Announces Authorization for $40 Million Stock Repurchase Plan

Affirms Established 2009 Financial Guidance

Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the first quarter ended March 31, 2009. Revenues increased 12% for the quarter to $163,533,000 from $145,729,000 for the first quarter of 2008. Net earnings from continuing operations attributable to AmSurg common shareholders increased 8% to $12,603,000, or $0.40 per diluted share, from $11,619,000, or $0.37 per diluted share, for the first quarter of 2008. As expected, the results for the first quarter of 2009 include an incremental negative impact of $0.02 per diluted share from the effect of the Medicare rule revising the payment system for ASCs, which was effective January 1, 2008.

Mr. Holden remarked, “AmSurg met the high end of its earnings guidance for the first quarter, a period during which our growth was restrained by both the difficult economic environment and the impact of the Medicare payment system change. As we anticipated, the increase in revenues was substantially all due to the addition of 21 new centers to our base of continuing centers since the first quarter of 2008, which primarily drove a 13% increase in total procedures for the first quarter of 2009. Included in the new centers are three centers we acquired in the first quarter of 2009, bringing our total to 192 at March 31, 2009, compared with 171 at the same time in 2008. Consistent with our guidance for 2009, our same-center revenues for the first quarter of 2009 were flat compared with the first quarter last year, including the impact of the Medicare rule revision, which reduced same-center revenue growth by approximately 100 basis points.

“Our net cash flow from operations remained strong at over $29.0 million for the first quarter of 2009, which was 2.3 times net earnings from continuing operations attributable to common shareholders. We used our cash flow to fund all of our $23.7 million in center capital expenditures for the quarter, including our three center acquisitions, de novo center expenditures and center maintenance expenditures. In addition, we used our cash flow to fund the majority of the $12.6 million cost to repurchase 831,000 shares of our common stock during the quarter, completing our $25.0 million stock repurchase program announced in September 2008. With the sharp decline in our stock price during the first quarter, we saw an opportunity to invest in our stock at a favorable valuation.

“While this $12.6 million stock repurchase will be accretive to earnings, we believe that our 2009 center acquisitions will close later in the year than originally anticipated due to our focus on appropriate valuations in this economic environment. This delay in timing of acquisitions will fully offset the accretion generated by the first quarter stock repurchase.

“Our Board of Directors has authorized an additional repurchase of up to $40.0 million in AmSurg stock over the next 18 months, as the Company deems appropriate. The authorization reflects our belief that the Company’s stock continues to represent a compelling valuation at current levels. With this authorization, we have the opportunity over the next 18 months to continue weighing the benefits of repurchasing the Company’s stock compared with completing additional center acquisitions. We expect any additional repurchases during the year to be accretive to our earnings per share and potentially, depending on the size, cost and timing of any repurchases, may result in a reduction in the number of center acquisitions we complete during 2009. We also intend to use the repurchase program to continue to purchase shares of our common stock to mitigate the dilution created by shares issued under our stock incentive plans. Our guidance for 2009 does not reflect any additional repurchases of our stock. We will communicate the impact of additional stock repurchases on guidance for 2009, as appropriate.

“We continue to expect to generate net cash flow from operations for 2009 in a range of $95.0 million to $100.0 million, which we expect to fund the majority of our capital expenditures and stock repurchases for the year. We had cash and cash equivalents of $31.4 million at the end of the first quarter of 2009 and availability of approximately $43.0 million under our revolving credit facility, which matures in July 2011.

“Today we affirm AmSurg’s previously established guidance for 2009, and we establish guidance for the second quarter of 2009 as follows:

• Revenues in a range of $650.0 million to $680.0 million for 2009.
• Same-center revenue growth is expected to be flat for the full year, which includes a negative impact of one percentage point from the effect of the Medicare payment system revision.
• The addition of 13 to 16 new centers for the year.
• An estimated effective income tax rate on pre-tax earnings attributable to common shareholders of 39.5% for the year.
• Net earnings from continuing operations per diluted share for 2009 in a range of $1.64 to $1.67, including a negative $0.07 impact from the effect of the revised Medicare payment system revision.
• Net earnings from continuing operations per diluted share for the second quarter of 2009 in a range of $0.40 to $0.42 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, “Our new stock repurchase plan is representative of our focus on employing the Company’s resources to create shareholder value. For the longer-term, we expect to continue to have ample opportunities to create additional shareholder value through the implementation of our business model. Despite today’s economic environment, three fundamental trends – the aging of the American population, the increasing demand for preventative care and the focus on controlling healthcare costs – will continue to have a positive impact on the ASC industry. We expect this positive impact will increase over time because we believe that ASCs provide the highest quality care for many procedures associated with aging and are the lowest cost modality for that care.

“We expect increasing demand to particularly benefit AmSurg as the industry’s largest ASC company. We combine a depth of operating experience with a distinguished record of acquiring and integrating ASCs in an industry that remains highly fragmented. Our strong financial position and substantial cash flow differentiate AmSurg in today’s market and increase the flexibility with which we can pursue our business objectives. As previously discussed, we are also continuing to invest in a number of wide-ranging initiatives to expand the value proposition we provide our physician partners and patients. As a result of our strong market position and the opportunities we have to enhance this position going forward, we remain confident of AmSurg’s long-term growth potential.”

Impact of Adoption of SFAS No. 160

Beginning in 2009, AmSurg adopted Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements, an Amendment of Accounting Research Bulletin No. 51.” While the adoption of SFAS No. 160 did not have an impact on the Company’s net earnings or net earnings per diluted share, the presentation of the financial statements has been changed. Net earnings attributable to noncontrolling interests, previously referred to as minority interest, is now reported after net earnings. Net earnings from continuing operations attributable to AmSurg Corp. shareholders is supplementally disclosed on the statement of net earnings. The most significant impact of this presentation is on the determination of pre-tax earnings, which is presented before net earnings attributable to noncontrolling interests has been subtracted. Accordingly, the effective tax rate on pre-tax earnings as presented will be reduced to approximately 16.0%. However, the effective tax rate based on pre-tax earnings attributable to AmSurg Corp. shareholders will remain near the historical range of 39.6%. In addition, noncontrolling interest is now included as a component of total equity on the Company’s consolidated balance sheet.

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 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 the important factors, among others, set forth in AmSurg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and other filings with the Securities and Exchange Commission, including the following risks: adverse impacts on the Company’s business associated with current and future economic conditions; the risk that payments from third-party payors, including government healthcare programs, may decrease or not increase as the Company’s costs increase; adverse developments affecting the medical practices of the Company’s physician partners; 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; adverse weather and other factors that may affect the Company’s surgery centers; 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; potential liabilities associated with the Company’s status as a general partner of limited partnerships; liabilities for claims brought against our facilities; 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 potential write-off of the impaired portion of intangible assets; and potential liability relating to 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, 2009, AmSurg owned a majority interest in 192 continuing centers in operation and had three centers under development.

AmSurg Corp.
Claire M. Gulmi, 615-665-1283
Executive Vice President and Chief Financial Officer