EX-99.1

Exhibit 99.1


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

Park-Ohio Continues to Expand in 2006

CLEVELAND, OHIO, March 8, 2007 — Park-Ohio Holdings Corp. (NASDAQ:PKOH) today announced results for its fourth quarter and year ended December 31, 2006.

FULL YEAR RESULTS

Park-Ohio reported net income of $24.2 million or $2.11 per share dilutive for 2006, compared to net income of $30.8 million or $2.70 per share dilutive for 2005. Net income in 2006 and 2005 increased by the reversal of $5.0 million and $7.3 million, respectively, of the Company’s deferred tax asset valuation allowance, while federal income taxes were not expensed in 2005. Park-Ohio reported record net income, fully-taxed^(A) of $19.2 million or $1.68 per share dilutive for 2006, a 4% increase on 2005 net income, fully-taxed^(A) of $18.5 million or $1.62 per share dilutive (refer to Table 1 below). Park-Ohio reported net sales of $1,056.2 million for 2006, a 13% increase on sales of $932.9 million in 2005.

FOURTH QUARTER RESULTS

Park-Ohio reported net income of $10.8 million or $.94 per share dilutive for fourth quarter 2006, compared to net income of $12.0 million or $1.05 per share dilutive for the same quarter of 2005. Net income in 2006 and 2005 increased by the reversal of $5.0 million and $7.3 million, respectively, of the Company’s deferred tax asset valuation allowance, while federal income taxes were not expensed in 2005. Park-Ohio reported net sales of $270.4 million for fourth quarter 2006, a 12% increase on sales of $241.0 million for the same quarter of 2005.

Edward F. Crawford, Chairman and Chief Executive Officer, stated, “We are pleased with the Company’s record operating profit in 2006. We expect the first quarter of 2007 to be sluggish because of reduced activity in the domestic auto and heavy-duty truck markets. Despite that slow start, our Company is well positioned with its diversity and global presence to generate approximately 10% sales growth and 25% earnings growth this year, producing EBIT of $72 to $78 million and diluted earnings per share of $2.10 to $2.35 in 2007.”

Table 1: Recent History of EPS, EBIT and Revenue


	Year ended December 31,
	2004		2005		2006		2007
							(Guidance)

Dilutive EPS, GAAP, as reported	$	1.27	$	2.70	$	2.11	$2.10to$2.35
Dilutive EPS, fully-taxed	$	1.10	$	1.62	$	1.68	$2.10to$2.35
Operating Income (EBIT) — [$ in millions]	$	49.0	$	53.5	$	58.7	$	72 to $78

Revenue	$	809	$	933	$	1.06	$	1.1 to $1.2
	(million)		(million)		(billion)		(billion)

(Note A) Reconciliation to GAAP:


	Year ended
(In Millions, except EPS)	December 31,
	2006			2005			2004

Net Income, GAAP, as reported:	$	24.2		$	30.8		$	14.2

Less: Reversal of Tax Valuation Allowance⁽¹⁾		(5.0	)		(7.3	)

Plus: Add’l Income Tax to 30% Rate before Reversal⁽²⁾		—			(5.0	)		(1.9	)

Net Income, fully-taxed	$	19.2		$	18.5		$	12.3


Number of Dilutive Shares		11.46			11.41			11.19


Dilutive EPS, fully-taxed	$	1.68		$	1.62		$	1.10

The Company presents fully-taxed net income and EPS reflecting equalized tax rates to facilitate comparison between periods.

(1)

Net Income in fourth quarter 2006 and 2005 increased by the reversal $5.0 and $7.3 million, respectively, of the Company’s deferred tax asset valuation allowance, substantially eliminating this allowance. Based on strong recent and projected earnings, the Company has determined that it is more likely than not that this deferred tax asset will be realized. The tax valuation allowance reversal resulted in an increase to net income for the fourth quarter of each year.

(2)

In 2006, following the reversal of a portion of its deferred tax valuation allowance, the Company began recording a quarterly provision for federal income taxes. For 2006, the Company’s effective income tax rate was 30% excluding the tax valuation allowance reversal, compared to 11% and 19% for 2005 and 2004, respectively. Park-Ohio’s net operating loss carry-forward precluded the payment of cash federal income taxes in 2006 and should substantially reduce cash payments in 2007.

A conference call reviewing Park-Ohio’s fourth quarter results will be broadcast live over the Internet on Friday, March 9, commencing at 10:00 am Eastern Time. Simply log on to http://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 55 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 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.

