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

our recently acquired New Bedford, Massachusetts manufacturing facility. This facility has provided Symmetry Medical with a strategic source of increased capacity to serve our customers and has exceeded its production output expectations in the quarter."

Mr. Moore continued, "While we are pleased by our strong top line quarterly performance, we look forward to an improving bottom line, which was negatively impacted primarily by our Sheffield, UK facility and the ongoing accounting investigation costs. We have several strategic initiatives in place that we believe will improve the operating and financial performance of Sheffield over the remainder of 2008. We are focused on further improving the facility's operational efficiencies, reducing costs and driving increased revenue growth. During the first quarter, the Sheffield team has spent considerable time, effort and cost to stay responsive to our customer base and maintain the high level of service that Symmetry is known for. Their efforts have restored customer confidence during the first quarter and we are confident that our new management team in Europe, led by John Hynes, will make continued progress. We look forward to the close of the accounting investigation and improvements at Sheffield and expect the facility to return to profitability in the fourth quarter of 2008. We believe this enhanced performance, combined with the current demand of our core business, will contribute to improved overall bottom line results throughout the remainder of the year."

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 is increasing its revenue guidance to a range of $395 million to $405 million up from our previously annou
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SOURCE Symmetry Medical Inc.
Copyright©2008 PR Newswire.
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