SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 11-K
(Mark
one)
x
|
ANNUAL
REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934
|
For
the fiscal year ended December 31, 2008
OR
o
|
TRANSITION
REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT
OF 1934
|
For
the transition period
from to
Commission
file number 333-116038
Symmetry
Medical Inc. 401(k) Plan
(Full
title of the plan and the address of the plan if different from that of the
issuer named below)
Symmetry
Medical Inc.
3724
N. State Road 15
Warsaw,
Indiana 46582
(Name of
issuer of the securities held pursuant to the plan and the address of its
principal
executive
office)
Required
Information
The Plan
is subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).
Therefore, in lieu of the requirements of Items 1-3 of Form 11-K, the
financial statements and schedule have been prepared in accordance with the
financial reporting requirements of ERISA and are included in this
Report.
Contents
|
|
|
|
Report
of Independent Registered Public Accounting Firm
|
1
|
|
|
Financial
Statements
|
|
Statements
of Net Assets Available for Benefits
|
2
|
Statements
of Changes in Net Assets Available for Benefits
|
3
|
Notes
to Financial Statements
|
4
|
|
|
Supplementary
Information
|
|
Schedule
H, Line 4i — Schedule of Assets (Held at End of Year)
|
13
|
|
|
Signature
|
|
|
|
Exhibit Index
|
|
|
|
Exhibit 23.1
— Consent of Independent Registered Certified Public
Accountant
|
|
Report
of Independent Registered Public Accounting Firm
Board of
Directors, Audit Committee and Plan Administrator
Symmetry
Medical Inc. 401(k) Plan
Warsaw,
Indiana
We were
engaged to audit the accompanying statements of net assets available for
benefits of Symmetry Medical Inc. 401(k) Plan as of December 31, 2008 and 2007,
and the related statements of changes in net assets available for benefits for
the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our
audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of Symmetry Medical
Inc. 401(k) Plan as of December 31, 2008 and 2007, and the changes in its net
assets available for benefits for the years then ended in conformity with
accounting principles generally accepted in the United States of
America.
As
discussed in Note 8, in 2008 the Plan changed its method of accounting for fair
value measurements in accordance with Statement of Financial Accounting
Standards No. 157.
The
accompanying supplemental schedule is presented for the purpose of additional
analysis and is not a required part of the basic financial statements, but is
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule
has been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated, in all material
respects, in relation to the basic financial statements taken as a
whole.
/s/BKD,
LLP
BKD, LLP
Fort
Wayne, Indiana
June 24,
2009
Federal
Employer Identification Number: 44-0160260
Symmetry
Medical Inc. 401(k) Plan
Statements
of Net Assets Available for Benefits
December
31, 2008 and 2007
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
$ |
33,363,410 |
|
|
$ |
35,517,715 |
|
Contribution
receivables
|
|
|
|
|
|
|
|
|
Participants
|
|
|
15,251 |
|
|
|
169,375 |
|
Symmetry
Medical Inc. and subsidiaries
|
|
|
155,712 |
|
|
|
217,324 |
|
|
|
|
|
|
|
|
|
|
Total
contribution receivables
|
|
|
170,963 |
|
|
|
386,699 |
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
33,534,373 |
|
|
|
35,904,414 |
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued
expenses
|
|
|
72,856 |
|
|
|
8,363 |
|
Excess
contribution payable
|
|
|
— |
|
|
|
39,871 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
72,856 |
|
|
|
48,234 |
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits, At Fair Value
|
|
|
33,461,517 |
|
|
|
35,856,180 |
|
|
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for interest in collective investment
trust fund relating to fully benefit-responsive investment
contracts
|
|
|
151,577 |
|
|
|
704 |
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits
|
|
$ |
33,613,094 |
|
|
$ |
35,856,884 |
|
See
Notes to Financial Statements
Symmetry
Medical Inc. 401(k) Plan
Statements
of Changes in Net Assets Available for Benefits
Years
Ended December 31, 2008 and 2007
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
Additions
|
|
|
|
|
|
|
Investment
income (loss)
|
|
|
|
|
|
|
Net
appreciation (depreciation) in fair value of investments
|
|
$ |
(15,435,283 |
) |
|
$ |
848,145 |
|
Interest
|
|
|
301,947 |
|
|
|
316,280 |
|
Dividends
|
|
|
1,515,015 |
|
|
|
2,194,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,618,321 |
) |
|
|
3,358,528 |
|
Contributions
|
|
|
|
|
|
|
|
|
Symmetry
Medical Inc. and subsidiaries
|
|
|
1,695,642 |
|
|
|
986,329 |
|
Participants
and rollovers
|
|
|
4,801,627 |
|
|
|
2,735,045 |
|
Mergers
into Plan
|
|
|
7,671,533 |
|
|
|
804,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
14,168,802 |
|
|
|
4,525,652 |
|
|
|
|
|
|
|
|
|
|
Total
additions
|
|
|
550,481 |
|
|
|
7,884,180 |
|
