##### Table of Contents





UNITED STATES SECURITIES AND
    EXCHANGE COMMISSIONWashington, D.C.
    20549
  Form 10-Q
   (Mark One)þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)  OF THE
    SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended
    June 30,
    2010oro

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission file number 333-43005-01
  Park-Ohio Industries,
    Inc.
 (Exact name of registrant as
    specified in its charter)
   Ohio(State or other jurisdiction ofincorporation or organization)6065 Parkland Boulevard, Cleveland, Ohio(Address of principal executive offices)

34-6520107(I.R.S. EmployerIdentification No.)44124(Zip Code)   440/947-2000
 (Registrants telephone number, including area code)
  Pursuant to a corporate reorganization effective
    June 15, 1998,
 Park-Ohio Industries, Inc. became a wholly-owned subsidiary
    of Park-Ohio Holdings Corp.
       (1)
    Has filed all reports required to be filed by Section 13 or
    15(d) of the Securities Exchange Act of 1934 during the
    preceding twelve months (or for such shorter period that the
    registrant was required to file such reports) and(2)
    Has been subject to such filing requirements for the past
    90 days.  Yes o     No þ  Regulation S-T o o
    Large
    accelerated filer
    o
    Accelerated
    filer
    o
    
    Non-accelerated
    filer þ
    
    Smaller
    reporting
    Company o   Rule 12b-2 o þ
     The
    Exhibit Index is located on page 27.




---



##### 





PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  INDEX
   
 PagePART I. FINANCIAL
    INFORMATIONItem 1.

Financial Statements


3Condensed consolidated balance sheets 
    June 30, 2010 and December 31, 2009


3Condensed consolidated statements of
    operations  Three and six months ended June 30,
    2010 and 2009


4Condensed consolidated statement of
    shareholders equity  Six months ended
    June 30, 2010


5Condensed consolidated statements of cash
    flows  Six months ended June 30, 2010 and
    2009


6Notes to unaudited condensed consolidated
    financial statements  June 30, 2010


7Report of independent registered public
    accounting firm


17Item 2.

Managements Discussion and Analysis of
    Financial Condition and Results of Operations


18Item 3.

Quantitative and Qualitative Disclosure About
    Market Risk


22Item 4.

Controls and Procedures


23PART II. OTHER INFORMATIONItem 1.

Legal Proceedings


24Item 1A.

Risk Factors


25Item 6.

Exhibits


25SIGNATURE


26EXHIBIT INDEX


27EX-31.1EX-31.2EX-32   2




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##### Table of Contents



PART I.
    Financial Information ITEM 1.
    Financial
    Statements  PARK-OHIO
    HOLDINGS CORP. AND SUBSIDIARIES
  CONDENSED
    CONSOLIDATED BALANCE SHEETS
  (Unaudited)June 30,


December 31,2010


2009(Dollars in thousands)ASSETSCurrent AssetsCash and cash equivalents

$
27,136


$
21,976Accounts receivable, less allowances for doubtful accounts of
    $4,182 at June 30, 2010 and $8,388 at December 31, 2009


119,878



104,643Inventories


169,115



182,116Deferred tax assets


8,104



8,104Unbilled contract revenue


15,263



19,411Other current assets


2,507



13,783Total Current Assets


342,003



350,033Property, Plant and Equipment


246,454



242,505Less accumulated depreciation


176,531



167,54669,923



74,959Other AssetsGoodwill


3,738



4,155Other


78,943



70,695$
494,607


$
499,842LIABILITIES AND SHAREHOLDERS EQUITYCurrent LiabilitiesTrade accounts payable

$
83,687


$
75,078Accrued expenses


46,424



39,074Current portion of long-term debt


11,882



10,894Current portion of other postretirement benefits


2,197



2,197Total Current Liabilities


144,190



127,243Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


183,835



183,835Revolving credit and term loan facility


117,300



134,600Other long-term debt


4,562



4,668Deferred tax liability


7,200



7,200Other postretirement benefits and other long-term liabilities


23,562



21,831336,459



352,134Shareholders EquityCommon Stock


-0-



-0-Additional paid-in capital


47,850



55,362Retained deficit


(23,278
)


(29,783
)Accumulated other comprehensive (loss)


(10,614
)


(5,114
)13,958



20,465$
494,607


$
499,842   Note:
    The balance sheet at December 31, 2009 has been derived
    from the audited financial statements at that date, but does not
    include all of the information and footnotes required by
    generally accepted accounting principles for complete financial
    statements.   3




