Ohio (State or other jurisdiction of incorporation or organization) |
000-03134 (Commission File No.) |
34-1867219 (I.R.S. Employer Identification Number) |
Item 2.02. Results of Operations and Financial Condition. | ||||||||
Item 9.01. Financial Statements and Exhibits. | ||||||||
SIGNATURES | ||||||||
Exhibit Index | ||||||||
EX-99.1 |
(d) Exhibits |
Exhibit | ||
Number | Description | |
99.1
|
Park-Ohio Holdings Corp. Press Release, dated May 9, 2011. |
Park-Ohio Holdings Corp. (Registrant) |
||||
Date: May 9, 2011 | By: | /s/ Jeffrey L. Rutherford | ||
Jeffrey L. Rutherford | ||||
Vice President and Chief Financial Officer |
FOR IMMEDIATE RELEASE
|
CONTACT: | EDWARD F. CRAWFORD PARK-OHIO HOLDINGS CORP. (440) 947-2000 |
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net sales |
$ | 241,628 | $ | 191,701 | ||||
Cost of products sold |
199,693 | 162,363 | ||||||
Gross profit |
41,935 | 29,338 | ||||||
Selling, general and administrative expenses |
25,665 | 20,968 | ||||||
Operating income |
16,270 | 8,370 | ||||||
Interest expense |
5,863 | 5,436 | ||||||
Income before income taxes |
10,407 | 2,934 | ||||||
Income taxes |
1,678 | 868 | ||||||
Net Income |
$ | 8,729 | $ | 2,066 | ||||
Amounts per common share: |
||||||||
Basic |
$ | 0.76 | $ | 0.19 | ||||
Diluted |
$ | 0.73 | $ | 0.18 | ||||
Common shares used in the computation |
||||||||
Basic |
11,460 | 11,108 | ||||||
Diluted |
11,987 | 11,647 | ||||||
Other financial data: |
||||||||
EBITDA, as defined |
$ | 20,668 | $ | 13,050 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Net income |
$ | 8,729 | $ | 2,066 | ||||
Add back: |
||||||||
Income taxes |
1,678 | 868 | ||||||
Interest expense |
5,863 | 5,436 | ||||||
Depreciation and amortization |
3,955 | 4,168 | ||||||
Miscellaneous |
443 | 512 | ||||||
EBITDA, as defined |
$ | 20,668 | $ | 13,050 | ||||
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
(Unaudited) | (Audited) | |||||||
(In Thousands) | ||||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | 30,814 | $ | 35,311 | ||||
Accounts receivable, net |
146,470 | 126,409 | ||||||
Inventories |
200,707 | 192,542 | ||||||
Deferred tax assets |
10,496 | 10,496 | ||||||
Unbilled contract revenue |
13,774 | 12,751 | ||||||
Other current assets |
10,646 | 12,800 | ||||||
Total Current Assets |
412,907 | 390,309 | ||||||
Property, Plant and Equipment |
256,820 | 253,077 | ||||||
Less accumulated depreciation |
189,664 | 184,294 | ||||||
Total Property Plant and Equipment |
67,156 | 68,783 | ||||||
Other Assets |
||||||||
Goodwill |
9,671 | 9,100 | ||||||
Other |
85,227 | 84,340 | ||||||
Total Other Assets |
94,898 | 93,440 | ||||||
Total Assets |
$ | 574,961 | $ | 552,532 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current Liabilities |
||||||||
Trade accounts payable |
$ | 114,972 | $ | 95,695 | ||||
Accrued expenses |
66,199 | $ | 59,487 | |||||
Current portion of long-term debt |
7,792 | $ | 13,756 | |||||
Current portion of other postretirement benefits |
2,178 | 2,178 | ||||||
Total Current Liabilities |
191,141 | 171,116 | ||||||
Long-Term Liabilities, less current portion |
||||||||
8.375% Senior Subordinated Notes due 2014 |
183,835 | 183,835 | ||||||
Revolving credit facility |
103,800 | 113,300 | ||||||
Other long-term debt |
5,058 | 5,322 | ||||||
Deferred tax liability |
9,721 | 9,721 | ||||||
Other postretirement benefits and other
long-term liabilities |
23,372 | 22,863 | ||||||
Total Long-Term Liabilities |
325,786 | 335,041 | ||||||
Shareholders Equity |
58,034 | 46,375 | ||||||
Total Liabilities and Shareholders Equity |
$ | 574,961 | $ | 552,532 | ||||
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
NET SALES |
||||||||
Supply Technologies |
$ | 123,226 | $ | 94,238 | ||||
Aluminum Products |
39,041 | 36,588 | ||||||
Manufactured
Products |
79,361 | 60,875 | ||||||
$ | 241,628 | $ | 191,701 | |||||
INCOME (LOSS) BEFORE INCOME TAXES |
||||||||
Supply Technologies |
$ | 8,633 | $ | 4,484 | ||||
Aluminum Products |
3,314 | 1,936 | ||||||
Manufactured
Products |
8,546 | 4,933 | ||||||
20,493 | 11,353 | |||||||
Corporate and Other Costs |
(4,223 | ) | (2,983 | ) | ||||
Interest Expense |
(5,863 | ) | (5,436 | ) | ||||
$ | 10,407 | $ | 2,934 | |||||