July 25, 2006 at 16:00 PM EDT
AmSurg Reports Second-Quarter Net Earnings Per Diluted Share of $0.33 on 22% Growth in Revenues; Same-Center Revenues Increase 5%

Ken P. McDonald, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the second quarter and six months ended June 30, 2006. Revenues increased 22% to a record $119,955,000 for the second quarter from $98,206,000 for the second quarter of 2005. Net earnings from continuing operations were $10,104,000, or $0.33 per diluted share, which included expense of $0.03 per diluted share for FAS 123R, for the second quarter of 2006 compared with $10,045,000, or $0.33 per diluted share for the second quarter last year. Excluding the impact of FAS 123R, net earnings from continuing operations per diluted share for the second quarter of 2006 would have increased 9% to $0.36 from $0.33 for the second quarter of 2005.

For the first six months of 2006, revenues increased 23% to $233,589,000 from $189,469,000 for the first half of 2005. Net earnings from continuing operations were $18,829,000, or $0.62 per diluted share, which included expense of $0.08 per diluted share for FAS 123R, for the first six months of 2006 compared with $18,796,000, or $0.62 per diluted share, for the first six months last year. Excluding the impact of FAS 123R, net earnings from continuing operations per diluted share for the first half of 2006 would have increased 13% to $0.70 from $0.62 for the first six months of 2005.

                          Three Months Ended     Six Months Ended
                               June 30,               June 30,
                          ------------------     -----------------
                           2006       2005        2006       2005
                          -------    -------     -------    -------
Net earnings from
 continuing operations
 per diluted share,
 excluding impact of FAS
 123R(1)                  $ 0.36     $ 0.33 (2)  $ 0.70     $ 0.62 (2)
Share-based payment
 expense                   (0.03)     (0.03)(3)   (0.08)     (0.05)(3)
                          -------    -------     -------    -------
Net earnings from
 continuing operations
 per diluted share        $ 0.33 (2) $ 0.30      $ 0.62 (2) $ 0.57
                          =======    =======     =======    =======

(1) Net earnings from continuing operations per diluted share,
    excluding impact of FAS 123R, is not a measurement determined in
    accordance with accounting principles generally accepted in the
    United States. AmSurg believes its calculation of net earnings
    from continuing operations per diluted share, excluding impact of
    FAS 123R, in this press release is a useful measure of the
    Company's ongoing performance because it provides comparability to
    periods prior to the adoption of FAS 123R and disclosures of its
    operations on the same basis as that used by management. Net
    earnings from continuing operations per diluted share, excluding
    impact of FAS 123R, should not be considered as a measure of
    financial performance under accounting principles generally
    accepted in the United States, and the item excluded from it is a
    significant component in understanding and assessing financial
    performance.

(2) Net earnings from continuing operations per diluted share, GAAP
    basis.

(3) Pro forma share-based payment expense, as if the Company adopted
    FAS 123R on January 1, 2005.

Mr. McDonald remarked, "AmSurg produced same-center revenue growth of 5% for the second quarter of 2006, which we primarily attribute to procedure growth. Consistent with our established guidance, we continue to expect that we will generate same-center revenue growth for the third and fourth quarters of 2006 in a range of 3% to 4%. In addition, we expect that combining this growth with the 6% increase in same-center revenues for the first half of 2006 will produce growth for the full year in a range of 4% to 5%.

"Our total revenue growth of 22% for the second quarter was primarily the result of growth in total procedures, which increased 17% for the quarter compared to the second quarter of 2005. Average revenue per procedure increased 4.6% for the quarter, primarily because of the increase in the number of orthopedic and multi-specialty centers in operation since June 2005.

"We had 153 centers in operation at the end of the second quarter of 2006 compared with 138 centers in operation at the same time in the previous year. We completed the quarter with four de novo centers under development and three centers awaiting CON approval. We expect to open one of the de novo centers under development in 2006. We also had two centers under letter of intent at the quarter end and have added three more centers under letter of intent since the start of the third quarter. We remain confident of achieving our targeted range of adding 12 to 15 centers for full-year 2006."

