##### 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,
    2009oro

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 29.




---



##### 





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

Financial Statements


3Consolidated balance sheets  June 30, 2009 and
    December 31, 2008


3Consolidated statements of operations  Three and six
    months ended June 30, 2009 and 2008


4Consolidated statement of shareholders equity 
    Six months ended June 30, 2009


5Consolidated statements of cash flows  Six months
    ended June 30, 2009 and 2008


6Notes to consolidated financial statements 
    June 30, 2009


7Report of independent registered public accounting firm


18Item 2.

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


19Item 3.

Quantitative and Qualitative Disclosure About Market Risk


25Item 4.

Controls and Procedures


25PART II. OTHER INFORMATIONItem 1.

Legal Proceedings


26Item 1A.

Risk Factors


27Item 6.

Exhibits


27SIGNATURE


28EXHIBIT INDEX


29EX-31.1EX-31.2EX-32   2




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##### Table of Contents



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


December 31,2009


2008(Dollars in thousands)ASSETSCurrent AssetsCash and cash equivalents

$
10,363


$
17,623Accounts receivable, less allowances for doubtful accounts of
    $5,056 at June 30, 2009 and $3,044 at December 31, 2008


123,242



165,779Inventories


216,444



228,817Deferred tax assets


9,446



9,446Unbilled contract revenue


11,783



25,602Other current assets


15,611



19,266Total Current Assets


386,889



466,533Property, Plant and Equipment


248,555



245,739Less accumulated depreciation


164,637



156,91183,918



88,828Other AssetsGoodwill


4,100



4,109Other


65,387



63,375$
540,294


$
622,845LIABILITIES AND SHAREHOLDERS EQUITYCurrent LiabilitiesTrade accounts payable

$
72,730


$
122,107Accrued expenses


47,167



74,394Current portion of long-term debt


2,323



8,778Current portion of other postretirement benefits


2,290



2,290Total Current Liabilities


124,510



207,569Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


203,875



210,000Revolving credit


168,100



164,600Other long-term debt


6,827



2,283Deferred tax liability


9,090



9,090Other postretirement benefits and other long-term liabilities


23,492



24,093411,384



410,066Shareholders EquityCommon Stock


-0-



-0-Additional paid-in capital


55,362



56,112Retained deficit


(34,251
)


(33,800
)Accumulated other comprehensive loss


(16,711
)


(17,102
)4,400



5,210$
540,294


$
622,845   Note:
    The balance sheet at December 31, 2008 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
  CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)
  Three Months Ended


Six Months EndedJune 30,


June 30,2009


2008


2009


2008(Amounts in thousands)Net sales

$
163,405


$
285,940


$
344,655


$
553,030Cost of products sold


134,077



242,205



291,464



470,602Gross profit


29,328



43,735



53,191



82,428Selling, general and administrative expenses


21,277



27,025



42,608



52,229Gain on purchase of 8.375% senior subordinated notes


(3,096
)


-0-



(3,096
)


-0-Operating income


11,147



16,710



13,679



30,199Interest expense


6,387



6,632



12,588



13,896Income (loss) before income taxes


4,760



10,078



1,091



16,303Income taxes


810



3,374



1,542



5,376Net income (loss)

$
3,950


$
6,704


$
(451
)

$
10,927    4




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  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, 2009

$
-0-


$
56,112


$
(33,800
)

$
(17,102
)

$
5,210Comprehensive (loss):Net loss










(451
)






(451
)Foreign currency translation adjustment














(352
)


(352
)Pension and postretirement benefit adjustments, net of tax














743



743Comprehensive (loss)


















(60
)Distribution of capital to shareholder






(750
)










(750
)Balance at June 30, 2009

$
-0-


$
55,362


$
(34,251
)

$
(16,711
)

$
4,400    5




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
  Six Months EndedJune 30,2009


2008(Dollars in thousands)OPERATING ACTIVITIESNet (loss) income

$
(451
)

$
10,927Adjustments to reconcile net (loss) income to net cash used by
    operating activities:Depreciation and amortization


9,589



10,388Gain on purchase of 8.375% senior subordinated notes


(3,096
)


