Symmetry Medical Reports Third Quarter 2009 Financi...( WARSAW Ind. Nov. 5 /- Symmetry Medica...),Health

WARSAW, Ind., Nov. 5 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. (NYSE: SMA), a leading independent provider of products to the global orthopaedic device industry and other medical markets, announced third quarter 2009 financial results for the period ended October 3, 2009.

    (in millions, except        Third Quarter        Vs Prior Quarter
     share data)            2009    2008  Change   3Q'09   2Q'09  Change
                           -----  ------  ------   -----  ------  ------
    Revenue                $87.2  $112.1    -22%   $87.2  $101.0    -14%
    Operating Income        10.4    10.5     -1%    10.4    13.5    -23%
    Net Income               5.4     2.5    116%     5.4     9.0    -40%
    EPS                    $0.15   $0.07    114%   $0.15   $0.25    -40%

    Revenue by Product:
    Instruments            $41.3   $48.7    -15%   $41.3   $46.9    -12%
    Implants                24.2    31.5    -23%    24.2    29.9    -19%
    Cases                   16.4    23.0    -29%    16.4    18.9    -13%
    Other                    5.3     8.9    -40%     5.3     5.3      0%
                           -----  ------  ------   -----  ------  ------
      Total Revenue        $87.2  $112.1   -22%    $87.2  $101.0    -14%

Revenue for the third quarter 2009 was $87.2 million, compared to $112.1 million reported in the third quarter 2008. Revenues during the quarter were unfavorably impacted by reduced customer demand across all segments of the business as well as a foreign currency translation effect of $2.7 million.

Gross profit for the third quarter 2009 was $21.2 million, compared to $25.7 million in the third quarter 2008. The year-over-year decrease was driven by lower customer demand as well as a one-time expense of $1.0 million for facility consolidation and staff reductions in the third quarter 2009
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