SEC Filings

10-12G/A
AMSURG CORP filed this Form 10-12G/A on 11/03/1997
Entire Document
 
<PAGE>   93
 
                                  AMSURG CORP.
 
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   

<TABLE>
<CAPTION>
                                                                                               NINE MONTHS ENDED
                                                        YEAR ENDED DECEMBER 31,                  SEPTEMBER 30,
                                                ----------------------------------------   --------------------------
                                                   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   $   999,950   $  (282,590)
    Income tax expense (Note 1 and 4).........       26,000       578,000        985,000       665,000     1,279,000
    Minority interest (Note 1)................    2,464,105     3,938,364      5,433,588     3,755,799     6,447,445
                                                -----------   -----------   ------------   -----------   -----------
  Income before minority interest and income
    taxes.....................................    3,141,359     5,564,404      7,899,104     5,420,749     7,443,855
  Noncash expenses, revenues, losses and gains
    included in income:
    Depreciation and amortization (Note 1)....    1,309,054     2,396,796      3,000,183     2,095,566     3,510,515
    Net loss on sale of assets (Note 10)......           --            --             --            --     1,494,333
    Increase in working capital items.........     (285,015)     (132,418)      (856,584)     (269,050)   (1,111,679)
    Other noncash transactions................       59,926       106,220        125,190        71,222        45,840
                                                -----------   -----------   ------------   -----------   -----------
                                                  4,225,324     7,935,002     10,167,893     7,318,487    11,382,864
  Increase in other assets....................     (373,201)     (120,705)      (286,031)     (152,301)     (686,388)
  Income taxes paid...........................           --       (74,105)      (970,309)     (774,750)     (983,097)
                                                -----------   -----------   ------------   -----------   -----------
        Net cash flows provided by operating
          activities..........................    3,852,123     7,740,192      8,911,553     6,391,436     9,713,379
                                                -----------   -----------   ------------   -----------   -----------
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)   (8,535,956)  (12,626,007)
  Acquisition of property and equipment.......   (4,777,563)   (2,138,075)    (3,863,052)   (2,438,419)   (7,737,744)
  Proceeds from sale of assets................           --            --             --            --     1,978,462
  Decrease (increase) in long-term
    receivables...............................     (116,683)         (846)       137,582       102,939        35,118
                                                -----------   -----------   ------------   -----------   -----------
        Net cash flows used in investing
          activities..........................   (9,432,026)   (5,325,433)   (16,395,264)  (10,871,436)  (18,350,171)
                                                -----------   -----------   ------------   -----------   -----------
Cash flows from financing activities:
  Additions to long-term debt (Notes 5 and
    10).......................................    3,163,300     2,471,579     10,544,700     6,639,000    15,533,041
  Payments on long-term debt (Notes 5 and
    10).......................................     (516,007)     (999,929)    (7,261,534)   (2,091,237)   (2,903,616)
  Distributions to minority partners..........   (2,327,128)   (3,840,787)    (5,084,294)   (3,666,597)   (6,342,236)
  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     1,670,510       494,006
  Capital contributions by minority
    partners..................................      679,486       476,693      1,681,324       779,602     2,288,990
                                                -----------   -----------   ------------   -----------   -----------
        Net cash flows provided by (used in)
          financing activities................    6,592,212      (695,165)     7,206,458     3,331,278     9,070,185
                                                -----------   -----------   ------------   -----------   -----------
Net increase (decrease) in cash and cash
  equivalents.................................    1,012,309     1,719,594       (277,253)   (1,148,722)      433,393
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     2,320,939     3,625,801
                                                ===========   ===========   ============   ===========   ===========
 
(Increase) decrease in working capital items
  excluding income taxes:
  Accounts receivable, net....................  $  (605,969)  $  (467,620)  $ (1,353,365)     (544,800)   (1,255,421)
  Other current assets........................     (114,893)     (183,856)      (342,086)     (133,283)     (391,612)
  Accounts payable............................       28,959       145,612        419,586       431,785      (232,429)
  Accrued expenses............................      406,888       373,446        419,281       (22,752)      767,783
                                                -----------   -----------   ------------   -----------   -----------
                                                $  (285,015)  $  (132,418)  $   (856,584)     (269,050)   (1,111,679)
                                                ===========   ===========   ============   ===========   ===========
</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 $637,012 and
   $1,083,626 during the nine months ended September 30, 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 $1,351,174 and $1,847,376 during the nine months ended
   September 30, 1996 and 1997, respectively. (See Notes 2 and 10.)
    
   
3. Forgiveness of debt and shares of the Company's stock valued at $127,648 and
   $680,422, respectively, were received in connection with the sale of a
   partnership interest during the nine months ended September 30, 1997.
    
 
        See accompanying notes to the consolidated financial statements.
 
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