Symmetry Medical Q1 2010 Earnings Call Transcript
We refer you to the risk in the forward-looking statements sections of the company's most recent annual report on Form 10-K, filed with the Security and Exchange Commission, as well as the company's other filings with the SEC, which are available on the SEC's website at www.sec.gov.
Before turning the call over to President and Chief Executive Officer, Brian Moore, I'd like to emphasize Symmetry Medical's policy of not commenting or discussing individual customers or programs. Brian?
Thank you, Carol and thank you everyone for joining us on our first quarter 2010 investor conference call. We're pleased to report that our first quarter 2010 results came in ahead of our expectations and this reflects the improved orthopedic industry demand and our cost control initiatives. Our sequential revenue growth rates of a 11% from the prior quarter demonstrates continuous stabilization for our operations driven by stronger order flow in our core orthopedic business and robust growth from our SSI direct sales efforts.Looking forward, we're cautiously optimistic as inventory corrections move behind us and larger OEM customers increase their sales and marketing activity. As you are aware the slow or (inaudible) environment over the last several quarters gave us an opportunity to strengthen our strategic customer relationships while maintaining our global infrastructure and capacity. This strategy has provided us with a competitive advantage with enhanced services and the ability to quickly respond to any rapid return in demand.Given the encouraging start to 2010, we are increasing full year revenue guidance to a range of $330 million to $340 million up from $320 to $330 million and then EPS range of $0.45 to $0.50 up from $0.43 to $0.50. Our facility rationalization is on track and we expect to complete the consolidation of our oven case and trade operation to other existing case and trade facilities by the end of second quarter 2010 when we start to realize the majority of our anticipated $2.2 million cost savings per annum run rate.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV