AmSurg Announces Net Earnings from Continuing Operations Per Diluted Share of $0.37 for First-Quarter 2008.

NASHVILLE, Tenn. -- Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (Nasdaq: AMSG), today announced financial results for the first quarter ended March 31, 2008. Revenues grew to a record $147,421,000 for the quarter, up 18% from $125,190,000 for the first quarter of 2007. Net earnings from continuing operations increased 16% to $11,678,000 from $10,079,000. Net earnings from continuing operations per diluted share were $0.37 for the first quarter of 2008, an increase of 12% from $0.33 for the first quarter of 2007.

"We are pleased with AmSurg's performance for the first quarter of 2008, which was consistent with our guidance for the quarter," stated Mr. Holden. "As expected, the centers added since the end of the first quarter last year accounted for the majority of a 17% increase in procedures on a comparable-quarter basis. In addition, same-center revenues increased 3% for the quarter from the first quarter of 2007. Consistent with our guidance for 2008, this same-center performance included a negative impact of one percentage point from the effect of the Medicare rule revising the payment system for ASCs, which was effective January 1, 2008.

"The Company acquired two GI centers during the first quarter and classified one center as held for sale, bringing the total of continuing centers in operation to 177 at the end of the quarter, an increase of 19 since the first quarter of 2007. We also completed the quarter with two centers under development, one of which is expected to open in 2008. We had one center awaiting certificate of need certification and three centers under letter of intent.

"We continued to generate substantial cash flow from operations, which for the first quarter rose 13% to $21,495,000 from $19,086,000 for the first quarter of 2007. We used this cash flow, combined with our cash and cash equivalents, to fund the two first-quarter acquisitions, as well as to reduce bank debt by approximately $17 million. As a result, the Company's ratio of long-term debt to total capitalization improved to 33% at the end of the first quarter from 35% at the end of the fourth quarter of 2007. We also completed the quarter with cash and cash equivalents of $24,116,000 and availability under our revolving credit facility of nearly $115 million.

Based on AmSurg's financial performance for the first quarter, as well as its outlook for 2008, the Company today affirmed its established guidance for 2008 and provided its guidance for the second quarter of the year as follows:

* Revenues in a range of $600 million to $620 million for 2008.

* Same-center revenue growth of 3% to 4% for the full year, which includes a negative impact of one percentage point from the effect of the Medicare rule revising the payment system for ASCs, which was effective January 1, 2008.

* The addition of 12 to 15 centers for the year, including the opening of one de novo center.

* An estimated effective income tax rate for the year of 39.8%.

* Net earnings per diluted share for 2008 in a range of $1.53 to $1.55, including a negative $0.05 impact from the effect of the revised Medicare payment system.

* Net earnings per diluted share for the second quarter of 2008 in a range of $0.38 to $0.39 per diluted share.

The information contained in the preceding paragraphs is forward-looking information, and the attainment of these targets is dependent not only on AmSurg's achievement of its assumptions discussed above, but also on the risks and uncertainties listed below that could cause actual results, performance or developments to differ materially from those expressed or implied by this forward-looking information.

Mr. Holden concluded, "AmSurg's first-quarter performance supports our confidence in the Company's growth prospects for 2008 and beyond. We are the largest provider in an industry with favorable growth dynamics, and we are well positioned competitively. In addition to having the expertise, capital and other resources to expand our business model in a fragmented industry, we have initiated a number of wide-ranging initiatives designed to enhance our business model. We expect these initiatives to gain increasing traction in the quarters and years ahead, increasing our ability to serve our physician partners and our centers' patients, to expand our base of centers in operation and to improve our center and corporate efficiency and productivity."

AmSurg Corp. will hold a conference call to discuss this release today at 5:00 p.m. Eastern time. Investors will have the opportunity to listen to the conference call over the Internet by going to www.amsurg.com and clicking "Investor Relations" or by going to www.earnings.com 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 through the end of business on July 22, 2008.

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 the important factors, among others, set forth in AmSurg's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and other filings with the Securities and Exchange Commission, including the following risks: the risk that payments from third-party payors, including government healthcare programs, may decrease or not increase as the Company's costs increase; the Company's ability to maintain favorable relations with its physician partners; the Company's ability to acquire and develop additional surgery centers on favorable terms; the Company's ability to grow revenues by increasing procedure volume while maintaining its operating margins and profitability at its existing centers; the Company's ability to manage the growth in its business; the Company's ability to obtain sufficient capital resources to complete acquisitions and develop new surgery centers; the Company's ability to compete for physician partners, managed care contracts, patients and strategic relationships; risks associated with weather and other factors that may affect the Company's surgery centers; uncertainties associated with judicial, regulatory and legislative developments in New Jersey; the Company's failure to comply with applicable laws and regulations; 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 of regulatory changes that may obligate the Company to buy out interests of physicians who are minority owners of its surgery centers; risks associated with the Company's status as a general partner of limited partnerships; the Company's legal responsibility to minority owners of its surgery centers, which may conflict with its interests and prevent it from acting solely in its best interests; risks associated with the write-off of the impaired portion of intangible assets; and risks associated with the tax deductibility of goodwill. 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 United States. At March 31, 2008, AmSurg owned a majority interest in 177 continuing centers in operation and had two centers under development.

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