##### Table of Contents



UNITED STATES
 SECURITIES AND EXCHANGE
    COMMISSION
 Washington, 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
    March 31, 2007oro

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
 Park-Ohio Industries,
    Inc.
 (Exact name of registrant as
    specified in its charter)
  Ohio(State or other
    jurisdiction of
    incorporation or organization)

34-6520107(I.R.S. Employer
    Identification No.)23000 Euclid Avenue, Cleveland,
    Ohio(Address of principal
    executive offices)

44117(Zip
    Code)   216/692-7200
    (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  Rule 12b-2
  o o þ
  Rule 12b-2
  Yes o     No þ




---



##### 



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


Financial
    Statements


3Consolidated
    balance sheets  March 31, 2007 and
    December 31, 2006


3Consolidated
    statements of income  Three months ended
    March 31, 2007 and 2006


4Consolidated
    statement of shareholders equity  Three months
    ended March 31, 2007


5Consolidated
    statements of cash flows  Three months ended
    March 31, 2007 and 2006


6Notes to
    consolidated financial statements  March 31,
    2007


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


23Item 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-32.1   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)March 31,


December 31,2007


2006(Dollars in thousands)ASSETSCurrent AssetsCash and cash equivalents

$
19,956


$
20,872Accounts receivable, less
    allowances for doubtful accounts of $3,901 at March 31,
    2007 and $4,305 at December 31, 2006


195,934



181,893Inventories


220,880



223,936Deferred tax assets


34,142



34,142Other current assets


29,692



29,715Total Current Assets


500,604



490,558Property, Plant and Equipment


254,109



248,830Less accumulated depreciation


150,735



146,352103,374



102,478Other AssetsGoodwill


98,246



98,180Net assets held for sale


4,331



4,967Other


88,903



87,877$
795,458


$
784,060LIABILITIES AND
    SHAREHOLDERS EQUITYCurrent LiabilitiesTrade accounts payable

$
112,734


$
132,859Accrued expenses


84,585



78,225Current portion of long-term
    liabilities


8,283



5,873Total Current Liabilities


205,602



216,957Long-Term Liabilities, less
    current portion
    8.375% Senior Subordinated Notes due 2014


210,000



210,000Revolving credit


171,800



156,700Other long-term debt


4,544



4,790Deferred tax liability


32,089



32,089Other postretirement benefits and
    other long-term liabilities


28,734



24,434447,167



428,013Shareholders EquityCommon Stock, par value $1 a share


-0-



-0-Additional paid-in capital


64,844



64,844Retained earnings


71,325



68,422Accumulated other comprehensive
    income


6,520



5,824142,689



139,090$
795,458


$
784,060   Note:
    The balance sheet at December 31, 2006 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 INCOME
    (UNAUDITED)
  Three Months EndedMarch 31,2007


2006(Dollars in thousands)Net sales

$
267,886


$
260,221Cost of products sold


229,277



223,334Gross profit


38,609



36,887Selling, general and
    administrative expenses


24,885



21,453Operating income


13,724



15,434Interest expense


8,007



7,370Income before income taxes


5,717



8,064Income taxes


2,206



3,073Net income

$
3,511


$
4,991    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


Earnings


Income


Total(Dollars in thousands)Balance at January 1, 2007

$
-0-


$
64,844


$
68,422


$
5,824


$
139,090Adjustment relating to adoption of
    FIN 48










(608
)






(608
)Comprehensive income:Net income










3,511







3,511Foreign currency translation
    adjustment














618



618Pension and postretirement benefit
    adjustments, net of tax














78



78Comprehensive income


















4,207Balance at March 31, 2007

$
-0-


$
64,844


$
71,325


$
6,520


$
142,689    5




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENTS OF CASH FLOWS
    (UNAUDITED)
  Three Months EndedMarch 31,2007


2006(Dollars in thousands)OPERATING ACTIVITIESNet income

$
3,511


$
4,991Adjustments to reconcile net
    income to net cash used by operating activities:Depreciation and amortization


5,247



4,780Changes in operating assets and
    liabilities:Accounts receivable


(14,041
)


(26,501
)Inventories and other current
    assets


3,079



(21,492
)Accounts payable and accrued
    expenses


(13,765
)


18,997Other


3,233



(952
)Net Cash Used by Operating
    Activities


(12,736
)


