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

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