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 (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 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., +1-616-233-6680 Web site: http://www.clariontechnologies.com/

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