Increases Full Year Revenue Guidance to a range of $417 Million to $422 Million
Third Quarter 2008 Highlights:
- Record revenue of $112.1 million, up 47.8% over third quarter 2007
- Gross profit of $25.7 million a 126.8% increase compared to the third quarter 2007
- Net income of $0.07 per share compared to a loss of $0.03 per share in the third quarter 2007
- Net income includes unfavorable impact of foreign exchange, tax loss carry forward, a facility closure costs and Sheffield, UK headcount reduction costs
WARSAW, Ind., Nov. 12 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. (NYSE: SMA), a leading independent provider of products to the global orthopaedic device industry and other medical markets, announced today third quarter 2008 financial results for the period ended October 4, 2008.
Revenue for the third quarter 2008 was $112.1 million, up 47.8% from $75.8 million reported in the third quarter 2007. Third quarter 2008 revenue included an incremental $4.7 million from SSI and UCA, which was acquired in August 2007; and $14.0 million from the Company's New Bedford, Massachusetts manufacturing facility, which was acquired from DePuy Orthopaedics, Inc. in January 2008. Excluding these acquisitions, the Company achieved organic revenue growth of 23.2% over the third quarter of 2007.
Gross profit for the third quarter 2008 was $25.7 million, an increase
of 126.8% from $11.3 million for the third quarter 2007. Gross profit for
the third quarter of 2008 was impacted by several unfavorable items which
include $0.7 million related to the closure of the Company's Switzerland
facility, $0.5 million related to Sheffield headcount reduction and a $0.4
million gross profit reduction in the C
|SOURCE Symmetry Medical Inc.|
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