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
|
|
Benefits
paid directly to participants
|
|
|
2,751,688 |
|
|
|
2,804,024 |
|
Administrative
expenses
|
|
|
42,583 |
|
|
|
37,538 |
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
|
2,794,271 |
|
|
|
2,841,562 |
|
|
|
|
|
|
|
|
|
|
Net
Increase (Decrease)
|
|
|
(2,243,790 |
) |
|
|
5,042,618 |
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits, Beginning of Year
|
|
|
35,856,884 |
|
|
|
30,814,266 |
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits, End of Year
|
|
$ |
33,613,094 |
|
|
$ |
35,856,884 |
|
See
Notes to Financial Statements
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
Note
1:
|
Description
of the Plan
|
The following
description of the Symmetry Medical Inc. 401(k) Plan (Plan) provides only
general information. Participants should refer to the Summary Plan Description for a more
complete description of the Plan’s provisions which is available from the Plan
Administrator.
General
The Plan
is a defined-contribution plan which provides retirement benefits for
substantially all full-time employees of Symmetry Medical Inc. and certain
subsidiaries (Company) who have at least three months of service and are age 21
or older and meet other eligibility requirements as defined by the Plan. The
Plan is subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
Contributions
Participants
may defer and contribute an amount up to 25% of their annual compensation, as
defined by the Plan, not to exceed certain dollar limitations that are set by
law. Participants age 50 or older may elect to defer and contribute additional
amounts to the Plan up to a maximum that is set by law. Participants may also
make rollover contributions of amounts representing distributions from other
qualified defined-benefit or defined-contribution plans. The Company may
contribute a discretionary amount equal to a matching percentage of the
participant’s deferred contribution for each payroll period. Each year, the
Company may make discretionary profit-sharing contributions in addition to the
matching contribution. The Company may designate as a qualified nonelective
contribution to all or any portion of its profit-sharing contribution.
Participants must meet certain requirements as defined in the Plan to share the
discretionary matching and profit-sharing contributions. These conditions do not
apply in the year of a participant’s death, disability or retirement or after
normal retirement age.
Additionally,
the Plan allows participants to change the amount of their contribution (salary
deferral) on a periodic basis and to direct the investment of their funds and
contributions on a daily basis. Currently, a participant may select from several
diversified mutual funds offering different investment objectives. In March
2005, the Plan was amended to allow the common stock of the Company as an
investment alternative under the Plan. Participants may not make an election to
allocate more than 20% of their deferrals (contributions) nor to reallocate more
than 20% of their account balances to the Company’s stock.
During
2008 and 2007, the Company elected to match 50% of a participant’s before-tax
contributions up to 8% of eligible wages with a maximum of $4,000. The Company
may also, at its discretion, make additional profit-sharing contributions to the
Plan in an amount determined by the Company’s Board of Directors. There were no
discretionary profit-sharing contributions in 2008 and 2007.
Participant
Accounts
Each
participant’s account is credited with the participant’s contributions and
allocations of the Company’s contributions and Plan earnings. Allocations are
based on participant earnings or account balances, as defined. Forfeited
balances of terminated participants’ nonvested accounts are used to reduce
future Company contributions. As of December 31, 2008 and 2007, forfeited,
nonvested accounts totaled $66,132 and $114,106, respectively.
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
Participant
Loans
Participants
may borrow approved amounts from their fund accounts at no less than $1,000 and
no greater than (a) 50% of his or her account balance, or (b) $50,000
reduced by the excess, if any, of a participant’s highest outstanding balance of
loans during the 12-month period ending on the day before the new loan is made
over a participant’s current balance of loans from the Plan and other qualified
Plans on the day the new loan is made. The term of repayment of a loan other
than a home loan must not be greater than five years. The term of repayment of a
home loan must not be greater than 15 years. A loan is secured by the balance in
the participant’s vested account and bears interest at a rate commensurate with
local prevailing rates as determined by the plan administrator at the time of
the loan. Principal and interest is paid ratably through payroll deductions. The
maximum number of loans that a participant may have at any one time is two.
