Symmetry Medical Inc. reports record first quater 2008 revenue of 101.9 Dollars Million
Symmetry Medical Inc. a leading independent provider of products to the global orthopaedic device industry and other medical markets, announced first quarter 2008 financial results for the period ended March 29, 2008.
The Company reported first quarter 2008 revenue of $101.9 million, an increase of 57.4% from the $64.7 million reported in the first quarter 2007, and an increase of 26.3% from the $80.7 million reported for the fourth quarter 2007. The Company's first quarter 2008 revenue included $1.8 million from TNCO, Inc., which was acquired in April 2007; $5.9 million from Specialty Surgical Instrumentation Inc., which was acquired in August 2007; and $7.7 million from our New Bedford, Massachusetts manufacturing facility, which was acquired from DePuy Orthopaedics, Inc. in January 2008.
Gross profit for the first quarter 2008 was $23.9 million, a 104.4% increase from gross profit of $11.7 million for the first quarter 2007. Gross margin percentage for the first quarter 2008 was 23.5%, compared to gross margin percentage of 18.1% for the first quarter 2007. Gross margin for the first quarter of 2008 was unfavorably impacted by negative gross margin incurred at the Company's Sheffield, UK operating unit.
Selling, general and administrative expenses were $14.4 million for the first quarter 2008 compared to $7.7 million in the first quarter 2007. The year-over-year increase was primarily driven by the inclusion of $2.7 million of expense from acquisitions and $2.2 million in professional fees and expenses incurred in connection with the review of accounting irregularities at the Company's Sheffield, UK operating unit. This increase was also due to initiatives at the Company's Sheffield, UK operating unit to improve operational efficiency, meet customer demand and drive increased sales.
Operating income for the first quarter of 2008 was $9.6 million, a 135.4% increase over operating income of $4.1 million for the first quarter 2007. Operating margin for the first quarter 2008 was 9.4%, compared to an operating margin of 6.3% for the first quarter 2007.
Net income for the first quarter 2008 was $4.0 million, or $0.11 per diluted share, compared to net income of $1.6 million, or $0.05 per diluted share, for the first quarter of 2007.
Included in first quarter 2008 results was $2.2 million pre-tax, or ($0.04) per diluted share in professional fees and expenses incurred in connection with the review of accounting irregularities at the Company's Sheffield, UK operating unit and the effects of a net loss at Sheffield of $1.9
million or ($0.05) per diluted share.
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