Clarion Technologies Reports Net Income For Fiscal 2003

Clarion Technologies Reports Net Income For Fiscal 2003 


GRAND RAPIDS, Mich., March 8  /PRNewswire-FirstCall/ -- Clarion Technologies,
Inc.  (BULLETIN BOARD: CLAR)  today announced financial results for the fiscal
year ended December 27, 2003.

Clarion's 2003 sales were $97.7 million versus $80.6 million in 2002.  The 21%
increase in revenue was driven primarily by the increase in sales through new
business opportunities.  With continued focus on controlling costs and driving
operational improvements, operating income increased 52% to $5.0 million versus
$3.3 million in 2002.  Clarion's net income from continuing operations for 2003
was $0.8 million versus a net loss of $7.4 million in 2002.

Clarion Technologies' President, Bill Beckman, commented, "We are excited to
report positive net income results for 2003.  The entire company has continued
to focus on meeting our business plan every day and providing the products and
solutions to meet and exceed our customers' expectations.  This focus has
provided significant growth, including new business opportunities with existing
and new customers.  We believe these growth opportunities substantiate our
customers' confidence in our ability to deliver quality products on time, at a
competitive price.We will continue our focus on execution and growing the
business in 2004.  We are experiencing increases in revenues along with improved
profitability and operating results for the first quarter of fiscal 2004 as
compared to the same period in fiscal 2003 and are optimistic that this trend
will continue."

Clarion Technologies, Inc. operates four manufacturing facilities in Michigan,
one in South Carolina, and one in Iowa with approximately 167 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
[phone].

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 28, 2002
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
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                  (In thousands, except per share data)


                                               Fiscal year ended
                                    December 27,  December 28,  December 29,
              2003          2002          2001

  Net sales                            $97,668       $80,630       $90,573
  Cost of sales                         85,731        70,174        88,935
  Gross profit                          11,937        10,456         1,638

  Selling, general and administrative
   expenses                              7,144         7,859        11,081
  Restructuring and impairment
   charges (credits)                      (207)         (713)        7,431
 Operating income (loss)                5,000         3,310       (16,874)

  Other income (expenses):
  Interest expense                      (4,463)      (10,838)      (10,947)
  Gain on extinguishment of debt           332             -             -
  Other, net                               (95)           74           (84)
                                        (4,226)      (10,764)      (11,031)
  Income (loss) from continuing
   operations before income taxes          774        (7,454)      (27,905)

  Provision for income taxes                 -             -             -

  Income (loss) from continuing operations 774        (7,454)      (27,905)

  Income (loss) from discontinued
   operations (including loss on
   disposal of $97 in 2002)                  -           209        (7,238)

  Net income (loss)                       $774       $(7,245)     $(35,143)

  Net loss from continuing operations
   attributable to common shareholders $(7,466)     $(12,319)     $(31,731)
  Net loss attributable to common
   shareholders                        $(7,466)     $(12,110)     $(38,969)

  Average common shares outstanding
   (basic and diluted)                  44,635        42,667        23,667

  Loss per common share (basic and
   diluted):
  Loss from continuing operations       $(0.17)       $(0.28)       $(1.34)
  Loss from discontinued operations          -             -         (0.31)

  Net loss per share of common stock    $(0.17)       $(0.28)       $(1.65)


  (  ) Denotes deduction.


DATASOURCE: Clarion Technologies, Inc.



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



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

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