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

r of diluted shares outstanding during the fourth quarter of 2010 was 35,835,916.

Revenue for the full year 2010 was $360.8 million, compared to $365.9 million reported in the full year 2009. Gross margin percentage for the full year 2010 was 22.1%, compared to 23.8% for the full year 2009. Net income for the full year 2010 was $14.0 million, or $0.39 per diluted share, compared to $21.8 million, or $0.61 per diluted share, reported in the full year 2009. Excluding the facility consolidation, employee severance payments and debt extinguishment charge referenced above, net income for the full year 2010 was $15.1 million, or $0.42 per diluted share, compared to $23.6 million, or $0.66 per diluted share, reported in the full year 2009.

Thomas J. Sullivan, President and Chief Executive Officer of Symmetry Medical, stated, "Symmetry ended the year with our fourth consecutive quarter of sequential revenue growth driven by our core orthopedic and other medical device businesses, giving us confidence that the challenging market conditions which impacted our results in the second half of 2009 and into the first half of 2010 have abated. We were pleased to achieve robust revenue growth in our instrument business over the third quarter and stable volumes across the rest of our business.  This revenue growth, combined with increased efficiencies, resulted in improved margins in the quarter despite the ongoing spending in response to increased quality and regulatory requirements.  While these investments impact our bottom line results, over time we believe they will provide further differentiation as our customers continue to consolidate their demand with trusted strategic providers."

"In my first month as Symmetry's Chief Executive Officer I have had the opportunity to see firsthand the Company's manufacturing plants and to hear directly from our customers about the superior level of quality products and service that Symmetry is known for in the i
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SOURCE Symmetry Medical Inc.
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