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


	Three Months Ended						Year Ended
	December 31,						December 31,
	2006			2005			2006			2005

Net sales	$	270,405		$	240,975		$	1,056,246		$	932,900
Cost of products sold		233,056			210,740			908,095			796,283

Gross profit		37,349			30,235			148,151			136,617
Selling, general and administrative expenses		23,925			17,237			90,296			82,133
Restructuring and impairment charges (credits)		(809	)		943			(809	)		943

Operating income		14,233			12,055			58,664			53,541
Interest expense		8,097			6,682			31,267			27,056


Income before income taxes		6,136			5,373			27,397			26,485
Income taxes (benefit)		(4,649	)		(6,583	)		3,218			(4,323	)

Net income	$	10,785		$	11,956		$	24,179		$	30,808


Amounts per common share:
Basic	$	0.98		$	1.09		$	2.20		$	2.82
Diluted	$	0.94		$	1.05		$	2.11		$	2.70

Common shares used in the computation:
Basic		11,029			10,943			10,997			10,908
Diluted		11,491			11,422			11,461			11,409

Other financial data:
EBITDA, as defined	$	20,701		$	18,395		$	80,057		$	73,344

Note A—In 2006, the Company began recording a quarterly provision for federal income taxes, resulting in a total effective income tax rate of approximately 30 percent. The Company’s significant net operating loss carryforwards precluded the cash payment of federal income taxes in 2006. In the fourth quarter of 2006 and 2005 the Company reversed its deferred tax asset valuation allowance of $5.0 million and $7.3 million, respectively.

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						Year Ended
	December 31,						December 31,
	2006			2005			2006			2005

Net income	$	10,785		$	11,956		$	24,179		$	30,808
Add back:
Income taxes (benefit)		(4,649	)		(6,583	)		3,218			(4,323	)
Interest expense		8,097			6,682			31,267			27,056
Depreciation and amortization		5,940			4,418			20,037			17,262
Restructuring and other unusual charges (credits)		(9	)		1,776			(9	)		1,776
Miscellaneous		537			146			1,365			765

EBITDA, as defined	$	20,701		$	18,395		$	80,057		$	73,344

Note C—On October 18, 2006, the Company acquired 100 percent of the outstanding stock of NABS for $21.0 million in cash, NABS is an an international supply chain manager of production components providing services to high technology companies in the computer, electronics and consumer products industries.The acquisition was funded with borrowings under the Company’s bank revolving credit agreement.

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


	December 31,		December 31,
	2006		2005
	(Unaudited)		(Audited)
	(In Thousands)

ASSETS

Current Assets
Cash and cash equivalents	$	21,637	$	18,696
Accounts receivable, net		181,893		153,502
Inventories		223,936		190,553
Deferred tax assets		34,142		8,627
Other current assets		24,218		21,651


Total Current Assets		485,826		393,029

Property, Plant and Equipment		251,565		244,367
Less accumulated depreciation		146,980		130,557

Total Property Plant and Equipment		104,585		113,810

Other Assets
Goodwill		98,180		82,703
Net assets held for sale		6,959		1,992
Other		88,592		71,320

Total Other Assets		193,731		156,015

Total Assets	$	784,142	$	662,854

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities
Trade accounts payable	$	132,864	$	115,401
Accrued expenses		78,655		65,416
Current portion of long-term liabilities		5,873		4,161

Total Current Liabilities		217,392		184,978
Long-Term Liabilities, less current portion
8.375% Senior Subordinated Notes due 2014		210,000		210,000
Revolving credit maturing on December 31, 2010		156,700		128,300
Other long-term debt		4,790		6,705
Deferred tax liability		32,089		3,176
Other postretirement benefits and other long-term liabilities		24,434		26,174

Total Long-Term Liabilities		428,013		374,355

Shareholders’ Equity		138,737		103,521

Total Liabilities and Shareholders’ Equity	$	784,142	$	662,854

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


	Three Months Ended						Year Ended
	December 31,						December 31,
	2006			2005			2006			2005

NET SALES
ILS	$	148,598		$	138,412		$	598,228		$	532,624
Aluminum Products		33,750			36,253			154,639			159,053
Manufactured Products		88,057			66,310			303,379			241,223

	$	270,405		$	240,975		$	1,056,246		$	932,900


INCOME BEFORE INCOME TAXES
ILS	$	8,934		$	10,139		$	38,383		$	34,814
Aluminum Products		(397	)		1,683			3,921			9,103
Manufactured Products		9,049			2,873			28,991			20,630

		17,586			14,695			71,295			64,547
Corporate and Other Costs		(3,352	)		(2,640	)		(12,631	)		(11,006	)
Interest Expense		(8,097	)		(6,682	)		(31,267	)		(27,056	)

	$	6,137		$	5,373		$	27,397		$	26,485