-0-Changes in operating assets and liabilities:Accounts receivable


42,537



(22,094
)Inventories and other current assets


29,847



(17,641
)Accounts payable and accrued expenses


(76,605
)


29,315Other


(3,595
)


(8,161
)Net Cash (Used) Provided by Operating Activities


(1,774
)


2,734INVESTING ACTIVITIESPurchases of property, plant and equipment, net


(3,295
)


(9,008
)Net Cash Used by Investing Activities


(3,295
)


(9,008
)FINANCING ACTIVITIES(Payments on) proceeds from long-term debt, net


(1,912
)


6,293Proceeds from revolving credit, net


3,500



19,000Distribution of capital to shareholder


(750
)


-0-Purchase of 8.375% senior subordinated notes


(3,029
)


-0-Net Cash (Used) Provided by Financing Activities


(2,191
)


25,293(Decrease) Increase in Cash and Cash Equivalents


(7,260
)


19,019Cash and Cash Equivalents at Beginning of Period


17,623



13,077Cash and Cash Equivalents at End of Period

$
10,363


$
32,096Taxes paid

$
3,743


$
4,002Interest paid


11,500



13,282    6




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
  June 30,
    2009
    (Dollar amounts in thousands, except per share data)
  NOTE A 
    Basis of
    Presentation  wholly-owned
  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 30,2009


2008


2009


2008Net sales:Supply Technologies

$
77,444


$
138,551


$
160,415


$
267,784Aluminum Products


21,635



43,984



43,993



84,520Manufactured Products


64,326



103,405



140,247



200,726$
163,405


$
285,940


$
344,655


$
553,030Income (loss) before income taxes:Supply Technologies

$
2,885


$
6,585


$
3,431


$
11,292Aluminum Products


(1,794
)


(62
)


(5,456
)


(1,117
)Manufactured Products


9,373



14,419



17,085



27,64110,464



20,942



15,060



37,816Corporate income (costs)


683



(4,232
)


(3,563
)


(7,617
)Interest expense


(6,387
)


(6,632
)


(12,588
)


(13,896
)Income (loss) before income taxes

$
4,760


$
10,078


$
(1,091
)

$
16,303  7




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##### Table of Contents



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


December 31,2009


2008Identifiable assets were as follows:Supply Technologies

$
224,617


$
256,161Aluminum Products


74,628



87,215Manufactured Products


224,045



242,057General corporate


17,004



37,412$
540,294


$
622,845   NOTE C 
    Recent
    Accounting Pronouncements        FAS 157-4,
 8




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
    FAS 107-1
      NOTE D 
    Inventories    June 30,


December 31,2009


2008Finished goods

$
114,751


$
129,939Work in process


31,034



29,648Raw materials and supplies


70,659



69,230$
216,444


$
228,817  9




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
   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 30,2009


2008


2009


2008


2009


2008


2009


2008Service costs

$
123


$
108


$
246


$
216


$
24


$
43


$
48


$
86Interest costs


694



722



1,388



1,444



296



290



592



580Expected return on plan assets


(1,758
)


(2,408
)


(3,517
)


(4,816
)


-0-



-0-



-0-



-0-Transition obligation


(10
)


(12
)


(20
)


(24
)


-0-



-0-



-0-



-0-Amortization of prior service cost


32



34



64



68



-0-



(13
)


-0-



(26
)Recognized net actuarial loss


231



(29
)


462



(58
)


119



71



238



142Benefit (income) costs

$
(688
)

$
(1,585
)

$
(1,377
)

$
(3,170
)

$
439


$
391


$
878


$
782     NOTE F 
    Comprehensive
    Income    Three Months Ended


Six Months EndedJune 30,


June 30,2009


2008


2009


2008Net income (loss)

$
3,950


$
6,704


$
(451
)

$
10,927Foreign currency translation


3,525



268



(352
)


1,615Unrealized loss on marketable securities, net of tax


-0-



(145
)


-0-



(145
)Pension and post retirement benefit adjustments, net of tax


372



41



743



82Total comprehensive income (loss)

$
7,847


$
6,868


$
(60
)