Should the participant terminate as an employee of the Company, the balance of
the outstanding loan (including any accrued interest) becomes due and the
participant’s vested account may be used to pay the balance of the outstanding
loans.
Vesting
Participants
are immediately vested in their contributions, including rollover contributions,
and qualified nonelective contributions plus actual earnings thereon. Vesting in
the Company’s matching and profit-sharing contribution portion of their accounts
plus actual earnings thereon is based on years of continuous service as
follows:
Years
of Service
|
|
Percentage
Vested
and
Nonforfeitable
|
|
1
|
|
|
25 |
% |
2
|
|
|
50 |
|
3
|
|
|
75 |
|
4
|
|
|
100 |
|
Payment
of Benefits
Upon
termination of service or death, disability or retirement, a participant with a
vested account balance exceeding $5,000 will receive a lump-sum distribution
equal to the vested value of his or her account or periodic (monthly, quarterly
or annual) installments over a period of not more than the participant’s or
participant and spouse’s assumed life expectancy. Separated participants with
vested account balances not exceeding $1,000 that have not made an election
within 60 days will receive lump-sum distributions as soon as administratively
feasible. The Plan also provides for participant loans as described above and
certain hardship withdrawals. Distributions of benefits are recorded as
withdrawals from the Plan and reduction of net assets available for plan
benefits in the period paid to the participant.
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
Plan
Termination
Although
it has not expressed any intent to do so, the Company has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
Note
2:
|
Summary
of Significant Accounting Policies
|
Basis
of Accounting
The
financial statements have been prepared on the accrual basis of accounting in
accordance with accounting principles generally accepted in the United States of
America.
As
described in Financial Accounting Standards Board Staff Position, FSP AAG INV-1
and SOP 94-4-1, Reporting of
Fully Benefit-Responsive Investment Contracts Held by Certain Investment
Companies Subject to the AICPA Investment Company Guide and Defined-Contribution
Health and Welfare and Pension Plans (FSP), investment contracts held by
a defined-contribution plan are required to be reported at fair value. However,
contract value is the relevant measurement attribute for that portion of the net
assets available for benefits of a defined-contribution plan attributable to
fully benefit-responsive investment contracts, because contract value is the
amount participants would receive if they were to initiate permitted
transactions under the terms of the Plan. The Plan invests in investment
contracts through a collective trust. As required by the FSP, the statement of
net assets available for benefits presents the fair value of the investment in
the collective investment trust funds, as well as the adjustment of the
investment in the collective trust from fair value to contract value relating to
the investment contracts. The statements of changes in net assets available for
benefits are prepared on a contract-value basis.
Investments
The
Plan’s investments are stated at fair value. Shares of registered investment
companies (mutual funds) are valued at quoted market prices, which represent the
net asset value of the shares held by the Plan at year-end. The Plan’s interest
in collective trusts is valued based on information reported by the investment
advisor using the audited financial statements of the collective trust at
year-end. The participant loans are valued at their outstanding balances, which
approximates fair value.
The
investment in Symmetry Medical Inc. common stock has been unitized and is
comprised of cash and Symmetry Medical Inc. common stock. The Plan holds a
nominal amount of these units in cash in order to provide liquidity for timely
distributions. At December 31, 2008 and 2007, these units are comprised of
25,992 and 10,634 shares of Symmetry Medical Inc. common stock and cash of
$10,328 and $7,537, respectively.
Purchases
and sales of securities are accounted for on a trade-date basis. Interest income
is recorded on the accrual basis. Dividends are recorded on the ex-dividend
date.
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
Administrative
Expenses
Administrative,
recordkeeping and trustee expenses for the Plan are charged to the Plan. All
other administrative expenses are paid by the Company. Administrative expenses
are recognized when incurred.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and changes therein and disclosure of contingent assets and
liabilities at the date of the financial statements. Actual results could differ
from those estimates.
Risks
and Uncertainties
The Plan
provides for various investment options that are exposed to various risks, such
as interest rate, market and credit risks. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible that
changes in the values of investment securities will occur in the near term and
that such changes could materially affect participants’ account balances and the
amounts reported in the statements of net assets available for benefits and the
statements of changes in net assets available for benefits.