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  CONDENSED
    CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
  Three Months Ended


Six Months EndedJune 30,


June 30,2010


2009


2010


2009(Amounts in thousands, except per share data)Net sales

$
198,303


$
163,405


$
390,004


$
344,655Cost of products sold


165,005



134,077



327,368



291,464Gross profit


33,298



29,328



62,636



53,191Selling, general and administrative expenses


21,786



21,277



42,242



42,608Operating income


11,512



8,051



20,394



10,583Gain on purchase of 8.375% senior subordinated notes


-0-



(3,096
)


-0-



(3,096
)Interest expense


6,187



6,387



11,642



12,588Income before income taxes


5,325



4,760



8,752



1,091Income taxes


1,379



810



2,247



1,542Net income (loss)

$
3,946


$
3,950


$
6,505


$
(451
)    4




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  CONDENSED
    CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
    (UNAUDITED)
  AccumulatedAdditional





OtherCommon


Paid-In


Retained


ComprehensiveStock


Capital


Deficit


Income (Loss)


Total(Dollars in thousands)Balance at January 1, 2010

$
-0-


$
55,362


$
(29,783
)

$
(5,114
)

$
20,465Comprehensive income:Net income










6,505







6,505Foreign currency translation adjustment














(5,890
)


(5,890
)Pension and post retirement benefit adjustments, net of tax














390



390Comprehensive income


















1,005Capital contribution from shareholder






(6,762
)










(6,762
)Distribution of capital to shareholder






(750
)










(750
)Balance at June 30, 2010

$
-0-


$
47,850


$
(23,278
)

$
(10,614
)

$
13,958    5




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  CONDENSED
    CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
  Six Months EndedJune 30,2010


2009(Dollars in thousands)OPERATING ACTIVITIESNet income (loss)

$
6,505


$
(451
)Adjustments to reconcile net income (loss) to net cash provided
    (used) by operating activities:Depreciation and amortization


8,433



9,589Gain on purchase of 8.375% senior subordinated notes


-0-



(3,096
)Changes in operating assets and liabilities:Accounts receivable


(15,235
)


42,537Inventories and other current assets


28,425



29,847Accounts payable and accrued expenses


15,958



(76,605
)Other


(9,151
)


(3,595
)Net Cash Provided (Used) by Operating Activities


34,935



(1,774
)INVESTING ACTIVITIESPurchases of property, plant and equipment, net


(1,999
)


(3,295
)Net Cash (Used) by Investing Activities


(1,999
)


(3,295
)FINANCING ACTIVITIES(Payments on) proceeds from debt, net


(16,417
)


1,588Debt issue costs


(3,847
)


-0-Distribution of capital to shareholder


(750
)


(750
)Capital contribution from parent


(6,762
)


-0-Purchase of 8.375% senior subordinated notes


-0-



(3,029
)Net Cash (Used) by Financing Activities


(27,776
)


(2,191
)Increase (Decrease) in Cash and Cash Equivalents


5,160



(7,260
)Cash and Cash Equivalents at Beginning of Period


21,976



17,623Cash and Cash Equivalents at End of Period

$
27,136


$
10,363Taxes paid

$
945


$
3,743Interest paid


11,268



11,500    6




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED
    FINANCIAL STATEMENTS 
    June 30, 2010
    (Dollars in thousands)
  NOTE A 
    Basis of
    Presentation    Form 10-Q Regulation S-X. Form 10-K
  NOTE B 
    Segments  tm tm just-in-time point-of-use
    Three Months Ended


Six Months EndedJune 30,


June 30,2010


2009


2010


2009Net sales:Supply Technologies

$
97,185


$
77,444


$
191,423


$
160,415Aluminum products


37,572



21,635



74,160



43,993Manufactured products


63,546



64,326



124,421



140,247$
198,303


$
163,405


$
390,004


$
344,655Income (loss) before income taxes:Supply Technologies

$
5,311


$
2,885


$
9,795


$
3,431Aluminum products


2,299



(1,794
)


4,235



(5,456
)Manufactured products


7,597



9,373



12,529



17,08515,207



10,464



26,559



15,060Corporate costs


(3,695
)


683



(6,165
)


(1,381
)Interest expense


(6,187
)


(6,387
)


(11,642
)


(12,588
)Income (loss) before income taxes

$
5,325


$
4,760


$
8,752


$
1,091   7




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  June 30,


December 31,2010


2009Identifiable assets were as follows:Supply Technologies

$
212,538


$
207,729Aluminum products


77,198



76,443Manufactured products


168,631



178,715General corporate


36,240



36,955$
494,607


$
499,842   NOTE C 
    Recent
    Accounting Pronouncements  ASC 810-10,
  NOTE D 
    Inventories    June 30,


