Monday, Symmetry Medical, Inc. (SMA), an independent provider of products to the orthopedic device industry and other medical markets, reported a net income for the fourth-quarter compared to a net loss in the comparable period a year ago. In addition, the company provided an outlook for full year 2009.
The Warsaw, Indiana-based company's net income for the quarter was $11.32 million, or $0.32 per share, compared to a net loss of $5.37 million, or $0.16 per share, in the prior-year quarter.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share. Analysts' estimates typically exclude one-time items.
The company noted that the net impact of various tax items on the fourth quarter 2008 results was $6.9 million, made up of income tax benefits primarily from the realization of losses on its initial investment in the Sheffield, UK operations.
Quarterly revenues grew 24% to $99.66 million from $80.66 million last year, and beat analysts' estimate of $98.22 million. The latest revenue results included an incremental $12.9 million from the company's New Bedford, Massachusetts manufacturing facility, which was acquired from DePuy Orthopaedics, Inc. in January 2008.
President and chief executive officer Brian Moore said, "Fourth quarter results reflect the continuing strength of our business and position in the orthopedic industry, with revenue up 31% on a constant currency basis from 2007. Our bottom line was impacted by the favorable tax initiative that will have significant cash benefits."
For the full year, net income was $24.02 million or $0.68 compared to net loss of $149 thousand, last year. Analysts expected the company to post earnings of $0.43 per share.
The net impact of the various tax items on the full year results was a favorable $5.0 million, made up of income tax benefits primarily from the realization of losses on the company's initial investment in the Sheffield operations. Also impacting 2008 results was approximately $5.0 million non-recurring professional fees related to the Sheffield investigation.
Yearly revenues rose 46% to $423.406 million from $290.92 million, last year, and beat analysts' estimate of $421.95 million.
For fiscal 2009, the company expects earnings to be in the range of $0.75 to $0.85 per share, on revenues between $405 million and $420 million. Wall Street analysts have a consensus earnings estimate of $0.93 per share on revenues of $434.84 million for the period.
SMA is currently trading at $6.70, up $0.66 or 10.93%, on a volume of 0.36 million shares.
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