Plan
Tax Status
The Plan
operates under a nonstandardized adoption agreement in connection with a
prototype 401(k) profit-sharing plan and trust sponsored by Wells Fargo Bank,
N.A. This prototype plan document has been filed with the appropriate agency and
has obtained a determination letter from the Internal Revenue Service stating
that the prototype constitutes a qualified plan under Section 401 of the
Internal Revenue Code and that the related trust was tax exempt as of the
financial statement date. The Plan has been amended since receiving the
determination letter and a new determination letter has been requested from the
IRS and has not yet been received. However, the Plan Administrator believes that
the Plan and related trust are currently designed and being operated in
compliance with the applicable requirements of the Internal Revenue
Code.
Payment
of Benefits
Benefit
payments to participants are recorded upon distribution.
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
The
Plan’s investments are held by a bank-administered trust fund. The
Plan’s investments (including investments bought, sold and held during the year)
appreciated (depreciated) in fair value during 2008 and 2007 as
follows:
|
|
2008
|
|
|
|
Depreciation
in Fair Value
During Year
|
|
|
Fair Value at
End of Year
|
|
|
|
|
|
|
|
|
|
|
Mutual
funds
|
|
$ |
(14,432,811 |
) |
|
$ |
26,589,548 |
|
Symmetry
Medical Inc. common stock units
|
|
|
(198,047 |
) |
|
|
217,615 |
|
Collective
investment trust funds
|
|
|
(804,425 |
) |
|
|
4,454,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,435,283 |
) |
|
|
31,261,178 |
|
Participant
loans
|
|
|
— |
|
|
|
2,102,232 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(15,435,283 |
) |
|
$ |
33,363,410 |
|
|
|
2007
|
|
|
|
Net
Appreciation
(Depreciation)
in Fair Value
During Year
|
|
|
Fair Value at
End of Year
|
|
|
|
|
|
|
|
|
|
|
Mutual
funds
|
|
$ |
844,300 |
|
|
$ |
31,237,042 |
|
Symmetry
Medical Inc. common stock units
|
|
|
41,809 |
|
|
|
192,924 |
|
Collective
investment trust funds
|
|
|
(37,964 |
) |
|
|
2,175,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
848,145 |
|
|
|
33,605,462 |
|
Participant
loans
|
|
|
— |
|
|
|
1,912,253 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
848,145 |
|
|
$ |
35,517,715 |
|
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
The fair
value of individual investments that represent 5% or more of the Plan’s net
assets are as follows:
|
|
|
|
December 31
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
|
Janus
Balanced Fund
|
|
$ |
2,331,791 |
|
|
$ |
2,089,369 |
|
|
|
Janus
Twenty Fund
|
|
|
4,320,296 |
|
|
|
5,185,220 |
|
|
|
Artio
International Equity Fund
|
|
|
2,216,312 |
|
|
|
3,633,778 |
|
|
|
Mosiac
Mid Cap Fund
|
|
|
2,460,623 |
|
|
|
3,198,125 |
|
|
|
Participant
Loans
|
|
|
2,102,232 |
|
|
|
1,912,253 |
|
|
|
Wells
Fargo Advantage Total Return Bond Fund
|
|
|
2,787,045 |
|
|
|
1,913,716 |
|
*
|
|
Wells
Fargo Diversified Equity Fund
|
|
|
1,581,882 |
|
|
|
2,653,179 |
|
*
|
|
Wells
Fargo Growth Equity Fund
|
|
|
1,283,167 |
|
|
|
2,157,304 |
|
|
|
Wells
Fargo Advantage Index Fund
|
|
|
2,066,594 |
|
|
|
3,375,259 |
|
|
|
Wells
Fargo Collective Russell 2000 Index Fund
|
|
|
1,747,282 |
|
|
|
1,941,407 |
|
**
|
|
Wells
Fargo Collective Stable Return Fund
|
|
|
2,706,733 |
|
|
|
234,793 |
|
* Represents
less than 5% of total assets as of December 31, 2008.
** Represents
less than 5% of total assets as of December 31, 2007.
Note
4:
|
Related
Party Transactions
|
Certain
Plan investment shares of mutual funds are managed by Wells Fargo Bank, N.A.,
who is the trustee of the Plan. Transactions in such investments are
considered to be party-in-interest investments. Fees paid to Wells
Fargo Bank and affiliates for administrative, recordkeeping and trustee services
were $42,583 and $37,538 for the years ended December 31, 2008 and 2007,
respectively.
The
Company provides certain accounting, recordkeeping and administrative services
for which it receives no compensation.
