Net income for the third quarter 2008 was $2.5 million, or $0.07 per diluted share, compared to net income of $(1.1) million, or $(0.03) per diluted share, for the third quarter of 2007. The items noted above decreased net income by $4.1 million, or ($0.12) per diluted share.
The weighted average number of diluted shares outstanding during the third quarter of 2008 was 35,402,097.
Brian Moore, President and Chief Executive Officer of Symmetry Medical, stated, "We have continued to operate at a high level of capacity, with record revenues for the third quarter of 2008. While demand from major orthopaedic customers remained strong through the quarter, which we believe will be sustained through year-end and into 2009, we remain cautious in view of the economic environment. In the face of this challenging environment, we are finding that OEMs are seeking the highest quality and dependability from suppliers which provides Symmetry a major competitive advantage with customers who turn to us for our reliability and global Total Solutions approach."
Mr. Moore continued, "While slower than we originally expected, our Sheffield operation is recovering with narrower losses and greater efficiencies. Our New Bedford instrument facility continues to perform at high levels and we are actively adding OEM customers to that site with shipment to those customers anticipated by the end of the calendar year."
The following forward-looking estimates regarding 2008 earnings guidance are based on current market conditions and foreign currency comparisons. Actual results may differ materially, and we refer you to forward-looking statements located at the end of the press release.
For the full year 2008, the Company is increasing revenue guida
|SOURCE Symmetry Medical Inc.|
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