Based on AmSurg's financial and operating performance for the second quarter and first six months of 2006, and its outlook on the operating environment for the remainder of 2006, the Company's guidance for full-year 2006 is as follows:

-- Revenues in a range of $445 million to $465 million.

-- Same-center revenue growth of 4% to 5%.

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

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

                              Twelve Months            
                        -------------------------     Three Months
                           Ending         Ended          Ending
                        Dec. 31, 2006    Dec. 31,    Sept. 30, 2006
                         (Guidance)        2005        (Guidance)
                        -------------    --------    --------------
Net earnings per
 diluted share,
 excluding impact of
 FAS 123R               $1.37 - 1.39      $ 1.21 (1)  $0.33 - 0.34
Share-based payment
 expense                       (0.14)      (0.11)(2)         (0.03)
                        -------------    --------    --------------
Net earnings per
 diluted share          $1.23 - 1.25 (1)  $ 1.10      $0.30 - 0.31 (1)
                        =============    ========    ==============

(1) Net earnings from continuing operations per diluted share, GAAP
    basis.

(2) Pro forma share-based payment expense, as if the Company had
    adopted FAS 123R in 2005.

The Company continues to expect The Center for Medicare and Medicaid Services to propose changes in the rate setting methodology, payment rates, payment policies and the list of covered surgical procedures for ambulatory surgery centers this summer. Any proposed changes to the payment methodology or rates will be subject to a comment period before finalization and are not expected to be implemented prior to January 1, 2008. During the six months ended June 30, 2006, the Company derived 34% of its revenues from Medicare and Medicaid.

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. McDonald concluded, "We are pleased with the improvement in our same-center revenues for the first two quarters of 2006. We are confident that our ability to achieve our goals will continue to be supported by favorable demographics, by the increasing demand for high quality, low cost care and by the strengths inherent in our leadership of the single specialty surgery center industry."

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 24, 2006.

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 June 30, 2006, AmSurg owned a majority interest in 153 centers and had four centers under development and three centers awaiting CON approval.

                             AMSURG CORP.
     Unaudited Selected Consolidated Financial and Operating Data
           (Dollars in thousands, except per share amounts)

                           For the Three Months   For the Six Months
                              Ended June 30,        Ended June 30,
                           --------------------- ---------------------
Statement of Earnings Data:  2006       2005       2006       2005
-------------------------- ---------- ---------- ---------- ----------

Revenues                    $119,955    $98,206   $233,589   $189,469

Operating expenses:
 Salaries and benefits        34,742     26,659     69,607     52,322
 Supply cost                  14,427     10,778     27,422     20,696
 Other operating expenses     23,158     19,233     44,976     37,414
 Depreciation and
  amortization                 4,329      3,758      8,504      7,329
                           ---------- ---------- ---------- ----------

   Total operating expenses   76,656     60,428    150,509    117,761
                           ---------- ---------- ---------- ----------

   Operating income           43,299     37,778     83,080     71,708

Minority interest             24,631     20,337     48,360     39,046
Interest expense, net          2,049        918      3,751      1,746
                           ---------- ---------- ---------- ----------

   Earnings from continuing
    operations before
    income taxes              16,619     16,523     30,969     30,916
Income tax expense             6,515      6,478     12,140     12,120
                           ---------- ---------- ---------- ----------

   Net earnings from
    continuing operations     10,104     10,045     18,829     18,796

Discontinued operations:
 Loss from operations of
  discontinued interests in
  surgery centers, net of
  income tax                       -       (121)         -       (220)
 Loss on disposal of
  discontinued interests in
  surgery centers, net of
  income tax                       -       (243)         -       (243)

   Loss from discontinued
    operations                     -       (364)         -       (463)
                           ---------- ---------- ---------- ----------

   Net earnings              $10,104     $9,681    $18,829    $18,333
                           ========== ========== ========== ==========

