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Symmetry Medical Reports Fourth Quarter and Full Year 2010 Financial Results
Date:2/24/2011

10. Excluding expenses related to facility consolidation and employee severance payments referenced above, operating income for the fourth quarter 2010 was $9.1 million, compared to $3.1 million in the same period last year and $7.6 million in the third quarter 2010.

The fourth quarter 2010 results include a debt extinguishment charge of $0.8 million pre-tax, or $0.5 million after tax, related to the Company's debt refinancing activities completed during the fourth quarter of 2010.

The fourth quarter 2010 included a non-cash gain of $0.2 million for the mark to market of the Company's interest rate derivative, compared to a non-cash gain for the interest rate derivative of $0.4 million in the fourth quarter 2009.  All existing interest rate derivative instruments were unwound during November 2010 in connection with the Company's debt refinancing activities.

Income tax expense for the fourth quarter 2010 was $2.6 million, compared to an income tax benefit of $0.6 million for the fourth quarter of 2009.  The fourth quarter 2010 effective tax rate of 38% was higher than the Company's expectations and full year 2010 rate of 36% due primarily to the unfavorable impacts of foreign taxes, which more than offset the favorable impact of the $0.3 million benefit from the Federal Research and Development tax credit, extended by the Federal Government in the fourth quarter of 2010.  

Net income for the fourth quarter 2010 was $4.3 million, or $0.12 per diluted share, compared to $0.6 million, or $0.02 per diluted share, in the same period last year and $3.6 million, or $0.10 per diluted share, in the third quarter of 2010. Excluding the facility consolidation, employee severance payments and debt extinguishment charges referenced above, net income for the fourth quarter 2010 was $4.9 million, or $0.14 per diluted share, compared to $0.05 in the same period last year and $0.10 in the third quarter 2010.

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SOURCE Symmetry Medical Inc.
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