Symmetry Medical Provides Update of Previously Disclosed Accounting Review at Sheffield, UK Oper...( WARSAW Ind. Nov. 12 /- Symmetry M...),Health

WARSAW, Ind., Nov. 12 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. (NYSE: SMA), an independent provider of products to the global orthopedic device industry and other medical markets, today issued an update of the previously announced review of accounting irregularities at its Sheffield, UK operating unit.

The Company previously disclosed a preliminary estimate that the overstatement of revenue and income before taxes for the period 1999 through 2007 amounted to approximately $12 million to $16 million, and that the Company's Audit Committee of its Board of Directors had commenced an independent review. Upon further review, management has identified additional potential irregularities in the financial reporting by its Sheffield, UK operating unit, including the overstatement of inventory and other matters, and has revised its total estimated impact of the misstatements to be approximately $24 million to $28 million over the years currently under review, which may predate 1999. Management has not yet made a final determination of the total impact on each of the respective historical financial periods, including the fiscal years subsequent to the Company's 2003 acquisition of the Sheffield, UK unit.

As part of the Audit Committee's review, which has been extensive but is not yet complete, procedures have been performed at the Sheffield, UK facility as well as the Company's other European business units that reported through the Sheffield management at various times. These procedures have not identified misstatements in any of those other business units, however, certain additional procedures are continuing.

Brian Moore, President and Chief Executive Officer, stated, "Since the accounting issues were
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