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

t income for the second quarter 2008 was $6.2 million, or $0.18 per diluted share, compared to net income of $4.7 million, or $0.13 per diluted share, for the second quarter of 2007, and net income of $4.0 million, or $0.11 per diluted share, for the first quarter 2008.

The second quarter 2008 included $1.4 million pre-tax, or ($0.03) per diluted share, in professional fees and expenses related to the review of accounting irregularities at the Sheffield, UK operating unit and the effect of Sheffield's net loss of $3.2 million, or ($0.09) per diluted share. The wider net loss at Sheffield is due to decreased revenue as compared to the first quarter of 2008. During the first quarter the Company focused on reducing past due orders which increased revenue for the first three months of the year. While the revenue decreased in the second quarter, the cost structure remained consistent which generated a larger net loss. The Company anticipates its ongoing initiatives to improve management oversight and operational performance to improve profitability during the second half of 2008 and into 2009.

The weighted average number of diluted shares outstanding during the second quarter of 2008 was 35,323,000.

Brian Moore, President and Chief Executive Officer of Symmetry Medical, stated, "We are very encouraged by the record revenue generated in the second quarter of 2008, which reflects continued demand for our business by all of our major orthopedic customers. We believe our strategic decision to maintain capacity during slower periods and augment our core orthopedic business with complementary acquisitions has further strengthened Symmetry's global competitive position. We are successfully meeting current industry order flow while acquisitions have driven incremental revenue through strengthened existing and new customer relationships and cross selling opportunities. This is especially apparent at our New Bedford, Massachusetts manufacturing facility, which
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SOURCE Symmetry Medical Inc.
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