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Symmetry Medical Reports Record Second Quarter 2008 Revenue of $109.8 Million
Date:8/6/2008

8. Gross margin for the second quarter of 2008 was unfavorably impacted by negative gross margin incurred at the Company's Sheffield, UK operating unit.

Selling, general and administrative expenses were $14.9 million for the second quarter 2008, compared to $8.0 million in the second quarter 2007. The year-over-year increase was primarily driven by the inclusion of $2.5 million of ongoing expense from the Company's recent acquisitions, $2.5 million increase in employee related expense including non-cash stock based compensation and $1.4 million in professional fees and expenses incurred from the review of accounting irregularities at the Company's Sheffield, UK operating unit. Selling, general and administrative expenses were also higher due to ongoing initiatives to improve management oversight and operational performance at the Company's Sheffield, UK operating unit.

Operating income for the second quarter of 2008 was $12.5 million, up 86.8% from $6.7 million for the second quarter 2007 and up 30.6% from $9.6 million in the first quarter 2008. Operating margin for the second quarter 2008 was 11.4%, an increase from 9.6% and 9.4% for the second quarter 2007 and the first quarter 2008, respectively.

The second quarter 2008 included a non-cash gain of $1.4 million from an increase in the fair value of the Company's interest rate derivatives due to higher interest rates, compared to a non-cash gain of $0.7 million in the second quarter 2007.

Income tax expense for the second quarter 2008 was $4.9 million, compared to $1.4 million for the second quarter of 2007. The Company's overall corporate tax rate in the second quarter increased over the second quarter of 2007 due to a net loss at its Sheffield, UK facility, which carries a lower tax rate than the U.S. statutory rate. The Company also incurred a $0.7 million tax expense related to Symmetry's ongoing assessment of reserves for uncertain tax provisions as required by FASB FIN48.

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SOURCE Symmetry Medical Inc.
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