$
12,479     June 30,


December 31,2009


2008Foreign currency translation adjustment

$
3,630


$
3,982Pension and postretirement benefit adjustments, net of tax


(20,341
)


(21,084
)$
(16,711
)

$
(17,102
)  10




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
   NOTE G 
    Accrued
    Warranty Costs    2009


2008Balance at January 1

$
5,402


$
5,799Claims paid during the year


(786
)


(1,757
)Additional warranties issued during the first six months


740



4,368Balance at June 30

$
5,356


$
8,410   NOTE H 
    Income
    Taxes          NOTE I 
    Restructuring      Balance at December 31, 2008

$
545Cash payments made in 2009


(372
)Balance at June 30, 2009

$
173  11




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
   NOTE J 
    Contingencies      NOTE K 
    Supplemental Guarantor Information
     12




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING BALANCE SHEET
 June 30, 2009
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


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

$
(16,563
)

$
12,767


$
9,867


$
4,292


$
10,363Accounts receivable, net


(2,315
)


95,797



29,760



-0-



123,242Inventories


-0-



172,382



44,062



-0-



216,444Other current assets


10,157



14,293



4,993



(2,049
)


27,394Deferred tax assets


-0-



-0-



-0-



9,446



9,446Total Current Assets


(8,721
)


295,239



88,682



11,689



386,889Investment in subsidiaries


298,404



26,083



(26,083
)


(298,404
)


-0-Inter-company advances


409,046



266,207



12,193



(687,446
)


-0-Property, Plant and Equipment, net


2,698



76,619



10,645



(6,044
)


83,918Other Assets:Goodwill


-0-



1,346



2,754



-0-



4,100Other


11,512



47,053



4,363



2,459



65,387Total Other Assets


11,512



48,399



7,117



2,459



69,487Total Assets

$
712,939


$
712,547


$
92,554


$
(977,746
)

$
540,294LIABILITIES AND SHAREHOLDERS (DEFICIT) EQUITYCurrent Liabilities:Trade accounts payable

$
831


$
54,607


$
15,027


$
2,265


$
72,730Accrued expenses


1,431



33,196



12,540



-0-



47,167Current portion of long-term liabilities


-0-



99



2,184



2,330



4,613Total Current Liabilities


2,262



87,902



29,751



4,595



124,510Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


210,000



-0-



-0-



(6,125
)


203,875Revolving credit maturing on December 31, 2010


168,100



-0-



-0-



-0-



168,100Other long-term debt


-0-



4,529



1,641



657



6,827Deferred tax liability


7,686



-0-



1,485



(81
)


9,090Other postretirement benefits and other long-term liabilities


3,063



53,902



369



(33,842
)


23,492Total Long-Term Liabilities


388,849



58,431



3,495



(39,391
)


411,384Inter-company advances


325,016



321,071



21,154



(667,241
)


-0-Shareholders (Deficit) Equity


(3,188
)


245,143



38,154



(275,709
)


4,400Total Liabilities and Shareholders (Deficit) Equity

$
712,939


$
712,547


$
92,554


$
(977,746
)

$
540,294  13




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    UNAUDITED  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING BALANCE SHEET
 December 31, 2008
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


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

$
(1,960
)

$
339


$
10,504


$
8,740


$
17,623Accounts receivable, net


(425
)


124,167



42,037



-0-



165,779Inventories


-0-



185,852



42,965



-0-



228,817Other current assets


9,996



23,035



14,030



(2,193
)


44,868Deferred tax assets


-0-



-0-



-0-



9,446



9,446Total Current Assets


7,611



333,393



109,536



15,993



466,533Investment in subsidiaries


385,803



23,876



(23,876
)


(385,803
)


-0-Inter-company advances


408,900



417,572



9,065



(835,537
)


-0-Property, Plant and Equipment, net


3,119



74,923



10,786



-0-



88,828Other Assets:Goodwill


-0-



1,346



2,763



-0-



4,109Other


11,218



45,077



1,564



5,516



63,375Total Other Assets


11,218



46,423



4,327



5,516



67,484Total Assets

$
816,651


$
896,187


$
109,838


$
(1,199,831
)