December 31,2010


2009Finished goods

$
96,223


$
100,309Work in process


24,584



26,778Raw materials and supplies


48,308



55,029$
169,115


$
182,116   NOTE E 
    Pension
    Plans and Other Postretirement Benefits    Pension Benefits


Postretirement BenefitsThree Months


Six Months


Three Months


Six MonthsEnded June 30,


Ended June 30,


Ended June 30,


Ended June 30,2010


2009


2010


2009


2010


2009


2010


2009Service costs

$
81


$
123


$
162


$
246


$
9


$
24


$
18


$
48Interest costs


643



694



1,286



1,388



248



296



496



592Expected return on plan assets


(1,984
)


(1,758
)


(3,968
)


(3,517
)


-0-



-0-



-0-



-0-Transition obligation


(10
)


(10
)


(20
)


(20
)


-0-



-0-



-0-



-0-Amortization of prior service cost


15



32



30



64



(24
)


-0-



(48
)


-0-Recognized net actuarial loss


82



231



164



462



107



119



214



238Benefit (income) costs

$
(1,173
)

$
(688
)

$
(2,346
)

$
(1,377
)

$
340


$
439


$
680


$
878  8




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    NOTE F 
    Comprehensive
    Income    Three Months Ended


Six Months EndedJune 30,


June 30,2010


2009


2010


2009Net income (loss)

$
3,946


$
3,950


$
6,505


$
(451
)Foreign currency translation


(3,863
)


3,525



(5,890
)


(352
)Pension and post retirement benefit adjustments, net of tax


195



372



390



743Total comprehensive income (loss)

$
278


$
7,847


$
1,005


$
(60
)     June 30,


December 31,2010


2009Foreign currency translation adjustment

$
1,060


$
6,950Pension and postretirement benefit adjustments, net of tax


(11,674
)


(12,064
)$
(10,614
)

$
(5,114
)   NOTE G 
    Accrued
    Warranty Costs    2010


2009Balance at January 1

$
2,760


$
5,402Claims paid during the year


(541
)


(786
)Additional warranties issued during the first six months


907



740Balance at June 30

$
3,126


$
5,356   NOTE H 
    Income
    Taxes       9




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      NOTE I 
    Fair
    Value Measurements    Level 1
  Level 2
  Level 3
    NOTE J 
    Financing
    Arrangement   10




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    June 30,


December 31,2010


20098.375% senior subordinated notes due 2014

$
183,835


$
183,835Revolving credit


86,800



101,200Term loan A


27,300



28,000Term loan B


10,800



12,000Other


8,844



8,962317,579



333,997Less current maturities


11,882



10,894Total

$
305,697


$
323,103   NOTE K 
    Accounts
    Receivable    NOTE L 
    Supplemental Guarantor Information
     11




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING BALANCE SHEET
 June 30, 2010
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)ASSETSCurrent Assets:Cash and cash equivalents

$
(3,845
)

$
1,431


$
27,835


$
1,715


$
27,136Accounts receivable, net


(1,300
)


91,125



30,053



-0-



119,878Inventories


-0-



140,093



29,022



-0-



169,115Other current assets


8,656



17,561



7,319



(15,766
)


17,770Deferred tax assets


-0-



-0-



-0-



8,104



8,104Total Current Assets


3,511



250,210



94,229



(5,947
)


342,003Investment in subsidiaries


333,115



26,193



(25,176
)


(334,132
)


-0-Inter-company advances


364,101



301,360



27,645



(693,106
)


-0-Property, Plant and Equipment, net


2,369



69,127



4,472



(6,045
)


69,923Other Assets:Goodwill


-0-



1,346



2,392



-0-



3,738Other


30,449



41,753



15,614



(8,873
)


78,943Total Other Assets


30,449



43,099



18,006



(8,873
)


82,681Total Assets

$
733,545


$
689,989


$
119,176


$
(1,048,103
)

$
494,607LIABILITIES AND SHAREHOLDERS (DEFICIT) EQUITYCurrent Liabilities:Trade accounts payable

$
3,924


$
66,141


$
13,304


$
318


$
83,687Accrued expenses


3,077



31,616



11,731



-0-



46,424Current portion of long-term liabilities


6,600



228



3,950



3,301



14,079Total Current Liabilities


13,601



97,985



28,985



3,619



144,190Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


210,000



-0-



-0-



(26,165
)


