NASHVILLE, Tenn. _ (July 31, 2014) _ Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announcedfinancial results for the second quarter ended June 30, 2014. Revenues increased 5% for the quarter to $281.1 million from $267.1 million for the second quarter of 2013. Net earnings from continuing operations attributable to AmSurg common shareholders were $19.0 million, or $0.59 per diluted share, for the second quarter of 2014 compared with $18.4 million, or $0.58 per diluted share, for the second quarter of 2013. Results for the second quarter of 2014 included an after-tax net gain of $0.8 million, or $0.03 per diluted share, related to the deconsolidation of three surgery centers that AmSurg contributed to two joint ventures created during the quarter with new hospital system partners, as well as after-tax transaction expense of $2.1 million, or $0.07 per diluted share, related to the previously announced acquisition of Sheridan Healthcare (the “Sheridan Transaction”). Excluding these items, adjusted net earnings from continuing operations per diluted share attributable to AmSurg common shareholders for the second quarter of 2014 were $0.63, up 9% from $0.58 for the second quarter last year. Please see page 6 for a reconciliation of all GAAP and non-GAAP financial results in this news release.     For the first six months of 2014, revenues were $544.2 million, an increase of 4% from $525.3 million for the same period in 2013. Net earnings from continuing operations attributable to AmSurg common shareholders were $36.5 million, or $1.13 per diluted share, for the first half of 2014 compared with $36.2 million, or $1.13 per diluted share, for the first half last year. These results included after-tax net deconsolidation gains of $1.4 million, or $0.04 per diluted share, for 2014 and $1.3 million, or $0.04 per diluted share, for 2013. In addition, the results for the first half of 2014 include after-tax transaction expense of $2.1 million, or $0.07 per diluted share, related to the Sheridan Transaction. Excluding these items, adjusted net earnings from continuing operations per diluted share attributable to AmSurg common shareholders for the first six months of 2014 were $1.16 compared with $1.10 for the first half of 2013.     “AmSurg’s financial results met our expectations for the second quarter,” commented Mr. Holden. “We benefitted from a 1% increase in same-center revenue, despite having one less business day in the quarter compared with the second quarter last year. Average revenue per procedure increased 4% on a comparable-quarter basis, primarily due to changing procedure mix.     “During the second quarter, we continued to act on opportunities to partner with health systems in attractive markets, by agreeing with two new health systems to create ambulatory surgery center (ASC) joint ventures. We contributed our controlling interests in three centers to these joint ventures. We also acquired one center to end the quarter with 243 centers. We had six centers under letter of intent at the end of the second quarter and one de novo center under development, which we expect to open in 2015.     “In July, CMS announced proposed 2015 ASC reimbursement rates. We estimate these rates will positively impact our 2015 revenue by approximately $7 million. These proposed rates are subject to final approval in November 2014.     “Further, we launched a new era at AmSurg during the second quarter with our agreement to acquire Sheridan Healthcare, a leading national provider of outsourced physician services to hospitals, ASCs and other healthcare facilities. On July 16, 2014, we completed this transaction for approximately $2.35 billion in cash and stock. AmSurg financed the cash portion of the transaction through a combination of common and preferred stock offerings, a new senior secured credit facility and the issuance of senior unsecured notes. Through this transaction, we have effectively doubled the Company’s size, strengthened our geographic, payor and revenue diversity and accelerated expected revenue growth, greatly enlarged our addressable market, created a strongly differentiated competitive market position and substantially enhanced our organic and acquisition growth opportunities. In addition to the ample growth opportunities represented just in our respective customer bases, we believe the combination of our operations gives us a unique and scaled platform with which to strategically engage physician groups, health systems and payers as the healthcare industry shifts to greater performance and payment risk.”     AmSurg remains positioned to fund its organic and acquisition growth strategies for the post-merger company. The Company has significant net cash flows from operations, which, excluding distributions to noncontrolling interests, totaled $62 million for the first six months of 2014. In addition, AmSurg’s new senior secured credit facility includes a $300 million revolving credit facility under which the Company currently has no borrowings.     AmSurg today is revising its financial and operating guidance for 2014, primarily for the impact of the Sheridan Transaction, and establishing guidance for the third quarter of 2014. During the third quarter, the Company will record the transaction fees related to the Sheridan Transaction, which will be in excess of $50 million and which will result in a net loss for the third quarter. Due to this transaction, AmSurg will now provide guidance on adjusted net earnings per diluted share from continuing operations attributable to common shareholders (“Adjusted EPS”). Adjusted EPS for all periods will exclude transaction and severance costs related to the acquisition, acquisition-related amortization expense, gains or losses on deconsolidations and share-based compensation expense. The Company’s guidance is as follows:Revenues in a range of $1.61 billion to $1.63 billion.Same-center revenue increase of 1% to 2% for ASCs, 6% to 8% organic revenue growth in physician services.Net cash flow provided by operating activities, less distributions to noncontrolling interests, in a range of $170 million to $180 million, excluding transaction costs.Adjusted EPS in a range of $2.61 to $2.66.For the third quarter of 2014, Adjusted EPS in a range of $0.63 to $0.65.   