Note
5:
|
Employer
Profit Sharing
|
During
2006, the Plan Administrator discovered that employer profit-sharing
contributions were only contributed to employees with dates of service greater
than one year. The result was participants employed for more than 90
days, but that had not reached their one-year anniversary, were excluded from
employer profit-sharing contributions for the Plan years ending
December 31, 2001 through 2005. The Plan Sponsor has estimated
$150,000 is due to the Plan for participants improperly excluded from the
contributions. This amount is included in contributions receivable
from Symmetry Medical Inc. and subsidiaries at December 31, 2008 and
2007. On January 1, 2007, the Plan was amended to change the
eligibility for employer profit-sharing contributions to a minimum service
requirement of one year.
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
Effective
January 1, 2008, the Plan was amended and restated for various purposes
including adding an automatic enrollment feature. Effective January
1, 2007, the Plan was amended to apply a One-Year of Service eligibility
requirement to share in any profit-sharing contribution.
On April
1, 2008, the Plan merged in the net assets of the Specialty Surgical Instruments
401(k) Retirement Plan of $4,181,185. On May 1, 2008, the Plan merged
in the net assets of the TNCO Employee 401(k) Plan of $3,490,348.
On
January 1, 2007, the Plan merged in net assets of $804,278 from the Riley
Medical Pension Plan.
Note
8:
|
Disclosures
About Fair Value of Assets and
Liabilities
|
Effective
January 1, 2008, the Plan adopted Statement of Financial Accounting Standards
No. 157, Fair Value
Measurements (FAS 157). FAS 157 defines fair value,
establishes a framework for measuring fair value and expands disclosures about
fair value measurements. FAS 157 has been applied prospectively
as of the beginning of the year.
FAS 157
defines fair value as the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between market participants at
the measurement date. FAS 157 also establishes a fair value
hierarchy which requires an entity to maximize the use of observable inputs and
minimize the use of unobservable inputs when measuring fair
value. The standard describes three levels of inputs that may be used
to measure fair value:
|
Level 1
|
Quoted
prices in active markets for identical assets or
liabilities
|
|
Level 2
|
Observable
inputs other than Level 1 prices, such as quoted prices for similar assets
or liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable market
data for substantially the full term of the assets or
liabilities
|
|
Level 3
|
Unobservable
inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or
liabilities
|
Following
is a description of the valuation methodologies used for assets measured at fair
value on a recurring basis and recognized in the accompanying statement of
financial position, as well as the general classification of such assets
pursuant to the valuation hierarchy. The Plan has no liabilities
measured on a recurring basis. Additionally, the Plan has no assets
or liabilities measured on a nonrecurring basis.
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
Investments
Where
quoted market prices are available in an active market, investments are
classified within Level 1 of the valuation
hierarchy. Level 1 investments consists of interests in mutual
funds. If quoted market prices are not available, then fair values
are estimated by using pricing models, quoted prices of securities with similar
characteristics or discounted cash flows. The Plan’s Level 2
investments consists of collective investment trust funds and Company common
stock units. In certain cases where Level 1 or Level 2
inputs are not available, investments are classified within Level 3 of the
hierarchy and consist of participant loans.
The
following table presents the fair value measurements of assets recognized in the
accompanying statement of net assets available for benefit measured at fair
value on a recurring basis and the level within the FAS 157 fair value hierarchy
in which the fair value measurements fall at December 31, 2008:
|
|
|
|
|
Fair Value Measurements Using
|
|
|
|
Fair Value
|
|
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual
funds
|
|
$ |
26,589,548 |
|
|
$ |
26,589,548 |
|
|
$ |
— |
|
|
$ |
— |
|
Common
stock units
|
|
|
217,615 |
|
|
|
— |
|
|
|
217,615 |
|
|
|
— |
|
Collective
investment trust funds
|
|
|
4,454,015 |
|
|
|
— |
|
|
|
4,454,015 |
|
|
|
— |
|
Participant
loans
|
|
|
2,102,232 |
|
|
|
— |
|
|
|
— |
|
|
|
2,102,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
33,363,410 |
|
|
$ |
26,589,548 |
|
|
$ |
4,671,630 |
|
|
$ |
2,102,232 |
|
The
following sets forth a summary of changes in the fair value of the Plan’s Level
3 assets for the year ended December 31, 2008:
|
|
Participant
Loans
|
|
|
|
|
|
|
Balance,
January 1, 2008
|
|
$ |
1,912,253 |
|
Purchases,
issuances, settlements and payments
|
|
|
189,979 |
|
|
|
|
|
|
Balance,
December 31, 2008
|
|
$ |
2,102,232 |
|
Symmetry
Medical Inc. 401(k) Plan
Notes
to Financial Statements
December
31, 2008 and 2007
Note
9:
|
Current
Economic Conditions
|
The
current economic environment presents employee benefit plans with unprecedented
circumstances and challenges, which in some cases have resulted in large
declines in the fair value of investments. The financial statements
have been prepared using values and information currently available to the
Plan.
