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
|SOURCE Symmetry Medical Inc.|
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