Symmetry Medical Reports Full Year 2007 Financi... (to restated full year 2006 grossmargin o...)

Symmetry Medical Reports Full Year 2007 Financial Results

Date:4/23/2008

to restated full year 2006 gross margin of 23.0%. Full year 2007 gross margin was negatively impacted by operational issues and other expenses at the Company's Sheffield UK facility, including extreme flooding in Sheffield and the surrounding areas in June of 2007, a lower percentage of large projects in the Company's core business and increased fixed costs associated with capacity expansion in prior years.

Selling, general and administrative expenses were $39.5 million for the total year 2007, compared with restated full year 2006 of $28.3 million. The year-over-year increase was primarily driven by the inclusion of $6.5 million of expense from the acquisitions and $3.5 million in professional fees and expenses incurred in connection with the review of accounting irregularities at the Sheffield, UK operating unit and related restatements.

The Company's effective tax rate in fiscal 2007 was significantly impacted by a valuation allowance on the net operating loss carry-forward at our Sheffield, UK operating unit of $1.8 million and a $1.4 million reserve for prior year tax positions.

Net loss for total year 2007 was $0.1 million, or $(0.00) per diluted share, compared to restated full year 2006 net income of $18.5 million, or $0.53 per diluted share.

The Company had total cash and cash equivalents of $12.1 million at December 31, 2007, compared to $11.7 million at December 31, 2006.

Brian Moore, President and Chief Executive Officer, stated, "Our restated financial statements represent the completion of a significant undertaking. While I am pleased that the restatements were solely restricted to the Sheffield, UK operating unit, the accounting review and investigation has been a long and arduous task. We have come out of the process a stronger company, with new management in Europe as well as enhanced controls. Throughout all of this, we worked hard to maintain our excellent customer service and continued to deliver quality product
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