Basic earnings per common
 share:
   Net earnings from
    continuing operations      $0.34      $0.34      $0.63      $0.64
   Net earnings                $0.34      $0.33      $0.63      $0.62
Diluted earnings per common
 share:
   Net earnings from
    continuing operations      $0.33      $0.33      $0.62      $0.62
   Net earnings                $0.33      $0.32      $0.62      $0.61

Weighted average number of
 shares and share
 equivalents (000's):
 Basic                        29,794     29,537     29,744     29,494
 Diluted                      30,472     30,165     30,345     30,094

Operating Data:
---------------

Continuing centers in
 operation at end of period      153        138        153        138
Centers under
 development/not opened at
 end of period                     4          5          4          5
Development centers
 awaiting CON approval at
 end of period                     3          -          3          -
Centers under letter of
 intent                            2          4          2          4
Average number of centers
 in operation                    153        133        153        131
Average revenue per center      $784       $737     $1,527     $1,450
Same center revenues
 increase                          5%         5%         6%         4%
Procedures performed during
 the period                  218,280    186,711    430,790    357,138
Cash flows provided by
 operating activities        $12,571    $12,550    $33,912    $30,877
Cash flows used by
 investing activities        $(9,248)  $(18,799)  $(34,732)  $(40,621)
Cash flows (used by)
 provided by financing
 activities                  $(6,364)    $6,684    $(1,998)   $11,845
Reconciliation of net
 earnings to EBITDA and
 adjusted EBITDA (1):
 Net earnings from
  continuing operations      $10,104    $10,045    $18,829    $18,796
 Add:  income tax expense      6,515      6,478     12,140     12,120
 Add:  interest expense,
  net                          2,049        918      3,751      1,746
 Add:  depreciation and
  amortization                 4,329      3,758      8,504      7,329
                           ---------- ---------- ---------- ----------

   EBITDA                     22,997     21,199     43,224     39,991
 Add:  share-based
  compensation expense         1,467          -      4,041          -
                           ---------- ---------- ---------- ----------

   Adjusted EBITDA           $24,464    $21,199    $47,265    $39,991
                           ========== ========== ========== ==========



                             AMSURG CORP.
     Unaudited Selected Consolidated Financial and Operating Data
                            (In thousands)

                                                June 30,     Dec. 31,
Balance Sheet Data:                              2006         2005
------------------                             ----------  -----------

Cash and cash equivalents                        $17,678      $20,496
Accounts receivable, net                          52,399       46,387
Working capital                                   67,158       61,072
Total assets                                     557,129      527,816
Long-term debt and other long-term liabilities   125,302      125,712
Minority interest                                 51,281       47,271
Shareholders' equity                             320,783      294,618


(1) EBITDA is defined as earnings before interest, income taxes and
    depreciation and amortization. Adjusted EBITDA is defined as
    earnings before interest, income taxes, depreciation and
    amortization and share-based compensation expense. EBITDA and
    adjusted EBITDA should not be considered a measure of financial
    performance under generally accepted accounting principles. Items
    excluded from EBITDA and adjusted EBITDA are significant
    components in understanding and assessing financial performance.
    EBITDA and adjusted EBITDA are analytical indicators used by
    management and the health care industry to evaluate company
    performance, allocate resources and measure leverage and debt
    service capacity. EBITDA and adjusted EBITDA should not be
    considered in isolation or as alternatives to net income, cash
    flows generated by operations, investing or financing activities,
    or other financial statement data presented in the consolidated
    financial statements as indicators of financial performance or
    liquidity. Because EBITDA and adjusted EBITDA are not measurements
    determined in accordance with generally accepted accounting
    principles and are thus susceptible to varying calculations,
    EBITDA and adjusted EBITDA as presented may not be comparable to
    other similarly titled measures of other companies. Net earnings
    from continuing operations is the financial measure calculated and
    presented in accordance with generally accepted accounting
    principles that is most comparable to EBITDA and adjusted EBITDA
    as defined.

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