Clarion Technologies Reports Third Quarter 2004 Results
12 Novembre 2004 - 10:26PM
PR Newswire (US)
Clarion Technologies Reports Third Quarter 2004 Results GRAND
RAPIDS, Mich., Nov. 12 /PRNewswire-FirstCall/ -- Clarion
Technologies, Inc. (OTC:CLAR.OB) (BULLETIN BOARD: CLAR.OB) today
announced financial results for the quarterly period ended
September 25, 2004. Clarion's 2004 sales for the third quarter were
$30.6 million versus $26.1 million in the third quarter of 2003.
Sales for the first nine months of 2004 were $88.3 million versus
$73.8 million for the same period of 2003. The 20% increase in
revenue was driven primarily by sales of new products to existing
customers. Also, $6.7 million of sales in the first nine months of
2004 was generated from tooling purchased by customers for new
programs versus $1.1 million in the same period of 2003. Net income
for the first nine months of 2004 was $558,000 versus $1.78 million
for the same period of 2003. The 2004 results include an asset
impairment charge (non-cash) of $887,000 required to adjust the net
carrying value of Clarion's manufacturing facilities to its
estimated fair value. Net loss attributable to the common
shareholder for the first nine months of 2004 was ($6.64) million
versus ($4.29) million for the same period of 2003. The increase in
net loss attributable to the common shareholder was primarily
driven by the increase in accrued interest and dividends. Clarion
Technologies' President, Bill Beckman, commented, "Clarion
continues to grow revenues with our key customers. With the opening
of a new facility in Ames, Iowa we will have some additional costs
associated with launching over $15 million in new business. A
successful operational start-up and execution in Iowa are expected
to provide additional customer opportunities in the near future."
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. 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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