AmSurg Reports Fourth-Quarter Net Earnings from Continuing Operations of $0.37 Per Diluted Share on 24% Growth in Revenues.

Adds 8 New Centers for the Quarter and 24 for the Year

NASHVILLE, Tenn. -- Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the fourth quarter and year ended December 31, 2007. Revenues increased 24% for the quarter to a record $144,455,000 from $116,843,000 for the fourth quarter of 2006. Net earnings from continuing operations increased 20% to $11,735,000 for the latest quarter from $9,770,000 for the fourth quarter of 2006, while net earnings from continuing operations per diluted share grew 16% to $0.37 from $0.32.

Full-year 2007 revenues were a record $531,085,000, a 16% increase from $455,869,000 for 2006. Net earnings from continuing operations increased 16% to $43,551,000 from $37,387,000. Net earnings from continuing operations per diluted share rose 14% to $1.40 for 2007, which included a negative $0.03 impact from the effect of the Medicare Deficit Reduction Act of 2005, compared with $1.23 for 2006.

Mr. Holden remarked, "AmSurg produced a strong performance for the fourth-quarter of 2007, with solid fundamental growth in same-facility revenue and a greater-than-anticipated number of new centers. We added eight new centers during the fourth quarter, including six acquisitions and the opening of two de novo centers. These centers drove total new centers for the year to 24, a record performance. Of the eight fourth-quarter centers, five are GI centers and three are multi-specialty. We also disposed of two centers during the fourth quarter. As a result, continuing centers in operation increased to 176 at the end of 2007 from 152 at the same time in 2006. We also completed 2007 with two centers under development, one center awaiting certificate of need certification and four centers under letter of intent. Further, we began 2008 with the completion of two additional GI-center acquisitions effective on the first day of the year.

"Our revenue growth for the fourth quarter also reflected a 7% increase in same-center revenue. Contributing to this growth, the fourth quarter of 2007 had an additional day compared with the fourth quarter of 2006. In addition, during 2007, we and three of our physician partnerships opened second centers that expand the partnerships' markets while also serving patients previously served by our original centers. These factors accounted for approximately two percentage points of our same-center revenue growth for the fourth quarter.

"AmSurg's operations continued to produce substantial cash flow, totaling $22,808,000 for the fourth quarter, or 1.9 times net earnings from continuing operations, and $79,371,000 for the full-year, or 1.8 times net earnings from continuing operations. This cash flow enabled us to maintain our solid financial position, which included $29,953,000 in cash and cash equivalents at year end and a ratio of long-term debt to total capitalization of 35%. With continued strong cash flow from operations and the expansion of our revolving credit facility to $300 million during the fourth quarter of 2007, we are well positioned to fund our center development plans for 2008."

Based on AmSurg's financial performance for the fourth-quarter and full-year 2007, as well as its outlook for 2008, the Company today established guidance for 2008 and for the first 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 effective income tax rate for the year of 39.6%, incorporating the impact of FIN No. 48.

* 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 first quarter of 2008 in a range of $0.36 to $0.37 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 added, "To support our short and long-term growth, while strengthening our position of industry leadership, we have launched a number of wide-ranging initiatives that seek to leverage and enhance our market position, our physician partnerships and our organizational strengths. Among these is a more aggressive approach to center development that goes beyond our traditional primary focus on single-practice, single-specialty centers to include multi-specialty centers, as well as multi-center chains and center networks.

"In addition, we are very focused on building our brand equity among physicians. Our goal is to continue to build on our reputation as a strategic partner of choice for physicians contemplating or currently involved with an ASC. We see opportunities on several fronts including development of a more robust web-based marketing approach; deployment of a fully integrated information system solution; expansion of R&D to identify and evaluate new technologies, devices and procedures that leverage existing center infrastructure; strengthening of our ability to assist in physician recruitment; and enhancement of our clinical quality data mining efforts. We can significantly increase the value we bring to each partnership by mining our experience across our entire center network to improve best practices, drive same-center volume and increase efficiency.

"We are also focused on improving our organizational efficiency and business operations. We have implemented a new organizational structure to drive greater realization of benefits from our scale in disciplines such as contracting, materials management, clinical services and other business operations. Complementing this initiative, we are significantly intensifying our organizational performance management to drive new levels of communication, performance and accountability, as well as employee engagement and satisfaction.

"In closing, the potential of these initiatives to effect positive and sustainable change is based on the organizational strength of our Company today, its outstanding market position and reputation for quality and integrity and the commitment and skill of its people."

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 May 19, 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, 2006, and other filings with the Securities and Exchange Commission, including the following risks: changes in the reimbursement system for outpatient surgical procedures under the Medicare program; 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 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 located in Florida; 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 December 31, 2007, AmSurg owned a majority interest in 176 continuing centers in operation and had two centers under development.

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