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Symmetry Medical Reports Record First Quarter 2008 Revenue of $101.9 Million
Date:6/24/2008

e expenses were $14.4 million for the first quarter 2008 compared to $7.7 million in the first quarter 2007. The year-over-year increase was primarily driven by the inclusion of $2.7 million of expense from acquisitions and $2.2 million in professional fees and expenses incurred in connection with the review of accounting irregularities at the Company's Sheffield, UK operating unit. This increase was also due to initiatives at the Company's Sheffield, UK operating unit to improve operational efficiency, meet customer demand and drive increased sales.

Operating income for the first quarter of 2008 was $9.6 million, a 135.4% increase over operating income of $4.1 million for the first quarter 2007. Operating margin for the first quarter 2008 was 9.4%, compared to an operating margin of 6.3% for the first quarter 2007.

Net income for the first quarter 2008 was $4.0 million, or $0.11 per diluted share, compared to net income of $1.6 million, or $0.05 per diluted share, for the first quarter of 2007.

Included in first quarter 2008 results was $2.2 million pre-tax, or ($0.04) per diluted share in professional fees and expenses incurred in connection with the review of accounting irregularities at the Company's Sheffield, UK operating unit and the effects of a net loss at Sheffield of $1.9 million or ($0.05) per diluted share.

The weighted average number of diluted shares outstanding during the first quarter of 2008 was 35,335,000.

Brian Moore, President and Chief Executive Officer, stated, "We are very encouraged by the current state of our business and the increased demand across the orthopaedic market. Our global capacity continues to provide our customers with quality service for their large projects and new product launches. Our recent acquisitions have provided the expanded capabilities and capacity that allow us to respond quickly to the demands of the current industry environment. We are especially pleased with the performance at
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SOURCE Symmetry Medical Inc.
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