WARSAW, Ind., Nov. 7 /PRNewswire-FirstCall/ -- Symmetry Medical Inc. , an independent provider of products to the global orthopedic device industry and other medical markets, today reported preliminary third quarter 2007 revenue of $76.5 million.
The Company stated that its Audit Committee’s review of the accounting irregularities uncovered at its Sheffield UK facility, which was announced October 4, 2007, is continuing.
Brian Moore, President and Chief Executive Officer, stated, “We are pleased with the current health of the orthopedic markets and the corresponding increase to both large programs and our capacity utilization. We believe we are in an excellent position to meet this higher demand following our strategic decision to maintain our infrastructure during periods of slower growth. We are pleased with our acquisitions and the cross selling opportunities that they continue to generate. The new Malaysian facility is on schedule and we believe will play a key role in servicing the Asian market.”
About Symmetry Medical Inc.
Symmetry Medical Inc. is a leading independent provider of implants and related instruments and cases to the orthopedic 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,” “should,” “expect,” “believe,” “estimate,” “intend,” and similar words indicating possible future expectations, events or actions. Such predictive statements are not guarantees of future performance, and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to: the loss of one or more customers; the development of new products or product innovations by our competitors; product liability; changes in management; changes in conditions effecting the economy, orthopedic device manufacturers or the medical device industry generally; and changes in government regulation of medical devices and third-party reimbursement practices. 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.
nlaudico@theruthgroup.comjrando@theruthgroup.com
CONTACT: Investors or Media, Nick Laudico, +1-646-536-7030,
nlaudico@theruthgroup.com, or Jason Rando, +1-646-536-7025,
jrando@theruthgroup.com, both of the Ruth Group, for Symmetry Medical Inc.;
or Fred L. Hite, Senior Vice President, Chief Financial Officer of Symmetry
Medical Inc., +1-574-371-2218
