- Remains committed to Aerospace market with forging & machining at Lansing, MI and Sheffield, UK facilities
- Updates 2014 guidance reflecting discontinued operations
Financial GuidanceThe following forward-looking estimates regarding 2014 guidance reflect current market conditions, foreign currency rates and current estimates of divestiture accounting details. Actual results may differ materially, and the Company refers you to forward-looking statements located at the end of the press release. Based on the divestiture of its Clamonta Ltd. subsidiary, the Company is reducing its revenue guidance for the full year 2014. The Company now expects revenue to be in the range of $393 million to $403 million. The Company is assuming a 3% to 4% procedural growth rate in its key orthopedic market as well as a 2% to 3% market growth in its worldwide direct to hospital market. The Company expects full year 2014 GAAP earnings per diluted share to be in the range of $0.12 to $0.18 and full year 2014 as adjusted earnings per diluted share to be in the range of $0.50 to $0.56. The as adjusted earnings per diluted share guidance excludes the impact of amortization of intangible assets and debt issuance costs, loss on divestiture, stock compensation expense, acquisition related costs, severance costs and other one-time expenses. These items are expected to negatively impact full year 2014 GAAP earnings per diluted share by approximately $0.38.
|Diluted earnings per share – GAAP||$0.12 - $0.18|
|Estimated loss on divestiture||($0.16)|
|Estimated stock compensation expense||($0.06)|
|Estimated all other adjustments||($0.02)|
|Diluted earnings per share – as adjusted||$0.50 - $0.56|
As Adjusted Non-GAAP MeasuresThe as adjusted measures shown in this release exclude the impact of amortization of intangible assets and debt issuance costs, loss on divestitures, asset impairment charges, the net gain on insurance proceeds received, unrealized foreign currency impact on an intercompany loan, stock compensation expense, acquisition related costs, facility closure and severance costs, product recall costs and loss on debt extinguishment. These non-GAAP measures are not in accordance with, or an alternative for, GAAP and may be different from non-GAAP measures used by other companies. Management believes these non-GAAP measures improve management's and investors' ability to better compare the company's ongoing financial performance between periods and with other companies. Forward-Looking Statements Statements in the press release regarding Symmetry Medical Inc.'s business which are not historical facts may be "forward-looking statements" that involve risks and uncertainties, within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictive in nature and are frequently identified by the use of terms such as "may," "might," "will," "should," "expect," "believe," "anticipate," "plan," "estimate," "intend," and similar words indicating possible future expectations, events or actions. Such predictive statements are not guarantees of future performance, and actual outcomes and results could differ materially from our current expectations. We refer you to the "Risk Factors" and "Forward Looking-Statements" sections in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as the Company's other filings with the SEC, which are available on the SEC's Web site at www.sec.gov.
CONTACT: Symmetry Medical Inc. Fred L. Hite Senior Vice President Chief Financial Officer (574) 371-2218 Investors: The Ruth Group Zack Kubow (646) 536-7020 firstname.lastname@example.org