183,835Revolving credit maturing on June 30, 2013


118,300



-0-



-0-



(1,000
)


117,300Other long-term debt


-0-



4,000



-0-



562



4,562Deferred tax liability


6,007



-0-



1,234



(41
)


7,200Other postretirement benefits and other long-term liabilities


5,289



51,790



272



(33,789
)


23,562Total Long-Term Liabilities


339,596



55,790



1,506



(60,433
)


336,459Inter-company advances


382,126



264,504



42,231



(688,861
)


-0-Shareholders (Deficit) Equity


(1,778
)


271,710



46,454



(302,428
)


13,958Total Liabilities and Shareholders (Deficit) Equity

$
733,545


$
689,989


$
119,176


$
(1,048,103
)

$
494,607  12




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING BALANCE SHEET
 December 31, 2009
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)ASSETSCurrent assets:Cash and cash equivalents

$
(2,876
)

$
1,613


$
21,839


$
1,400


$
21,976Accounts receivable, net


(1,300
)


84,669



24,477



(3,203
)


104,643Inventories


-0-



148,658



33,458



-0-



182,116Other current assets


8,769



18,365



9,878



(3,818
)


33,194Deferred tax assets


-0-



-0-



-0-



8,104



8,104Total Current Assets


4,593



253,305



89,652



2,483



350,033Investment in subsidiaries


313,315



26,129



(26,129
)


(313,315
)


-0-Inter-company advances


383,098



292,128



21,935



(697,161
)


-0-Property, Plant and Equipment, net


(464
)


70,962



10,506



(6,045
)


74,959Other Assets:Goodwill


-0-



1,346



2,809



-0-



4,155Other


25,864



38,660



14,528



(8,357
)


70,695Total Other Assets


25,864



40,006



17,337



(8,357
)


74,850Total Assets

$
726,406


$
682,530


$
113,301


$
(1,022,395
)

$
499,842LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Trade accounts payable

$
3,360


$
55,920


$
14,375


$
1,423


$
75,078Accrued expenses


1,581



25,889



11,604



-0-



39,074Current portion of long-term liabilities


6,600



102



2,163



4,226



13,091Total Current Liabilities


11,541



81,911



28,142



5,649



127,243Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


210,000



-0-



-0-



(26,165
)


183,835Revolving credit maturing on June 30, 2013


134,600



-0-



-0-



-0-



134,600Other long-term debt


-0-



4,409



1,623



(1,364
)


4,668Deferred tax liability


6,007



-0-



1,193



-0-



7,200Other postretirement benefits and other long-term liabilities


2,710



52,637



314



(33,830
)


21,831Total Long-Term Liabilities


353,317



57,046



3,130



(61,359
)


352,134Inter-company advances


361,789



286,093



37,505



(685,387
)


-0-Shareholders Equity


(241
)


257,480



44,524



(281,298
)


20,465Total Liabilities and Shareholders Equity

$
726,406


$
682,530


$
113,301


$
(1,022,395
)

$
499,842  13




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Six Months Ended June 30, 2010
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
320,925


$
69,079


$
-0-


$
390,004Cost of sales


-0-



275,138



52,230



-0-



327,368Gross profit


-0-



45,787



16,849



-0-



62,636Selling, general and administrative expenses


(18,623
)


28,397



8,388



24,080



42,242Operating income


18,623



17,390



8,461



(24,080
)


20,394Interest expense


12,170



324



458



(1,310
)


11,642Income before income taxes


6,453



17,066



8,003



(22,770
)


8,752Income taxes


820



39



1,388



-0-



2,247Net income

$
5,633


$
17,027


$
6,615


$
(22,770
)

$
6,505   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Six Months Ended June 30, 2009
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
287,488


$
57,167


$
-0-


$
344,655Cost of sales


-0-



248,721



42,743



-0-



291,464Gross profit


-0-



38,767



14,424



-0-



53,191Selling, general and administrative expenses


(4,749
)


26,491



10,000



10,866



42,608Gain on purchase of 8.375% senior subordinated rates


-0-



-0-



-0-



(3,096
)


(3,096
)Operating income


4,749



12,276



4,424



(7,770
)


13,679Interest expense


11,926



529



327



(194
)


12,588Income (loss) before income taxes


(7,177
)


11,747



4,097



(7,576
)


1,091Income taxes


(128
)


24



1,646



-0-



1,542Net income (loss)

$
(7,049
)

$
11,723


$
2,451


$
(7,576
)