Given the
volatility of current economic conditions, the values of assets recorded in the
financial statements could change rapidly, resulting in material future
adjustments in investment values that could negatively impact the
Plan.
Note
10:
|
Reconciliation
of Financial Statement to Form 5500
|
Differences
between the Annual Return/Report of Employee Benefit Plan (Form 5500) filed with
the Internal Revenue Service and the accompanying financial statements include
reporting the fair value of the collective investment funds at fair value in
Form 5500 and recording the fund at fair value with an adjustment to
contract value in the accompanying statement of net assets available for
benefits as prescribed by the FSP. The statement of changes in net
assets available for benefits included in the Plan’s Form 5500 filing also
excludes the impact of adjustment from fair value to contract value for the
common collective fund.
Supplementary
Information
Symmetry
Medical Inc. 401(k) Plan
EIN
35-1996126 PN 001
Schedule
H, Line 4i—Schedule of Assets (Held at End of Year)
December
31, 2008
|
|
Identity of Issuer
|
|
Description of Investment
|
|
Current
Value
|
|
|
|
Mutual
Funds
|
|
|
|
|
|
|
|
American
Funds New Perspective Fund
|
|
78,749
shares
|
|
$ |
1,474,182 |
|
|
|
Janus
Balanced Fund
|
|
116,473
shares
|
|
|
2,331,791 |
|
|
|
Janus
Twenty Fund
|
|
100,495
shares
|
|
|
4,320,296 |
|
|
|
Artio
International Equity Fund
|
|
92,231
shares
|
|
|
2,216,312 |
|
|
|
Mosaic
Mid Cap Fund
|
|
320,811
shares
|
|
|
2,460,623 |
|
*
|
|
Wells
Fargo Advantage Total Return Bond Fund
|
|
232,447
shares
|
|
|
2,787,045 |
|
*
|
|
Wells
Fargo Diversified Equity Fund
|
|
82,605
shares
|
|
|
1,581,882 |
|
*
|
|
Wells
Fargo Growth Equity Fund
|
|
152,940
shares
|
|
|
1,283,167 |
|
*
|
|
Wells
Fargo Advantage Index Fund
|
|
63,276
shares
|
|
|
2,066,594 |
|
*
|
|
Wells
Fargo Advantage Large Cap Fund
|
|
260,872
shares
|
|
|
1,492,188 |
|
*
|
|
Wells
Fargo Outlook Today Fund
|
|
17,721
shares
|
|
|
168,700 |
|
*
|
|
Wells
Fargo Outlook 2010 Fund
|
|
40,210
shares
|
|
|
442,710 |
|
*
|
|
Wells
Fargo Outlook 2020 Fund
|
|
146,201
shares
|
|
|
1,587,745 |
|
*
|
|
Wells
Fargo Outlook 2030 Fund
|
|
120,009
shares
|
|
|
1,225,289 |
|
*
|
|
Wells
Fargo Outlook 2040 Fund
|
|
92,290
shares
|
|
|
980,118 |
|
*
|
|
Wells
Fargo Outlook 2050 Fund
|
|
27,433
shares
|
|
|
170,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,589,548 |
|
|
|
Common
Stock Units
|
|
|
|
|
|
|
*
|
|
Symmetry
Medical Inc.
|
|
48,661
units
|
|
|
217,615 |
|
|
|
Collective
Investment Trust Funds
|
|
|
|
|
|
|
*
|
|
Wells
Fargo Collective Russell 2000 Index Fund
|
|
148,831
shares
|
|
|
1,747,282 |
|
*
|
|
Wells
Fargo Collective Stable Return Fund
|
|
65,894
shares
|
|
|
2,706,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,454,015 |
|
|
|
Participant
Loans
|
|
Various loans with interest rates
varying from 3% to 10.5% due
through August 23, 2033
|
|
|
2,102,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
33,363,410 |
|
* Party-in-Interest
SIGNATURE
The Plan. Pursuant to the
requirements of the Securities Exchange Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
|
SYMMETRY
MEDICAL INC. 401(k) PLAN
|
|
|
|
Date:
June 29, 2009
|
|
By:
|
|
/s/
RONDA L. HARRIS
|
|
|
|
|
Ronda
L. Harris
|
|
|
|
|
Chief
Accounting Officer
|