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.
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