$
(451
)  14




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Three Months Ended June 30, 2010
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
162,981


$
35,322


$
-0-


$
198,303Cost of sales


-0-



138,477



26,528



-0-



165,005Gross profit


-0-



24,504



8,794



-0-



33,298Selling, general and administrative expenses


(10,709
)


14,868



3,848



13,779



21,786Operating income


10,709



9,636



4,946



(13,779
)


11,512Interest expense


6,604



93



136



(646
)


6,187Income before income taxes


4,105



9,543



4,810



(13,133
)


5,325Income taxes


80



-0-



1,299



-0-



1,379Net income

$
4,025


$
9,543


$
3,511


$
(13,133
)

$
3,946   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Three Months Ended June 30, 2009
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
134,725


$
28,680


$
-0-


$
163,405Cost of sales


-0-



112,947



21,130



-0-



134,077Gross profit


-0-



21,778



7,550



-0-



29,328Selling, general and administrative expenses


(3,708
)


11,166



5,439



8,380



21,277Gain on purchase of 8.375% senior subordinated notes


-0-



-0-



-0-



(3,096
)


(3,096
)Operating income


3,708



10,612



2,111



(5,284
)


11,147Interest expense


5,963



315



100



9



6,387Income (loss) before income taxes


(2,255
)


10,297



2,011



(5,293
)


4,760Income taxes


160



-0-



650



-0-



810Net income (loss)

$
(2,415
)

$
10,297


$
1,361


$
(5,293
)

$
3,950  15




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 For the Six Months Ended June 30, 2010
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net cash provided (used) by operations

$
26,930


$
7,709


$
296


$
-0-


$
34,935Cash flows from investing activities:Purchases of property, plant and equipment, net


(25
)


(7,510
)


5,536



-0-



(1,999
)Net cash provided (used) in investing activities


(25
)


(7,510
)


5,536



-0-



(1,999
)Cash flows from financing activities:(Payments) Proceeds on debt


(16,200
)


(381
)


164



-0-



(16,417
)Distribution of capital to shareholder


(750
)


-0-



-0-



-0-



(750
)Capital contributions from parent


(6,762
)


-0-



-0-



-0-



(6,762
)Debt issue costs


(3,847
)


-0-



-0-



-0-



(3,847
)Net cash provided (used) by financing activities


(27,559
)


(381
)


164



-0-



(27,776
)(Decrease) increase in cash and cash equivalents


(654
)


(182
)


5,996



-0-



5,160Cash and cash equivalents at beginning of period


(1,476
)


1,613



21,839



-0-



21,976Cash and cash equivalents at end of period

$
(2,130
)

$
1,431


$
27,835


$
-0-


$
27,136   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 For the Six Months Ended June 30, 2009
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net cash provided (used) by operations

$
(22,027
)

$
10,586


$
9,667


$
-0-


$
(1,774
)Cash flows from investing activities:Purchases of property, plant and equipment, net


226



(2,740
)


(781
)


-0-



(3,295
)Net cash provided (used) in investing activities


226



(2,740
)


(781
)


-0-



(3,295
)Cash flows from financing activities:Distribution of capital to shareholder


(750
)


-0-



-0-



-0-



(750
)Purchase of 8.375% senior subordinated notes


-0-



-0-



(3,029
)


-0-



(3,029
)Proceeds (Payments) on debt


3,500



4,582



(6,494
)


-0-



1,588Net cash provided (used) by financing activities


2,750



4,582



(9,523
)


-0-



(2,191
)Increase (decrease) in cash and cash equivalents


(19,051
)


12,428



(637
)


-0-



(7,260
)Cash and cash equivalents at beginning of period


6,780



339



10,504



-0-



17,623Cash and cash equivalents at end of period

$
(12,271
)

$
12,767


$
9,867


$
-0-


$
10,363  16




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM             
    17




---



##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations    Executive
    Overview
  tm tm tm just-in-time point-of-use sub-assemblers
      Critical
    Accounting Policies
  Form 10-K. Form 10-Q.
 18




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##### Table of Contents



Results
    of Operations
  Six
    Months 2010 versus Six Months 2009
  Net
    Sales by Segment:
  Six MonthsEndedJune 30,





Percent2010


2009


Change


Change(Dollars in millions)Supply Technologies

$
191.4


$
160.4


$
31.0



19
%Aluminum Products


74.2



44.0



30.2



69
%Manufactured Products


124.4



140.3



(15.9
)


