AmSurg Reports Third-Quarter Net Earnings from Continuing Operations of $0.31 Per Diluted Share with 4% Increase in Same-Center Revenues.

NASHVILLE, Tenn. -- Ken P. McDonald, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the third quarter and nine months ended September 30, 2006. Revenues for the quarter were $114,188,000, an increase of 16% from $98,410,000 for the third quarter of 2005. Net earnings from continuing operations for the third quarter of 2006 were $9,398,000, or $0.31 per diluted share, including $0.03 per diluted share for FAS 123R, compared with $9,150,000, or $0.30 per diluted share, for the third quarter last year. Excluding the impact of FAS 123R, net earnings from continuing operations per diluted share for the third quarter of 2006 increased 13% to $0.34 from $0.30 for the third quarter of 2005.

Revenues increased 21% for the first nine months of 2006 to $345,674,000 from $285,846,000 for the first nine months of 2005. Net earnings from continuing operations for the first nine months of 2006 were $28,155,000, or $0.93 per diluted share, which included FAS 123R expense of $0.11 per diluted share, compared with $27,888,000, or $0.92 per diluted share, for the first nine months of 2005. Excluding the impact of FAS 123R, net earnings from continuing operations per diluted share for the first nine months of 2006 increased 13% to $1.04 from $0.92 for the comparable period in 2005.

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"We are pleased to report that AmSurg produced a 4% increase in same-center revenues for the third quarter of 2006 and expanded the number of continuing centers in operation by 12% to 153 at the quarter's end from 137 at the same time last year," said Mr. McDonald. "During the third quarter, we completed the acquisition of four centers. In addition, we initiated the disposition of four surgery centers, one of which was completed in the third quarter and three of which were completed in October. These centers, which were minimally profitable, have been classified as discontinued operations and all prior periods have been restated. As a result, the total number of our continuing centers in operation at the end of the third quarter was the same as at the end of the second quarter.

"The four center acquisitions in the third quarter increased the number of new centers opened in the first nine months of 2006 to eight. We also had four centers under development at the end of the quarter, three additional centers awaiting CON certification and three centers under letter of intent. Since the beginning of the fourth quarter, we have completed the acquisition of one of the centers under letter of intent, and we continue to anticipate the opening of one of the de novo centers under development before the quarter ends. With a strong pipeline of potential center transactions, we expect to achieve our target of opening a total of 12 to 15 centers for the full year."

Based on AmSurg's financial and operating performance for the third quarter and first nine months of 2006, and its outlook on the operating environment for the remainder of 2006, the Company tightened its range of revenue and earnings guidance for full-year 2006, confirmed the other elements of its existing guidance and established its earnings guidance for the fourth quarter of 2006, is as follows:

* Revenues in a range of $455 million to $465 million for 2006.

* Same-center revenue growth of 4% to 5% for the full year, 3% to 4% for the fourth quarter.

* The addition of 12 to 15 new centers for the year.

* Net earnings from continuing operations per diluted share as follows:

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AmSurg also today established its guidance for net earnings from continuing operations for the first quarter of 2007 in a range of $0.30 to $0.31 per diluted share. This range includes an expense of $0.06 related to FAS 123R compared with $0.05 for the first quarter of 2006. Similar to 2006, FAS 123R expense will be significantly higher in the first quarter of 2007 than in the remaining quarters of the year. In addition, the range includes a negative $0.01 impact from the effect of the Medicare Deficit Reduction Act of 2005. As previously reported, this legislation, among other things, reduces Medicare reimbursement AmSurg expects to receive for after-cataract laser surgery procedures beginning in 2007. The Company estimates that the reduced Medicare reimbursement will have a negative effect on the Company's earnings per share for full-year 2007 of $0.03, up from the original estimate of approximately $0.02 due to increased volumes. AmSurg intends to provide full-year 2007 guidance in its news release for fourth-quarter 2006 financial results.

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.

"We are encouraged by AmSurg's third quarter performance, which met the high end of our guidance," added Mr. McDonald. "We remain confident of achieving our financial and operational objectives for 2006, of the longer-term growth opportunities for our proven single specialty surgery center business model and of our ability to leverage these opportunities to produce continued long-term growth in shareholder value."

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 January 24, 2007.

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, 2005, and other filings with the Securities and Exchange Commission, including the following risks: the risk that payments from third-party payors may decrease or not increase as the Company's costs increase; changes in the rate setting methodology, payment rates, payment policies and the list of covered surgical procedures for ambulatory surgery centers by the Centers for Medicare and Medicaid Services; the Company's ability to maintain favorable relations with its physician partners; the Company's ability to identify suitable acquisition and development candidates and negotiate and close transactions in a timely manner and on favorable terms; the Company's ability to grow revenues at its existing centers; risks associated with weather and other factors that may affect the Company's surgery centers located in Florida; the Company's ability to manage the growth in its business; the Company's ability to obtain the necessary financing or capital on terms satisfactory to it to execute its expansion strategy; the Company's ability to compete for physician partners, managed care contracts, patients and strategic relationships; the Company's ability to obtain and retain appropriate licensing approvals for its existing centers and centers currently under development and to comply with applicable laws; the risk of changes in legislation, regulations or regulatory interpretations that may negatively affect the Company; the risk of legislative or regulatory changes that would prohibit physician ownership in ambulatory surgery centers; risks associated with the Company's status as a general partner of limited partnerships; the Company's ability to obtain the necessary financing to fund the purchase of its physician partners' minority interests in the event of a regulatory change that would require such a purchase; and risks associated with the valuation and 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. develops, acquires and manages physician practice-based ambulatory surgery centers in partnership with surgical and other group practices. At September 30, 2006, AmSurg owned a majority interest in 153 continuing centers in operation and had four centers under development and three centers awaiting CON approval.

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