Amsurg Corp. (AMSG, Financial) filed Quarterly Report for the period ended 2010-09-30.
Amsurg Corp. has a market cap of $581.3 million; its shares were traded at around $18.79 with a P/E ratio of 11.2 and P/S ratio of 0.8. Amsurg Corp. had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated Amsurg Corp. the business predictability rank of 4-star.AMSG is in the portfolios of David Dreman of Dreman Value Management, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC.
We are subject to market risk from exposure to changes in interest rates based on our financing, investing and cash management activities. We utilize a balanced mix of maturities along with both fixed rate and variable rate debt to manage our exposures to changes in interest rates. Our debt instruments are primarily indexed to the prime rate or LIBOR. We entered into an interest rate swap agreement in April 2006 in which $50.0 million of the principal amount outstanding under the revolving credit facility will bear interest at a fixed rate of 5.365% for the period from April 28, 2006 to April 28, 2011. The principal amounts of our senior secured notes due May 29, 2020 bear interest at a fixed rate of 6.04%. Interest rate changes would result in gains or losses in the market value of our debt portfolio due to differences in market interest rates and the rates at the inception of the debt agreements. Based upon our indebtedness at September 30, 2010, a 100 basis point interest rate change would impact our net earnings and cash flow by approximately $930,000 annually. Although there can be no assurances that interest rates will not change significantly, we do not expect changes in interest rates to have a material effect on our net earnings or cash flows in 2010.
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Amsurg Corp. has a market cap of $581.3 million; its shares were traded at around $18.79 with a P/E ratio of 11.2 and P/S ratio of 0.8. Amsurg Corp. had an annual average earning growth of 13.2% over the past 10 years. GuruFocus rated Amsurg Corp. the business predictability rank of 4-star.AMSG is in the portfolios of David Dreman of Dreman Value Management, Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In September 2008, our board of directors authorized a stock repurchase program for up to $25.0 million of our outstanding common stock. During the nine months ended September 30, 2009, we repurchased 830,700 shares for $12.6 million, which completed this program. On April 22, 2009, our board of directors approved an additional stock repurchase program for up to $40.0 million of our outstanding shares of common stock to be purchased over the following 18 months. As of September 30, 2010, no shares had been repurchased pursuant to this repurchase program. In October 2010, our board of directors approved a new stock repurchase program for up to $40.0 million of our outstanding shares of common stock to be purchased over the following 18 months. We intend to fund the purchase price for any shares acquired using primarily cash generated from our operations and borrowings under our revolving credit agreement.We are subject to market risk from exposure to changes in interest rates based on our financing, investing and cash management activities. We utilize a balanced mix of maturities along with both fixed rate and variable rate debt to manage our exposures to changes in interest rates. Our debt instruments are primarily indexed to the prime rate or LIBOR. We entered into an interest rate swap agreement in April 2006 in which $50.0 million of the principal amount outstanding under the revolving credit facility will bear interest at a fixed rate of 5.365% for the period from April 28, 2006 to April 28, 2011. The principal amounts of our senior secured notes due May 29, 2020 bear interest at a fixed rate of 6.04%. Interest rate changes would result in gains or losses in the market value of our debt portfolio due to differences in market interest rates and the rates at the inception of the debt agreements. Based upon our indebtedness at September 30, 2010, a 100 basis point interest rate change would impact our net earnings and cash flow by approximately $930,000 annually. Although there can be no assurances that interest rates will not change significantly, we do not expect changes in interest rates to have a material effect on our net earnings or cash flows in 2010.
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