text: WARSAW, Ind., Oct. 4 /PRNewswire-FirstCall/ -- Symmetry Medical Inc.
  (NYSE: SMA), an independent provider of products to the global orthopedic
  device industry and other medical markets, announced today that the Audit
  Committee of its Board of Directors has initiated an independent review of
  apparent irregularities with respect to the Company's accounting policies
  and practices at its Sheffield, UK operating unit. The review follows a
  report by management earlier this week to the Audit Committee regarding
  apparent improper accounting activities at its Sheffield, UK operating
  unit. Based on the information reported by management, certain transactions
  at issue appear to have resulted in the overstatement of revenues by that
  unit dating back to 1999, well prior to the Company's acquisition of the
  Sheffield, UK operations in June 2003.
  
  From its initial review, management estimates that the overstatement of
  revenue and income before taxes for the entire 9-year period amounts to
  approximately $12 million to $16 million. The impact to the financial
  statements of the Company for the period subsequent to its acquisition of
  the Sheffield unit in June 2003 through 2007 is yet to be determined.
  
  The employees at the Sheffield, UK operating unit believed to be
  primarily involved in this activity, including the Senior Vice President
  for Europe, are either no longer with the Company or have been suspended
  pending the completion of the review.
  
  Based on the information reported by management to date, the Audit
  Committee believes that it may be necessary for the Company to restate its
  financial statements for the periods subsequent to the date of the
  Sheffield, UK acquisition. As a result, the Company's historic financial
  statements for those periods can no longer be relied upon.
  
  The Company's lead bank has informed the Company that, as a result of
  these matters, an event of default has occurred under the Company's credit
  agreement. Such default permits the bank, at its election, to exercise
  various remedies. The Company is in discussion with its lead bank
  concerning the Company's situation.
  
  Francis T. Nusspickel, Chairman of the Audit Committee of the Board of
  Directors, said, "The Audit Committee has retained special legal counsel to
  advise it and to investigate these matters thoroughly. Our principal
  concern is to move quickly to determine what occurred and how it occurred
  and to ensure the integrity of our financial reporting and controls
  throughout the Symmetry organization."
  
  Brian Moore, President and Chief Executive Officer, said, "We are
  treating this matter with the utmost importance. I do want to stress that,
  based upon available information, we believe that this matter affects only
  the Sheffield, UK operating unit. Changes have been made to the Sheffield
  site management by the Company and I will assume interim responsibility for
  the Sheffield facility. We expect a new Chief Operating Officer for Europe
  to be in place by the end of the year who will be based at Sheffield and
  take over responsibility for this unit. While the situation is concerning,
  we expect to continue serving the needs of our customers with continuing
  operations from all of our worldwide units including Sheffield."
  
  About Symmetry Medical Inc.
  
  Symmetry Medical Inc. is a leading independent provider of implants and
  related instruments and cases to the orthopedic device industry. The
  Company also designs, develops and produces these products for companies in
  other segments of the medical device market, including arthroscopy, dental,
  laparoscopy, osteobiologic and endoscopy sectors and provides limited
  specialized products and services to non-healthcare markets, such as the
  aerospace market.
  
  Forward-Looking Statements
  
  Statements in the press release, which are not historical facts and
  which involve our Audit Committee's review of accounting irregularities at
  our Sheffield, UK facility, 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 or conditional in nature and are frequently
  identified by the use of terms such as "appear," "may," "should," "expect,"
  "believe," "estimate," "intend," and similar words indicating possible
  future expectations, events, actions or outcomes. Such predictive
  statements are not guarantees, and actual outcomes could differ materially
  from our current expectations. The Audit Committee's review is in its early
  stages and is ongoing, as our preliminary assessment described herein is
  based upon management's reasonable current belief concerning the statements
  made.
  
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