Symmetry Medical Delays 10-K Filing to Compl... (ff iscurrently conducting an informal in...)

Symmetry Medical Delays 10-K Filing to Complete Review

Date:3/27/2008

ff is currently conducting an informal inquiry into this matter and has requested that the Company voluntarily provide documentation. The Company intends to fully cooperate with the SEC.

The Company is working diligently with its Audit Committee and outside auditors to finalize its review of the financial results. The Company will file its Annual Report on Form 10-K for fiscal year 2007, which will include restated financial statements for its fiscal years ended 2005 and 2006, as soon as possible and expects that it will be no later than April 14, 2008.

The Company confirms that restatement of the accounting irregularities remains within the previously stated range of $24 million to $28 million. Approximately $10 million of the adjustment relates to the period prior to the acquisition of the Sheffield operating unit in June 2003 and will be reflected in the restated financial statement as an increase to goodwill associated with the Sheffield acquisition, with the remainder reflected as a reduction to earnings.

Furthermore, as a result of the Company's annual evaluation of goodwill and intangibles, the Company will recognize a non-cash impairment charge of $33.3 million in the period ended December 29, 2007. This non-cash charge recognizes the impairment to acquired goodwill and intangibles associated with our Sheffield operating unit.

The expenses incurred for outside assistance relating to the investigation and restatement process included in 2007 results are approximately $3.5 million. The Company expects these expenses in 2008 to be approximately $3.0 million.

The Company notified its lead bank and lenders of possible violation of covenants contained in its December 14, Amendment and Waiver to the Company's Amended Credit Agreement. The Company has secured a second waiver from its lenders to the incremental covenants included in the December 14, 2007 Amendment, which waiver includes an extension for the filing until April 14, 20
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