Park-Ohio (PKOH) 8-K Park-Ohio Reports Increased Revenue and Profit in First Quarter 2005

Exhibit 99.1

FOR IMMEDIATE RELEASE	CONTACT:	EDWARD F. CRAWFORD
		PARK-OHIO HOLDINGS CORP.
		(216) 692-7200

Park-Ohio Reports Increased Revenue and Profit in First Quarter 2005

     CLEVELAND, OHIO, May 2, 2005 — Park-Ohio Holdings Corp. (NASDAQ:PKOH), today announced results for its first quarter ended March 31, 2005.

     Park-Ohio reported net sales of $228.9 million for first quarter 2005, a 19% increase on sales of $192.4 million in first quarter 2004. Park-Ohio reported net income of $6.2 million in first quarter 2005, or $.54 per share dilutive, compared to $5.8 million for the same period in 2004, or $.52 per share, dilutive.

     Edward F. Crawford, Chairman and Chief Executive Officer, stated, “We continue to generate solid revenue growth due to robust activity in most of our end markets. We are also experiencing a rising trend in our margins as a result of our pricing and cost reduction initiatives. We are widening our EPS guidance range to $2.00 to $2.30 per share for the year 2005.”

     A conference call reviewing Park-Ohio’s first quarter results will be broadcast live over the Internet on Tuesday, May 3, commencing at 11:00 am EDT, on the company’s website athttp://www.pkoh.com.

     Park-Ohio is a leading provider of supply chain logistics services, and a manufacturer of highly engineered products. Headquartered in Cleveland, Ohio, the Company operates 24 manufacturing sites and 32 supply chain logistics facilities.

     This news release contains forward-looking statements, including statements regarding future performance of the Company, that are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Among the key factors that could cause actual results to differ materially from expectations are: the cyclical nature of the vehicular industry; timing of cost reductions; labor availability and stability; changes in economic and industry conditions; adverse impacts to the Company, its suppliers and customers from acts of terrorism or hostilities; the financial condition of the Company’s customers, including the impact of any bankruptcies; the Company’s ability to successfully integrate the operations of acquired companies; the uncertainties of environmental, litigation or corporate contingencies; and changes in regulatory requirements. These and other risks and assumptions are described in the Company’s reports that are available from the United States Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED)
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES
(In Thousands, Except per Share Data)

	Three Months Ended
	March 31,
	2005		2004
Net sales	$	228,883	$	192,370
Cost of products sold		193,787		162,133
Gross profit		35,096		30,237
Selling, general and administrative expenses		21,651		17,696
Operating income		13,445		12,541
Interest expense		6,459		6,136
Income before income taxes		6,986		6,405
Income taxes		799		591
Net Income	$	6,187	$	5,814
Amounts per common share:
Basic	$	0.57	$	0.55
Diluted	$	0.54	$	0.52
Common shares used in the computation
Basic		10,874		10,564
Diluted		11,363		11,116
Other financial data:
EBITDA, as defined	$	17,984	$	16,542

Note A—The effective income tax rate for the first quarter of 2005 is less than the statutory Federal income tax rate due primarily to the recognition of net operating loss carryforwards.

Note B—EBITDA, as defined, reflects earnings before interest, income taxes, and excludes depreciation, amortization,certain non-cash charges and corporate-level expenses as defined in the Company’s Revolving Credit Agreement. EBITDA is not a measure of performance under generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as a substitute for net income, cash flows from operating, investing and financing activities and other income or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. The Company presents EBITDA because management believes that EBITDA is useful to investors as an indication of the Company’s satisfaction of its Debt Service Ratio covenant in its revolving credit agreement and because EBITDA is a measure used under the Company’s revolving credit facility to determine whether the Company may incur additional debt under such facility. EBITDA as defined herein may not be comparable to other similarly titled measures of other companies. The following table reconciles net income to EBITDA, as defined:

	Three Months Ended
	March 31,
	2005		2004
Net income	$	6,187	$	5,814
Add back:
Income taxes		799		591
Interest expense		6,459		6,136
Depreciation and amortization		4,447		3,967
Miscellaneous		92		34
EBITDA, as defined	$	17,984	$	16,542

CONSOLIDATED CONDENSED BALANCE SHEETS
PARK-OHIO HOLDINGS CORP. AND SUBSIDIARIES

	March 31		December 31
	2005		2004
	(Unaudited)		(Audited)
	(In Thousands)
ASSETS
Current Assets
Cash and cash equivalents	$	2,695	$	7,157
Accounts receivable, net		167,523		145,475
Inventories		185,733		177,294
Other current assets		15,749		14,593
Total Current Assets		371,700		344,519
Property, Plant and Equipment		232,783		229,494
Less accumulated depreciation		122,527		118,821
Total Property Plant and Equipment		110,256		110,673
Other Assets
Goodwill		82,530		82,565
Net assets held for sale		1,927		3,027
Other		69,229		69,238
Total Other Assets		153,686		154,830
Total Assets	$	635,642	$	610,022
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Trade accounts payable	$	99,672	$	108,868
Accrued expenses		69,828		60,003
Current portion of long-term liabilities		6,357		5,812
Total Current Liabilities		175,857		174,683
Long-Term Liabilities, less current portion
8.375% Senior Subordinated Notes due 2014		210,000		210,000
Revolving credit maturing on December 31, 2010		139,400		120,600
Other long-term debt		4,626		4,776
Other postretirement benefits and other long-term liabilities		26,688		27,570
Total Long-Term Liabilities		380,714		362,946
Shareholders’ Equity		79,071		72,393
Total Liabilities and Shareholders’ Equity	$	635,642	$	610,022

BUSINESS SEGMENT INFORMATION
(UNAUDITED)
PARK-OHIO HOLDINGS CORP. AND SUSIDIARIES
(In Thousands)

	Three Months Ended March 31
	2005			2004
NET SALES
ILS	$	126,887		$	116,265
Aluminum Products		42,890			27,581
Manufactured Products		59,106			48,524
	$	228,883		$	192,370
INCOME BEFORE INCOME TAXES
ILS	$	8,204		$	9,209
Aluminum Products		2,423			1,587
Manufactured Products		5,813			3,292
		16,440			14,088
Corporate and Other Costs		(2,995	)		(1,547	)
Interest Expense		(6,459	)		(6,136	)
	$	6,986		$	6,405