(11
)%Consolidated Net Sales

$
390.0


$
344.7


$
45.3



13
%   heavy-duty
  Cost
    of Products Sold & Gross Profit:
  Six MonthsEndedJune 30,





Percent2010


2009


Change


Change(Dollars in millions)Consolidated cost of products sold

$
327.4


$
291.5


$
35.9



12
%Consolidated gross profit

$
62.6


$
53.2


$
9.4



18
%Gross Margin


16.1
%


15.4
%       Selling,
    General & Administrative (SG&A)
    Expenses:
  Six MonthsEndedJune 30,



Percent2010

2009

Change

Change(Dollars in millions)Consolidated SG&A expenses

$
42.2


$
42.6


$
(.4
)


(1
)%SG&A percent


10.8
%


12.4
%    19




---



##### Table of Contents



Gain
    on Purchase of 8.375% Senior Subordinated
    Notes:
    Interest
    Expense:
  Six MonthsEndedJune 30,





Percent2010


2009


Change


Change(Dollars in millions)Interest expense

$
11.6


$
12.6


$
(1.0
)

(8)%Average outstanding borrowings

$
328.3


$
379.2


$
(50.9
)

(13)%Average borrowing rate


7.07
%


6.64
%


43


basis points     Income
    Tax:
    Results
    of Operations
  Second
    Quarter 2010 versus Second Quarter 2009
  Net
    Sales by Segment:
  Three MonthsEndedJune 30,





Percent2010


2009


Change


Change(Dollars in millions)Supply Technologies

$
97.2


$
77.4


$
19.8



26
%Aluminum Products


37.6



21.7



15.9



73
%Manufactured Products


63.5



64.3



(.8
)


(1
)%Consolidated Net Sales

$
198.3


$
163.4


$
34.9



21
%    20




---



##### Table of Contents



Cost
    of Products Sold & Gross Profit:
  Three MonthsEndedJune 30,





Percent2010


2009


Change


Change(Dollars in millions)Consolidated cost of products sold

$
165.0


$
134.1


$
30.9



23
%Consolidated gross profit

$
33.3


$
29.3


$
4.0



14
%Gross Margin


16.8
%


17.9
%       SG&A
    Expenses:
  Three MonthsEndedJune 30,



Percent2010

2009

Change

Change(Dollars in millions)Consolidated SG&A expenses

$
21.8


$
21.3


$
.5



2
%SG&A percent


11.0
%


13.0
%     Gain
    on Purchase of 8.375% Senior Subordinated
    Notes:
    Interest
    Expense:
  Three MonthsEndedJune 30,





Percent2010


2009


Change


Change(Dollars in millions)Interest expense

$
6.2


$
6.4


$
(.2
)

(3)%Average outstanding borrowings

$
325.9


$
376.9


$
(51.0
)

(14)%Average borrowing rate


7.57
%


6.79
%


78


basis points    21




---



##### Table of Contents



Income
    Tax:
    Seasonality;
    Variability of Operating Results
      Forward-Looking
    Statements
  Form 10-Q
  Review By
    Independent Registered Public Accounting Firm
    Item 3.
    Quantitative
    and Qualitative Disclosure About Market Risk   22




---



##### Table of Contents



Item 4.
    Controls
    and Procedures  Rules 13a-15(e)
     23




---



##### Table of Contents



PART II



OTHER
    INFORMATION Item 1.
    Legal
    Proceedings             24




---



##### Table of Contents



Item 1A.
    Risk
    Factors  Form 10-K
  Item 6.
    Exhibits    31
.1

Principal Executive Officers Certification Pursuant to
    Section 302 of the Sarbanes-Oxley Act of 200231
.2

Principal Financial Officers Certification Pursuant to
    Section 302 of the Sarbanes-Oxley Act of 200232


Certification requirement under Section 906 of the
    Sarbanes-Oxley Act of 2002  25




---



##### Table of Contents



SIGNATURE
        By
    /s/  Jeffrey
    L. Rutherford   Title:
    Vice President and Chief Financial Officer 
   26




---



##### Table of Contents



EXHIBIT INDEX
    QUARTERLY REPORT ON
    FORM 10-Q
    PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
    FOR THE QUARTER ENDED JUNE 30, 2010
  Exhibit31
.1

Principal Executive Officers Certification Pursuant to
    Section 302 of the Sarbanes-Oxley Act of 200231
.2

Principal Financial Officers Certification Pursuant to
    Section 302 of the Sarbanes-Oxley Act of 200232


Certification requirement under Section 906 of the
    Sarbanes-Oxley Act of 2002  27