Clarion Reports Net Income of $754,000 for Second Quarter
GRAND RAPIDS, Mich., Aug. 12, 2003 -- Clarion Technologies, Inc. (BULLETIN BOARD: CLAR) today announced financial results for the fiscal period ended June 28, 2003.
Clarion's 2003 sales for the period were $25.48 million versus $22.21 million in 2002, a 15% increase in revenues. Clarion's net income from continuing operations for this period in 2003 was $754,000 versus a net loss of $682,000 in 2002. These improvements in revenue and income were attributable to sales growth and continued focus on operational performance. Clarion Technologies' President, Bill Beckman, commented, "We are pleased with the Company's results for the first and second quarters. With continued sales momentum and operational execution, Clarion looks forward to continued positive results."
Clarion Technologies, Inc. operates five manufacturing facilities in Michigan and South Carolina with approximately 155 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 www.clariontechnologies.com or by contacting Edmund Walsh 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 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except per share data) Second Quarter Ended June 28, 2003 June 29, 2002 Net sales $25,483 $22,206 Cost of sales 21,905 18,297 Gross profit 3,578 3,909 Operating expenses: Selling, general and administrative expenses 1,859 1,923 Impairment and other nonrecurring credits - (24) 1,859 1,899 Operating income 1,719 2,010 Interest expense (982) (2,700) Other income, net 17 8 Income (loss) from continuing operations before income tax provision 754 (682) Income tax provision - - Income (loss) from continuing operations 754 (682) Discontinued operations: Income (loss) from discontinued operations (including loss on disposal of $97 in 2002) - (81) Net income (loss) $754 $(763) Net loss from continuing operations attributable to common shareholders $(1,265) $(1,874) Net loss attributable to common shareholders $(1,265) $(1,955) Average shares outstanding (basic and diluted) 44,375 43,556 Loss per share attributable to common shareholders (basic and diluted): Loss from continuing operations $(.03) $(.04) Income (loss) from discontinued operations - - Net loss $(.03) $(.04)