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Symmetry Medical Reports Fourth Quarter and Full Year 2008 Financial Results
Date:2/24/2009

consistent with those experienced in 2007 ("a constant currency basis") from $80.7 million reported in the fourth quarter 2007. Fourth quarter 2008 revenue included an incremental $12.9 million from the Company's New Bedford, Massachusetts manufacturing facility, which was acquired from DePuy Orthopaedics, Inc. in January 2008. Excluding this acquisition, the Company achieved organic revenue growth of 7.7% or 15.0% on a constant currency basis over the fourth quarter of 2007.

Gross profit for the fourth quarter 2008 was $23.3 million, an increase of 57.4% from $14.8 million for the fourth quarter 2007. Gross margin percentage for the fourth quarter 2008 was 23.4% compared to a gross margin percentage of 18.4% in the same period last year and 22.9% in the third quarter 2008. Excluding the Sheffield, UK operating unit, gross margin was 26.2% in the fourth quarter 2008 and 27.4% in the third quarter 2008.

Selling, general and administrative expenses were $13.9 million for the fourth quarter 2008, compared to $11.3 million in the fourth quarter 2007. The two primary drivers for the year-over-year increase include non-cash stock based compensation and the addition of the New Bedford facility which was acquired in January 2008.

Operating income for the fourth quarter of 2008 was $9.5 million compared to $3.6 million for the fourth quarter 2007. Operating margin for the fourth quarter 2008 was 9.5%, an increase from 4.4% for the fourth quarter 2007.

Net income for the fourth quarter 2008 was $11.3 million, or $0.32 per diluted share, compared to a net loss of $5.4 million, or $(0.16) per diluted share, for the fourth quarter of 2007. The net impact of various tax items on the fourth quarter 2008 results was $6.9 million or $0.20 per diluted share, made up of income tax benefits primarily from the realization of losses on the Company's initial investment in the Sheffield, UK operations partially offset b
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