Symmetry Medical Reports Second Quarter 2009 Financial Results

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WARSAW, Ind., Aug. 6 /PRNewswire-FirstCall/ — Symmetry Medical Inc. (NYSE: SMA – News), a leading independent provider of products to the global orthopaedic device industry and other medical markets, announced second quarter 2009 financial results for the period ended July 4, 2009.

(in millions, Second Quarter Vs Prior Quarter
except share data) 2009 2008 Change 2Q’09 1Q’09 Change
Revenue $ 101.0 $ 109.8 -8% $ 101.0 $ 101.4 0%
Operating Income 13.5 12.5 8% 13.5 11.2 21%
Net Income 9.0 6.2 45% 9.0 6.8 31%
EPS $ 0.25 $ 0.17 47% $ 0.25 $ 0.19 32%
Revenue by Product:
Instruments $ 46.9 $ 45.1 4% $ 46.9 $ 46.5 1%
Implants 29.9 31.2 -4% 29.9 29.1 3%
Cases 18.9 23.4 -19% 18.9 18.5 2%
Other 5.3 10.1 -48% 5.3 7.3 -28%
Total Revenue $ 101.0 $ 109.8 -8% $ 101.0 $ 101.4 0%

Revenue for the second quarter 2009 was $101.0 million, compared to $109.8 million reported in the second quarter 2008. Revenues during the quarter were unfavorably impacted by a foreign currency translation effect of $5.9 million.

Gross profit for the second quarter 2009 was $26.8 million, compared to $27.4 million in the second quarter 2008. Gross margin percentage for the second quarter 2009 was 26.5% compared to gross margin percentage of 25.0% in the same period last year and 24.2% in the first quarter 2009. Gross margin expansion for the quarter was driven by improved financial performance at the Company’s Sheffield unit as well as improved efficiencies across other operating units.

Selling, general and administrative expenses were $13.2 million for the second quarter 2009, down 11.4% from $14.9 million for the second quarter 2008. The year-over-year decrease reflected the elimination of professional fees related to the Sheffield, UK investigation, cost savings and improved operating efficiencies during the second quarter 2009. These savings were partially offset by a $0.5 million increase in non-cash compensation expense. Second quarter 2008 included investigation costs of approximately $1.4 million.

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