Park-Ohio (PKOH) 8-K Park-Ohio Reports Continued Growth in Sales and Profit in Third Quarter 2005

Exhibit 99.1

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

Park-Ohio Reports Continued Growth in Sales and Profit
in Third Quarter 2005

     CLEVELAND, OHIO, October 31, 2005 — Park-Ohio Holdings Corp. (NASDAQ:PKOH), today announced results for its third quarter ended September 30, 2005.

NINE MONTHS RESULTS

     Park-Ohio reported net income of $18.9 million or $1.66 per share dilutive for the first nine months of 2005, a 15% increase on net income of $16.5 million or $1.48 per share dilutive in the same period of 2004. Park Ohio reported net sales of $691.9 million for the first nine months of 2005, a 16% increase on sales of $594.2 million in the same period of 2004.

THIRD QUARTER RESULTS

     Park-Ohio reported net income of $5.2 million or $.45 per share dilutive for the third quarter of 2005, a 30% increase on net income of $4.0 million in the same period of 2004. Park-Ohio reported net sales of $234.2 million for third quarter 2005, a 17% increase on sales of $200.9 million in the same quarter of 2004.

     Earnings per share of $.45 per share dilutive for the quarter ended September 30, 2005 were reduced $.07 by the effects of the October 8, 2005 bankruptcy of a customer, Delphi Corporation. The accrual of these charges in the third quarter fully reflects the impact of this subsequent event. Delphi continues to be an active customer across the full range of products provided.

     Edward F. Crawford, Chairman and Chief Executive Officer, stated, “Ongoing strength in most of our end markets offset auto related revenues which were below expectations, and substantially increased energy costs. Considering the effect of the Delphi bankruptcy, we now expect EPS for the year 2005 to range from $2.00 to $2.30 per share dilutive.”

     A conference call reviewing Park-Ohio’s third quarter results will be broadcast live over the Internet on Tuesday, November 1, commencing at 10:00am Eastern Time. Simply log on tohttp://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 43 supply chain logistics facilities.

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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 and suppliers, 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.

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2005		2004		2005		2004
Net sales	$	234,247	$	200,875	$	691,925	$	594,154
Cost of products sold		198,327		169,549		585,543		498,938
Gross profit		35,920		31,326		106,382		95,216
Selling, general and administrative expenses		22,817		19,876		64,897		57,329
Operating income		13,103		11,450		41,485		37,887
Interest expense		7,200		6,510		20,374		18,842
Income before income taxes		5,903		4,940		21,111		19,045
Income taxes		751		949		2,260		2,575
Net income	$	5,152	$	3,991	$	18,851	$	16,470
Amounts per common share:
Basic	$	0.47	$	0.38	$	1.73	$	1.55
Diluted	$	0.45	$	0.36	$	1.66	$	1.48
Common shares used in the computation:
Basic		10,928		10,629		10,896		10,599
Diluted		11,414		11,225		11,385		11,164
Other financial data:
EBITDA, as defined	$	17,434	$	15,470	$	54,949	$	49,896

Note A—The effective income tax rate for the first nine months 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				Nine Months Ended
	September 30,				September 30,
	2005		2004		2005		2004
Net income	$	5,152	$	3,991	$	18,851	$	16,470
Add back:
Income taxes		751		949		2,260		2,575
Interest expense		7,200		6,510		20,374		18,842
Depreciation and amortization		3,967		3,971		12,843		11,875
Miscellaneous		364		49		621		134
EBITDA, as defined	$	17,434	$	15,470	$	54,949	$	49,896

Note C—On July 20, 2005, the Company completed the acquisition of the assets of Purchased Parts Group, Inc. (“PPG”) for $7.0 million in cash, $.5 million in a short-term note payable and the assumption of approximately $12.0 million of trade liabilities. The acquisition was funded with borrowings under the Company’s bank revolving credit agreement.

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

	September 30		December 31
	2005		2004
	(Unaudited)		(Audited)
	(In Thousands)
ASSETS
Current Assets
Cash and cash equivalents	$	10,828	$	7,157
Accounts receivable, net		171,064		145,475
Inventories		195,170		177,294
Other current assets		12,337		14,593
Total Current Assets		389,399		344,519
Property, Plant and Equipment		237,016		229,494
Less accumulated depreciation		124,932		118,821
Total Property Plant and Equipment		112,084		110,673
Other Assets
Goodwill		82,715		82,565
Net assets held for sale		1,992		3,027
Other		72,047		69,238
Total Other Assets		156,754		154,830
Total Assets	$	658,237	$	610,022
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Trade accounts payable	$	110,702	$	108,868
Accrued expenses		69,697		60,003
Current portion of long-term liabilities		4,449		5,812
Total Current Liabilities		184,848		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		139,300		120,600
Other long-term debt		5,905		4,776
Other postretirement benefits and other long-term liabilities		25,713		27,570
Total Long-Term Liabilities		380,918		362,946
Shareholders’ Equity		92,471		72,393
Total Liabilities and Shareholders’ Equity	$	658,237	$	610,022

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

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2005			2004			2005			2004
NET SALES
ILS	$	137,810		$	112,158		$	394,212		$	343,272
Aluminum Products		36,816			35,741			122,800			91,591
Manufactured Products		59,621			52,976			174,913			159,291
	��
	$	234,247		$	200,875		$	691,925		$	594,154
INCOME BEFORE INCOME TAXES
ILS	$	8,200		$	6,216		$	24,675		$	23,694
Aluminum Products		1,515			2,235			7,419			6,566
Manufactured Products		5,995			5,183			17,757			13,704
		15,710			13,634			49,851			43,964
Corporate and Other Costs		(2,607	)		(2,184	)		(8,366	)		(6,077	)
Interest Expense		(7,200	)		(6,510	)		(20,374	)		(18,842	)
	$	5,903		$	4,940		$	21,111		$	19,045