Park-Ohio Reports Substantially Increased Sales and Profit in Third Quarter 2004
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FOR IMMEDIATE RELEASE
PARK-OHIO HOLDINGS CORP.
(216) 692-7200
CONTACT: EDWARD F. CRAWFORD
CLEVELAND, OHIO, October 28, 2004 -- Park-Ohio Holdings Corp. (NASDAQ:PKOH), today announced results for its third quarter ended September 30, 2004.
NINE MONTHS RESULTS
Park-Ohio reported net income of $16.5 million or $1.48 per share dilutive for the first nine months of 2004, a 217% increase on net income of $5.2 million or $.48 per share dilutive in the same period of 2003. Park Ohio reported net sales of $594.2 million for the first nine months of 2004, a 29% increase on sales of $461.6 million in the same period of 2003.
THIRD QUARTER RESULTS
Park-Ohio reported net income of $4.0 million or $.36 per share dilutive for the third quarter of 2004, compared to net income of $0.1 million or $.01 per share dilutive in the same period of 2003. Park Ohio reported net sales of $200.9 million for third quarter 2004, a 37% increase on sales of $146.8 million in the same quarter of 2003.
Edward F. Crawford, Chairman and Chief Executive Officer, stated, “We continue to benefit from increased revenue and lower operating expenses. The operations of the newly-acquired Amcast Components Group have been successfully integrated with our General Aluminum division.”
A conference call reviewing Park-Ohio’s third quarter results will be broadcast live over the Internet on Friday, October 29, commencing at 10:00 am EDT. Simply log on to 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 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 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.
****SEE ATTACHMENT FOR ENTIRE RELEASE AND FINANCIAL TABLES ****
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Oct 28, 2004 |
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