Clarion Technologies Reports First Quarter 2004 Results

Clarion Technologies Reports First Quarter 2004 Results 


GRAND RAPIDS, Mich., April 30  /PRNewswire-FirstCall/ -- Clarion Technologies,
Inc.  (BULLETIN BOARD: CLAR)  today announced financial results for the
quarterly period ended March 27, 2004.

Clarion's 2004 sales for the first quarter were $29.6 million versus $22.2
million in the first quarter of 2003.  The 33% increase in revenue was driven
primarily by an increase in sales through new business opportunities.  This has
resulted in an increase in operating income of 21% to $1.93 million versus
$1.60 million (which includes $0.21 million of restructuring and impairment
credits) for the same period in 2003.  Clarion's net income from continuing
operations for 2004 was $0.81 million versus $0.60 million (which includes
$0.21 million of restructuring and impairment credits) in 2003.

Clarion Technologies' President, Bill Beckman, commented, "We are pleased with
our first quarter results and expect similar growth and results for the
remainder of 2004.  Our sales continue to grow with increased opportunities
within our core markets and key customers.  We will continue to capitalize on
the consolidation opportunities within the marketplace and execute our
operational plan."

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 1,500 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 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)


                                                First Quarter Ended
                                         March 27, 2004     March 29, 2003
  Net sales                                  $29,594            $22,180
  Cost of sales                               25,849             18,982
      Gross profit                             3,745              3,198

  Operating expenses:
    Selling, general and
     administrative expenses                   1,815              1,809
    Restructuring and impairment credits           -               (207)
                                               1,815              1,602
      Operating income                         1,930              1,596

  Interest expense                            (1,120)            (1,000)
  Other income, net                                1                  6
      Income before income taxes                 811                602

  Provision for income taxes                       -                  -

      Net income                                $811               $602

      Preferred stock dividends declared      (2,281)            (1,767)
      Accretion of preferred stock to
       mandatory redemption value               (224)              (203)
  Net loss attributable to common
   shareholders                              $(1,694)           $(1,368)

  Average shares outstanding
   (basic and diluted)                        45,101             44,274

  Loss per share attributable to
   common shareholders (basic and diluted)     $(.04)             $(.03)

   (  ) Denotes deduction.


DATASOURCE: Clarion Technologies, Inc.



CONTACT:  Mary Asadorian of Clarion Technologies, Inc., [phone]



Web site:  http://www.clariontechnologies.com/ 

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