$
622,845LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Trade accounts payable

$
3,726


$
92,134


$
17,880


$
8,367


$
122,107Accrued expenses


205



52,203



21,986



-0-



74,394Current portion of long-term liabilities


-0-



195



8,543



2,330



11,068Total Current Liabilities


3,931



144,532



48,409



10,697



207,569Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


210,000



-0-



-0-



-0-



210,000Revolving credit maturing on December 31, 2010


164,600



-0-



-0-



-0-



164,600Other long-term debt


-0-



547



1,776



(40
)


2,283Deferred tax liability


7,686



-0-



1,404



-0-



9,090Other postretirement benefits and other long-term liabilities


3,078



53,841



434



(33,260
)


24,093Total Long-Term Liabilities


385,364



54,388



3,614



(33,300
)


410,066Inter-company advances


426,584



371,557



13,830



(811,971
)


-0-Shareholders Equity


772



325,710



43,985



(365,257
)


5,210Total Liabilities and Shareholders Equity

$
816,651


$
896,187


$
109,838


$
(1,199,831
)

$
622,845  14




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    UNAUDITED  (Continued)
  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
)   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Six Months Ended June 30, 2008
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
452,932


$
100,098


$
-0-


$
553,030Cost of sales


-0-



395,785



74,817



-0-



470,602Gross profit


-0-



57,147



25,281



-0-



82,428Selling, general and administrative expenses


(25,717
)


33,437



14,485



30,024



52,229Operating income


25,717



23,710



10,796



(30,024
)


30,199Interest expense


13,468



588



88



(248
)


13,896Income before income taxes


12,249



23,122



10,708



(29,776
)


16,303Income taxes


1,495



-0-



3,881



-0-



5,376Net income

$
10,754


$
23,122


$
6,827


$
(29,776
)

$
10,927  15




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    UNAUDITED  (Continued)
  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   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Three Months Ended June 30, 2008
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
232,568


$
53,372


$
-0-


$
285,940Cost of sales


-0-



201,588



40,617



-0-



242,205Gross profit


-0-



30,980



12,755



-0-



43,735Selling, general and administrative expenses


(14,625
)


16,992



7,321



17,337



27,025Operating income


14,625



13,988



5,434



(17,337
)


16,710Interest expense


6,429



251



76



(124
)


6,632Income before income taxes


8,196



13,737



5,358



(17,213
)


10,078Income taxes


1,551



-0-



1,823



-0-



3,374Net income

$
6,645


$
13,737


$
3,535


$
(17,213
)

$
6,704  16




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    UNAUDITED  (Continued)
  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 from bank arrangements, net


3,500



-0-



-0-



-0-



3,500Proceeds from long term debt, net


-0-



4,582



-0-



-0-



4,582Principal payments on revolving credit and long term debt


-0-



-0-



(6,494
)


-0-



(6,494
)Net 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   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 For the Six Months Ended June 30, 2008
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


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

$
(49,768
)

$
51,836


$
666


$
-0-


$
2,734Cash flows from investing activities:Purchases of property, plant and equipment, net


(338
)


(7,769
)


(901
)


-0-



(9,008
)Net cash provided (used) in investing activities


(338
)


(7,769
)


(901
)


-0-



(9,008
)Cash flows from financing activities:Proceeds from bank arrangements


19,000



310



5,983



-0-



25,293Net cash provided (used) by financing activities


19,000



310



5,983



-0-



25,293Increase (decrease) in cash and cash equivalents


(31,106
)


44,377



5,748



-0-



19,019Cash and cash equivalents at beginning of period


844



607



11,626



-0-



13,077Cash and cash equivalents at end of period

$
(30,262
)

$
44,984


$
17,374


$
-0-


$
32,096  17




---



##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM             
    18




---



##### 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
       19




---



##### Table of Contents



Accounting
    Changes
        FAS 157-4,
  FAS 107-1
   20




---



##### Table of Contents



Results
    of Operations
  Six
    Months 2009 versus Six Months 2008
  Net
    Sales by Segment:
  Six MonthsEndedJune 30,





