11)  $  0.09   $  0.12   $  0.16     $  0.22      $  0.11    $ (0.05)     $ (0.03)
                               ======    ======   =======   =======   =======     =======      =======    =======      =======
Weighted average common
  shares and
  equivalents -- pro
  forma(4)...................   1,302     4,734     7,313     8,581     9,102       9,602        8,970      9,437        9,571
</TABLE>

    
 
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See footnotes on following page
    
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