Clarion Technologies Reports Second Quarter 2004 Results

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., [phone]



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

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