Percent2009


2008


Change


ChangeSupply Technologies

$
160.4


$
267.8


$
(107.4
)


(40
)%Aluminum Products


44.0



84.5



(40.5
)


(48
)%Manufactured Products


140.3



200.7



(60.4
)


(30
)%Consolidated Net Sales

$
344.7


$
553.0


$
(208.3
)


(38
)%   ramp-up.
  Cost
    of Products Sold & Gross Profit:
  Six MonthsEndedJune 30,





Percent2009


2008


Change


ChangeConsolidated cost of products sold

$
291.5


$
470.6


$
(179.1
)


(38
)%Consolidated gross profit

$
53.2


$
82.4


$
(29.2
)


(35
)%Gross margin


15.4
%


14.9
%      21




---



##### Table of Contents



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





Percent2009


2008


Change


ChangeConsolidated SG&A expenses

$
42.6


$
52.2


$
(9.6
)


(18
)%SG&A percent


12.4
%


9.4
%     Gain
    on Purchase of 8.375% Senior Subordinated
    Notes:
    Interest
    Expense:
  Six MonthsEndedJune 30,





Percent2009


2008


Change


ChangeInterest expense

$
12.6


$
13.9


$
(1.3
)

(9)%Average outstanding borrowings

$
379.2


$
384.0


$
(4.8
)

(1)%Average borrowing rate


6.64
%


7.24
%


(60
)

basis points     Income
    Tax:
    Results
    of Operations
  Second
    Quarter 2009 versus Second Quarter 2008
  Net
    Sales by Segment:
  Three MonthsEndedJune 30,





Percent2009


2008


Change


ChangeSupply Technologies

$
77.4


$
138.5


$
(61.1
)


(44
)%Aluminum Products


21.7



44.0



(22.3
)


(51
)%Manufactured Products


64.3



103.4



(39.1
)


(38
)%Consolidated Net Sales

$
163.4


$
285.9


$
(122.5
)


(43
)%  22




---



##### Table of Contents



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





Percent2009


2008


Change


ChangeConsolidated cost of products sold

$
134.1


$
242.2


$
(108.1
)


(45
)%Consolidated gross profit

$
29.3


$
43.7


$
(14.4
)


(33
)%Gross Margin


17.9
%


15.3
%       SG&A
    Expenses:
  Three MonthsEndedJune 30,





Percent2009


2008


Change


ChangeConsolidated SG&A expenses

$
21.3


$
27.0


$
(5.7
)


(21
)%SG&A percent


13.0
%


9.4
%     Gain
    on Purchase of 8.375% Senior Subordinated
    Notes:
    Interest
    Expense:
  Three MonthsEndedJune 30,





Percent2009


2008


Change


ChangeInterest expense

$
6.4


$
6.6


$
(.2
)

(3)%Average outstanding borrowings

$
376.9


$
390.2


$
(13.3
)

(3)%Average borrowing rate


6.79
%


6.80
%


(01
)

basis points  23




---



##### Table of Contents



Income
    Tax:
    Seasonality;
    Variability of Operating Results
      Forward-Looking
    Statements
  Form 10-Q
  Review By
    Independent Registered Public Accounting Firm
   24




---



##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosure About Market Risk        Item 4.
    Controls
    and Procedures  Rules 13a-15(e)
     25




---



##### Table of Contents



PART II



OTHER
    INFORMATION  Item 1.
    Legal
    Proceedings             26




---



##### Table of Contents



Item 1A.
    Risk
    Factors  Form 10-K
  The
    current global financial crisis may have significant effects on
    our customers that would result in our inability to borrow or to
    meet our debt service coverage ratio in our revolving credit
    facility.
    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  27




---



##### Table of Contents



SIGNATURE        By
    /s/  Jeffrey
    L. Rutherford  Name:     Jeffrey L. Rutherford
    Title:
    Vice President and Chief Financial Officer
    (Principal Financial and Accounting Officer)   28




---



##### Table of Contents



EXHIBIT INDEX
    QUARTERLY REPORT ON
    FORM 10-Q
    PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
    FOR THE QUARTER ENDED JUNE 30, 2009 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  29