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Symmetry Medical Reports Full Year 2007 Financial Results
Date:4/23/2008

the goodwill and intangible asset exceeded fair value. Consequently, we recorded a $33.6 million non-cash impairment charge to write off the goodwill and an intangible asset in the 2005 restated results related to the Sheffield operating unit.

On April 14, 2008, Symmetry notified its lenders that the filing of its 2007 Annual Report on Form 10-K would be extended beyond the lender's April 14, 2008 target date. The Company's lenders informed the Company that an event of default occurred due to these circumstances. While the lenders had the right to accelerate the financial obligations of the Company under the Credit Agreement, they did not exercise this right.

On April 22, 2008, the Company and its lenders entered into a Third Amendment and Waiver to Amended and Restated Credit Agreement for the purpose of waiving the described default.

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.

Financial Guidance

The following estimates regarding 2008 earnings guidance are based on current market conditions and foreign currency comparisons and are forward-looking. Actual results may differ materially, and we refer you to forward-looking statements appearing at the end of the release.

For the full year 2008, the Company reconfirmed its expected revenue to be in the range of $350 million to $360 million.

Conference Call

Symmetry Medical will host a conference call at 8:00 a.m. ET on April 24, 2008. A live Web cast of the conference call will be available online from the investor relations page of the Company's corporate Web site at http://www.symmetrymedical.com. The dial-in numbers are (866) 578-5784 for domestic callers and 617-213-8056 for international callers. The reservation num
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SOURCE Symmetry Medical Inc.
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