Provides Full Year 2008 Revenue Guidance of $350 million to $360 million
WARSAW, Ind., Feb. 14 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. (NYSE: SMA), an independent provider of products to the global orthopedic device industry and other medical markets, today reported preliminary fourth quarter 2007 revenue of $79.1 million. The Company stated that additional financial results will not be reported at this time.
As previously announced on October 4, 2007, the Company's Audit Committee has undertaken a review of the accounting irregularities uncovered at its Sheffield UK operating unit and that review is continuing. The review to date is substantially complete and has not yielded evidence that persons outside the Sheffield, UK operating unit were aware of the irregularities there, nor has it identified misstatements at the company's other business units, although certain procedures are not yet complete. Symmetry Medical plans to file its Form 10-K for fiscal year 2007, which will include restated financial statements for its fiscal years ended 2005 and 2006, with the Securities and Exchange Commission in March 2008.
Brian Moore, President and Chief Executive Officer, stated, "We
continue to be encouraged by the overall strength of the orthopedic markets
and the uptake in orders across our global network. We believe that we are
well positioned to meet any increased demand from our orthopedic customers,
confirming our decision to sustain capacity during periods of slower
industry growth. We believe the continued demand for our Total Solutions
offering reflects our comprehensive offering and ability to respond quickly
to our customers' needs. Our recent acquisition of DePuy's orthopedic
instrument facility further expan
|SOURCE Symmetry Medical Inc.|
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