Symmetry Medical Inc.

CIK:0001292055|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Income Statement [Abstract]
Revenue	$ 95,935	$ 95,667	$ 294,087	$ 290,493
Cost of revenue	70,223	70,429	216,476	213,722
Gross profit	25,712	25,238	77,611	76,771
Research and development expenses	1,261	1,121	3,660	3,459
Sales and marketing expenses	6,292	6,509	19,235	20,428
General and administrative expenses	14,939	10,899	37,831	34,163
Asset impairment	0	46,548	10,500	46,548
Facility closure and severance	161	454	928	1,360
Operating income (loss)	3,059	(40,293)	5,457	(29,187)
Other (income) expense:
Interest expense	2,051	4,337	6,383	13,509
Loss on debt extinguishment	0	0	503	0
Derivatives valuation loss	0	5	0	242
Other	(710)	829	(806)	931
Income (loss) from continuing operations before income taxes	1,718	(45,464)	(623)	(43,869)
Income tax expense (benefit)	401	(16,447)	(721)	(16,110)
Income (loss) from continuing operations	1,317	(29,017)	98	(27,759)
Loss from discontinued operations, net of taxes	0	(5,507)	(4,078)	(5,882)
Net income (loss)	$ 1,317	$ (34,524)	$ (3,980)	$ (33,641)
Earnings Per Share [Abstract]
Continuing operations	$ 0.04	$ (0.80)	$ 0.00	$ (0.76)
Continuing operations	$ 0.04	$ (0.80)	$ 0.00	$ (0.76)
Income (loss) per share: Basic (in dollars per share)	$ 0.04	$ (0.95)	$ (0.11)	$ (0.93)
Income (loss) per share: Diluted (in dollars per share)	$ 0.04	$ (0.95)	$ (0.11)	$ (0.93)
Weighted average common shares and equivalent shares outstanding:
Basic (in shares)	36,594	36,345	36,582	36,312
Diluted (in shares)	37,094	36,345	37,051	36,312

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013
Operating activities
Net income (loss)	$ (3,980)	$ (33,641)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	12,048	12,476
Amortization of intangible assets	5,687	5,343
Amortization of debt issuance costs	741	1,569
Interest paid in kind	0	1,006
Net loss on sale of assets	142	675
Loss on sale of business	4,117	0
Asset impairment	10,500	51,646
Deferred income tax provision	(4,457)	(16,522)
Loss on debt extinguishment	503	0
Excess tax benefit from stock-based compensation	(61)	(57)
Stock-based compensation	2,716	1,934
Derivative valuation loss	0	242
Foreign currency transaction (gain) loss	(1,306)	1,391
Change in operating assets and liabilities:
Accounts receivable	(3,841)	5,005
Other assets	301	245
Inventories	(442)	3,853
Current income taxes	3,552	370
Accounts payable	1,787	(1,036)
Accrued expenses and other	5,826	(110)
Net cash provided by operating activities	33,833	34,389
Investing activities
Purchases of property and equipment	(11,404)	(7,786)
Proceeds from sale of property and equipment and other	1,603	655
Net cash used in investing activities	(9,801)	(7,131)
Financing activities
Proceeds from Bank Revolver	79,838	82,687
Payments on Bank Revolver	(64,838)	(85,687)
Proceeds on short term borrowings	20,638	0
Payments on short term borrowings	(20,638)	0
Payments on bank term loans and capital lease obligations	(17,350)	(29,328)
Proceeds from the issuance of common stock, net	(142)	(458)
Excess tax benefit from stock-based compensation	61	57
Net cash used in financing activities	(2,431)	(32,729)
Effect of exchange rate changes on cash	(1,788)	553
Net increase (decrease) in cash and cash equivalents	19,813	(4,918)
Cash and cash equivalents at beginning of period	7,362	9,815
Cash and cash equivalents at end of period	27,175	4,897
Supplemental disclosure of cash flow information:
Cash paid for interest	5,200	11,381
Cash paid (received) for income taxes	413	(966)
Supplemental disclosure of non-cash investing activities:
Non-cash property, plant and equipment additions	$ 1,129	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 27, 2014	Dec. 28, 2013
ASSETS:
Cash and cash equivalents	$ 27,175	$ 7,362
Accounts receivable, net	53,180	51,813
Inventories	56,661	58,879
Refundable income taxes	3,198	5,784
Deferred income taxes	6,193	5,439
Other current assets	4,800	4,900
Total current assets	151,207	134,177
Property and equipment, net	87,357	89,993
Goodwill	170,674	182,178
Intangible assets, net of accumulated amortization	99,246	105,004
Other assets	2,839	4,484
Total Assets	511,323	515,836
LIABILITIES AND SHAREHOLDERS' EQUITY:
Accounts payable	28,831	28,837
Accrued wages and benefits	12,909	9,656
Other accrued expenses	9,144	7,138
Accrued income taxes	989	53
Derivative valuation liability	416	283
Current portion of capital lease obligations	507	465
Current portion of long-term debt	0	6,531
Total current liabilities	52,796	52,963
Accrued income taxes	685	2,126
Deferred income taxes	4,768	7,536
Derivative valuation liability	2,311	1,104
Other liabilities	923	886
Capital lease obligations, less current portion	563	974
Long-term debt, less current portion	170,000	165,450
Total Liabilities	232,046	231,039
Commitments and contingencies
Shareholders' Equity:
Common Stock, $.0001 par value; 75,000 shares authorized; shares issued September 27, 2014-37,550; December 28, 2013-37,209	4	4
Additional paid-in capital	291,893	289,257
Accumulated deficit	(13,511)	(9,531)
Accumulated other comprehensive income	891	5,067
Total Shareholders' Equity	279,277	284,797
Total Liabilities and Shareholders' Equity	$ 511,323	$ 515,836