AmSurg Announces Second-Quarter Net Earnings from Continuing Operations of $0.39 Per Diluted Share.

NASHVILLE, Tenn. -- Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the second quarter and six months ended June 30, 2008. Revenues increased 18% to a record $152,105,000 for the quarter from $128,406,000 for the second quarter of 2007. Net earnings from continuing operations rose 18% to $12,548,000 from $10,634,000. Net earnings from continuing operations per diluted share were $0.39 for the second quarter of 2008, an increase of 15% from $0.34 for the second quarter of 2007.

Revenue for the first six months of 2008 was $299,210,000, up 19% from $252,097,000 for the first half of 2007. Net earnings from continuing operations increased 19% to $24,294,000 from $20,397,000. Net earnings from continuing operations per diluted share grew 15% to $0.76 for the first six months of 2008 from $0.66 for the comparable period in 2007.

Mr. Holden commented, "With solid second-quarter results that met our expectations, AmSurg remains well on-track to achieve its financial and operating objectives for 2008. We are pleased to note that, even with the impact of the Medicare rule revising the payment system for ASCs, which reduced net earnings from continuing operations during the quarter by approximately $0.01 per diluted share, we were able to maintain a strong EBITDA margin of 18.9%.

"Our second-quarter revenue growth reflected a 19% increase in procedures compared with the second quarter of 2007. We produced most of this increase through the addition of 19 acquired or de novo centers since the second quarter last year. Procedure growth accounted for a 3% increase in same-center revenue for the second quarter. During the quarter, we acquired two centers that had been under letter of intent at the end of the first quarter, classified one center as held for sale and disposed of two centers, bringing the total of continuing centers in operation to 176 at the end of the quarter. We also added a center under development and completed the quarter with three centers under development, one of which is expected to open in 2008. We entered into four new letters of intent during the quarter for three center acquisitions and a de novo center, giving us a total of five centers under letter of intent at the quarter's end, and we had one center awaiting certificate of need certification.

"The center classified as held for sale will be sold to a hospital and is expected to close in the third quarter. We also disposed of two non-operational centers. The net loss associated with the operations and dispositions of these centers was $0.04 per share and is reflected in discontinued operations.

"AmSurg's cash flow from operations for the second quarter was $20.3 million, which funded all of our acquisition and maintenance capital expenditures during the period. Cash and cash equivalents increased to $24,319,000 at June 30, 2008, from $24,116,000 at the end of the first quarter of 2008, while long-term debt decreased to $198,620,000 from $200,219,000. We remain well positioned to execute our center acquisition strategy, with debt to total capital of 32% at the end of the second quarter and a ratio of total debt to trailing 12 months EBITDA of 1.9. We also have approximately $115 million in availability under our revolving credit facility.

Based on AmSurg's financial performance for the first six months of 2008, as well as its outlook for the remainder of the year, the Company today affirmed its established guidance for 2008 and provided its guidance for the third 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 third 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, "We are encouraged by AmSurg's steady operating and financial performance in an uncertain economic environment. The consistency of our continuing centers in operation, our robust pipeline of potential new centers and our strong financial position support our confidence in achieving our guidance for 2008.

"We also remain fully engaged in a number of initiatives designed to improve our business model and, thereby, enhance our continuing ability to be the strategic partner of choice for physicians. As we progress on these initiatives in the quarters ahead, we expect to increase the value proposition we provide our physician partners, our center patients and our shareholders."

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 October 20, 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 June 30, 2008, AmSurg owned a majority interest in 176 continuing centers in operation and had three centers under development.

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