Navigation Links
Symmetry Medical Announces Restructuring
Date:12/18/2009

WARSAW, Ind., Dec. 18 /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 a restructuring that includes a facility consolidation and other staff reductions designed to increase operational efficiency and drive annualized cost savings. The restructuring is designed to position the Company for continued market leadership during the anticipated orthopedic industry recovery.

As part of the restructuring, the Company will consolidate its Auburn, ME operations into other existing Symmetry Medical facilities by the middle of 2010. The consolidation will include the transfer of current production capacity, including equipment and machinery. The Company is taking steps to minimize any disruptions, and expects to continue to provide a seamless high level of quality and service to its customers during the consolidation.

The restructuring, once complete, is expected to generate an ongoing annualized cost savings of approximately $3.4 million, on a pre-tax basis. The total one-time cost of these actions is anticipated to be in the range of $2.4 to $2.8 million.

As a result of these actions, the Company will incur a fourth quarter 2009 restructuring charge of between $1.8 million and $2.2 million, on a pre-tax basis, consisting of primarily of severance costs and impairment of property, plant and equipment.

The Company also anticipates approximately $0.4 million of related expense in 2010 resulting from relocation and equipment moving expenses.

In addition to the restructuring charges noted above, the Company is currently evaluating long-lived intangible assets including goodwill related to the Auburn, ME operations, which were acquired in May 2006, for potential impairment. The Company will communicate any required non-cash charges related to these assets when the analysis is completed.

Excluding the above one-time charges, the Company is reconfirming its latest 2009 full year guidance of earnings per diluted share in the range of $0.63 to $0.68.

Brian Moore, President and Chief Executive Officer of Symmetry Medical, stated, "These decisions are difficult under any circumstances, and we recognize the personal impact they have on those dedicated employees who have made contributions to the success of our business. We are committed to treating them fairly and with respect throughout this process."

Mr. Moore continued, "These initiatives reflect our continuing efforts to streamline our cost structure and improve operational efficiencies throughout our Total Solutions® global network. We believe these strategic decisions are being made at an opportune time to further strengthen profitability and help us prepare for the anticipated resurgence of growth in the orthopedic industry. We remain well positioned to respond to increased global customer demand and believe this consolidation will further strengthen our competitive position in the industry."

About Symmetry Medical Inc.

Symmetry Medical Inc. is a leading independent provider of implants and related instruments and cases to the orthopaedic device industry. The Company also designs, develops and produces these products for companies in other segments of the medical device market, including arthroscopy, dental, laparoscopy, osteobiologic and endoscopy sectors and provides limited specialized products and services to non-healthcare markets, such as the aerospace market.

Forward-Looking Statements

Statements in the press release regarding Symmetry Medical Inc.'s business which are not historical facts may be "forward-looking statements" that involve risks and uncertainties, within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictive in nature and are frequently identified by the use of terms such as "may," "might," "will," "should," "expect," "believe," "anticipate," "plan," "estimate," "intend," and similar words indicating possible future expectations, events or actions. Such predictive statements are not guarantees of future performance, and actual outcomes and results could differ materially from our current expectations. We refer you to the "Risk Factors" and "Forward Looking-Statements" sections in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as the Company's other filings with the SEC, which are available on the SEC's Web site at www.sec.gov.


    Contact:
    Symmetry Medical Inc.
    Fred L. Hite
    Senior Vice President
    Chief Financial Officer
    (574) 371-2218

    Investors:
    The Ruth Group
    Nick Laudico/R.J. Pellegrino
    (646) 536-7030/7009
    nlaudico@theruthgroup.com
    rpellegrino@theruthgroup.com

    Media:
    Jason Rando
    The Ruth Group
    (646) 536-7025
    jrando@theruthgroup.com

SOURCE Symmetry Medical Inc.


'/>"/>
SOURCE Symmetry Medical Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. Symmetry Medical to Present at 21st Annual Piper Jaffray Health Care Conference
2. Symmetry Medical Reports Third Quarter 2009 Financial Results
3. Symmetry Medical Updates Full Year 2009 Financial Guidance
4. Symmetry Medical to Report Third Quarter 2009 Financial Results on November 5, 2009
5. Nominations Open for the 2010 Dr. Paul Janssen Award for Biomedical Research
6. Cantel Medical Authorizes Semiannual Dividend
7. Connectyx Announces Distribution Partnership with United States Medical Supply
8. Suneva Medical Signs Multi-Million Dollar Line of Credit Agreement with Western Technology Investment
9. First Patient Treated in Clinical Study of Cohera Medicals TissuGlu(R) Surgical Adhesive
10. Greenway Medical Technologies PrimeSuite Wins Three Best in KLAS Awards
11. Researchers Announce Medical Breakthrough with Simple, Inexpensive Blood Test for Colon Cancer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/27/2017)...  Infinity Pharmaceuticals, Inc. (NASDAQ: INFI ) ... th Annual Healthcare Conference on Monday, March 6, ... MA. A live webcast of Infinity,s presentation ... website at www.infi.com , and will be available ... Infinity,Infinity is an innovative biopharmaceutical company dedicated to advancing ...
(Date:2/27/2017)... A recent research report published by Grand View Research, ... to reach a value of $55.8 billion by 2025. Earlier in ... have legalized marijuana for medical uses. In 2016, states such as ... North Dakota , Ohio and ... in medical applications such as chemotherapies and pain management. The growing ...
(Date:2/27/2017)... Period October – December 2016 Revenues amounted to SEK ... million Result after tax amounted to SEK -16.3 (-6.5) million, ... Cash flow from operating activities amounted to SEK -8.3 (-7.3) million ... Period full year 2016 ... result amounted to SEK -39.5 (-29.5) million Result after tax ...
Breaking Medicine Technology:
(Date:2/27/2017)... ... February 27, 2017 , ... It’s no secret that ... leads to a host of health issues, including urinary incontinence. However, results published ... discovered that good overall muscle strength in older women, particularly in the abdominal ...
(Date:2/27/2017)... , ... February 27, 2017 , ... Much attention has ... for women who become dependent on opioid painkillers has fallen short. From 1999 until ... to a 237% increase in fatal overdoses in male populations.(1) , The proportion of ...
(Date:2/27/2017)... ... February 27, 2017 , ... This ... diffraction analysis as a tool to characterize particle size distributions in the field ... improved results and novel scientific findings. It describes methods of optimized and standardized ...
(Date:2/27/2017)... ... February 27, 2017 , ... Sunshine Coast Health Centre (SCHC), ... Canada, at https://www.sunshinecoasthealthcentre.ca/ , is proud to announce the addition of a ... the Centre's commitment to innovation in drug rehab and alcohol treatment strategies beyond ...
(Date:2/26/2017)... ... February 25, 2017 , ... The February 13, 2017, assassination of Kim ... over nerve agents and the deadly use of chemical weapons. Many questions exist about ... even small doses can be lethal. , Jay Jagannathan, M.D., of Michigan-based Jagannathan Neurosurgical ...
Breaking Medicine News(10 mins):