The information contained in the preceding paragraphs, including information regarding the Company’s acquisition plans and financial results for future periods, is forward-looking information. Forward-looking information involves known and unknown risks and uncertainties as described below. There can be no assurance that AmSurg will be successful in completing the acquisitions described above, and the attainment of the financial targets set forth in this press release is dependent on the assumptions described above. The Company’s actual results and performance could differ materially from those expressed or implied by the forward-looking information contained in this press release.     Mr. Holden concluded, “In considering the many compelling reasons for bringing together the complementary businesses of AmSurg and Sheridan Healthcare, we were struck by the foundational commitment that Sheridan has always demonstrated to adding value for its physician staff. This same commitment drives AmSurg and is the focus of our value proposition for our physician partners. We are confident that integrating our similar physician-centric cultures will strengthen both businesses and position our Company for long-term growth in earnings and shareholder value.”       Corp. will hold a conference call to discuss this release today, July 31, 2014, at 5:00 p.m. Eastern time. Investors will have the opportunity to listen to the conference call over the Internet by going to and clicking “Investors” at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available at these sites shortly after the call and continue for 30 days.   This press release contains forward-looking statements. These statements, which have been included in reliance on the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, involve risks and uncertainties. Investors are hereby cautioned that these statements may be affected by important factors, including, but not limited to, the following risks: the risk that payments from third-party payors, including government healthcare programs, may decrease or not increase as costs increase; the potential loss of collections and revenue if the Company is unable to timely enroll providers in the Medicare and Medicaid programs; the Company’s ability to acquire and develop additional surgery centers and its ability to acquire or develop additional relationships with providers for outsourced physician services on favorable terms; the Company’s ability to compete for physician partners, managed care contracts, patients and strategic relationships; adverse developments affecting the medical practices of the Company’s physician partners and affiliated practices; the Company’s ability to maintain favorable relations with its physician partners, affiliated practices and clients; the Company’s ability to grow revenues by increasing procedure volume while maintaining operating margins and profitability within its existing centers and outsourced physician services operations; the Company’s ability to manage the growth in its business, successfully integrate and operate acquired businesses and achieve expected benefits from acquisitions; the Company’s ability to obtain sufficient capital resources to complete acquisitions and develop new surgery centers or operations related to its outsourced physician services; the Company’s ability to generate sufficient cash to service all of its indebtedness; adverse weather and other factors beyond the Company’s control that may affect its surgery centers or operations of its outsourced physician services; the Company’s failure to comply with applicable laws and regulations; the Company’s failure to effectively and timely transition to the ICD-10 coding system; the risk of changes in legislation, regulations or regulatory interpretations that may negatively affect the Company; the risk of becoming subject to federal and state investigation; the risk from an unpredictable impact of the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010; the risk of regulatory changes that may obligate the Company to buy out interests of physicians who are minority owners of its surgery centers; the risk that non-competition agreements in place with the Company’s physicians or other clinical employees may not be enforceable; the risk of payment delays, forfeiture of payment or civil and criminal penalties related to failing to satisfy any notification and reapplication requirements for any acquired companies to maintain licensure, certification and other authorities to operate after an acquisition; potential liabilities associated with the Company’s status as a general partner of limited partnerships; liabilities for claims brought against the Company; the risk that the Company’s reserves established with respect to its losses covered under its insurance programs are not adequate; the Company’s legal responsibility to minority owners of its surgery centers, which may conflict with its interests and prevent the Company from acting solely in its best interests; potential write-offs of the impaired portion of intangible assets; and potential liabilities relating to the tax deductibility of goodwill; and other risk factors described in AmSurg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and other filings with the Securities and Exchange Commission. Consequently, actual results, performance or developments may differ materially from the forward-looking statements included above. AmSurg disclaims any intent or obligation to update these forward-looking statements.     AmSurg Corp. acquires, develops and operates ambulatory surgery centers in partnership with physician practice groups throughout the U.S. and provides outsourced physician services in multiple specialties to hospitals, ASCs and other healthcare facilities, primarily in the areas of anesthesiology, children’s services, emergency medicine and radiology. AmSurg owns and operates 243 ASCs in 34 states and provides physician services in 25 states, employing more than 2,600 physicians and other healthcare professionals.