Clarion Technologies Reports Second Quarter 2004 Results GRAND RAPIDS, Mich., Aug. 11 /PRNewswire-FirstCall/ -- Clarion Technologies, Inc. (OTC:CLAR) (BULLETIN BOARD: CLAR) today announced financial results for the quarterly period ended June 26, 2004. Clarion's 2004 sales for the second quarter were $28.1 million versus $25.5 million in the second quarter of 2003. Sales for the first six months of 2004 were $57.7 million versus $47.7 million for the same period of 2003. The 22% increase in revenue was driven primarily by sales of new products with existing customers. Net income for the first six months of 2004 was $1.3 million versus $1.36 million for the same period of 2003. Net loss attributable to common shareholders for the first six months of 2004 was ($3.20) million versus ($2.63) million for the same period of 2003. The increase in net loss attributable to common shareholders was primarily driven by the increase in accrued dividends. Clarion Technologies' President, Bill Beckman, commented, "We are pleased with the growth in sales over the last year. We have many new projects ready to launch within the next few months that will continue to increase our revenue." Clarion Technologies, Inc. operates four manufacturing facilities in Michigan, one in South Carolina, and two in Iowa with approximately 170 injection molding machines ranging in size from 55 to 1500 tons of clamping force. The Company's headquarters are located in Grand Rapids, Michigan. Further information about Clarion Technologies can be obtained on the web at http://www.clariontechnologies.com/ or by contacting Mary Asadorian at (616) 233-6680. With the exception of historical factual information, the statements made in this press release include forward-looking statements. These statements are based upon current expectations and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain known and unknown assumptions, risks and uncertainties that could cause actual results to differ materially from those included in or contemplated by the statements. These assumptions, risks and uncertainties include, but are not limited to, those discussed or indicated in the Company's Annual Report on Form 10-K for the year ended December 27, 2003, and in all documents filed by the Company with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. CLARION TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except per share data) Second Quarter Ended Six Months Ended June 26, 2004 June 28, 2003 June 26, 2004 June 28, 2003 Net sales $28,127 $25,483 $57,721 $47,664 Cost of sales 24,718 21,905 50,567 40,887 Gross profit 3,409 3,578 7,154 6,777 Operating expenses: Selling, general and administrative expenses 1,878 1,859 3,693 3,668 Restructuring and impairment credits (117) - (117) (207) 1,761 1,859 3,576 3,461 Operating income 1,648 1,719 3,578 3,316 Interest expense (1,120) (982) (2,240) (1,982) Other income (expense), net (34) 17 (33) 22 Income before income taxes 494 754 1,305 1,356 Provision for income taxes - - - - Net income $494 $754 $1,305 $1,356 Net loss attributable to common shareholders $(1,509) $(1,265) $(3,203) $(2,633) Average shares outstanding (basic and diluted) 45,209 44,375 45,155 44,325 Loss per share attributable to common shareholders (basic and diluted) $(.03) $(.03) $(.07) $(.06) DATASOURCE: Clarion Technologies, Inc. CONTACT: Mary Asadorian of Clarion Technologies, Inc., +1-616-233-6680 Web site: http://www.clariontechnologies.com/

Copyright