(20,177
)INVESTING ACTIVITIESPurchases of property, plant and
    equipment, net


(5,444
)


(3,370
)Acquisitions, net of cash acquired


-0-



(3,219
)Net Cash Used by Investing
    Activities


(5,444
)


(6,589
)FINANCING ACTIVITIESProceeds from debt, net


17,264



22,370Net Cash Provided by Financing
    Activities


17,264



22,370(Decrease) in Cash and Cash
    Equivalents


(916
)


(4,396
)Cash and Cash Equivalents at
    Beginning of Period


20,872



17,868Cash and Cash Equivalents at End
    of Period

$
19,956


$
13,472Taxes paid

$
574


$
1,182Interest paid


2,895



2,236    6




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)
  March 31, 2007
 (Dollar amounts in thousands)
  NOTE A 
    Basis of Presentation
    Form 10-Q Regulation S-X. Form 10-K
  NOTE B 
    Recent Accounting Pronouncements
            accrue-in-advance
 7




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
     Form 10-K
    NOTE C 
    Acquisitions
    Regulation S-X.
 8




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
    Cash acquisition price, less cash
    acquired

$
20,053AssetsAccounts receivable


(11,460
)Inventories


(4,326
)Other current assets


(201
)Equipment


(365
)Intangible assets subject to
    amortization


(8,020
)Other assets


(724
)LiabilitiesAccounts payable


8,989Accrued expenses and other current
    liabilities


3,904Deferred tax liability


3,128Goodwill

$
10,978   No. 95-3,
  Severance and


Exit andPersonnel


Relocation


TotalBalance at October 18, 2006

$
-0-


$
-0-


$
-0-Add: Accruals


650



250



900Less: Payments


(136
)


(46
)


(182
)Balance at December 31, 2006


514



204



718Add: Accruals


-0-



-0-



-0-Less: Payments


(188
)


(82
)


(270
)Balance at March 31, 2007

$
326


$
122


$
448   Regulation S-X.
 9




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
   No. 95-3,
  Severance and


Exit andPersonnel


Relocation


TotalBalance at June 30, 2005

$
-0-


$
-0-


$
-0-Add: Accruals


250



1,750



2,000Less: Payments


(551
)


(594
)


(1,145
)Transfers


400



(400
)


-0-Balance at December 31, 2005


99



756



855Less: Payments and adjustments


(43
)


(417
)


(460
)Transfers


(17
)


17



-0-Balance at December 31, 2006


39



356



395Less: Payments


(28
)


(137
)


(165
)Balance at March 31, 2007

$
11


$
219


$
230   NOTE D 
    Inventories
    March 31,


December 31,2007


2006Finished goods

$
137,625


$
143,071Work in process


29,489



42,405Raw materials and supplies


53,766



38,460$
220,880


$
223,936   NOTE E 
    Pension Plans and Other Postretirement Benefits
    PostretirementPension Benefits


BenefitsThree MonthsEnded March 31,2007


2006


2007


2006Service costs

$
91


$
87


$
41


$
50Interest costs


701



726



334



323Expected return on plan assets


(2,212
)


(2,078
)


-0-



-0-Transition obligation


(2
)


(12
)


-0-



-0-Amortization of prior service cost


34



39



(16
)


(16
)Recognized net actuarial loss


-0-



81



146



94Benefit (income) costs

$
(1,388
)

$
(1,157
)

$
505


$
451  10




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  NOTE F 
    Segments
      Three Months EndedMarch 31,2007


2006Net sales:ILS

$
138,757


$
150,159Aluminum products


42,087



42,702Manufactured products


87,042



67,360$
267,886


$
260,221Income before income taxes:ILS

$
6,584


$
10,422Aluminum products


750



2,040Manufactured products


9,509



5,66216,843



18,124Corporate costs


(3,119
)


(2,690
)Interest expense


(8,007
)


(7,370
)$
5,717


$
8,064   March 31,


December 31,2007


2006Identifiable assets were as
    follows:ILS

$
376,759


$
382,101Aluminum products


105,671



98,041Manufactured products


225,118



206,089General corporate


87,910



97,829$
795,458


$
784,060  11




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  NOTE G 
    Comprehensive Income
    Three Months EndedMarch 31,2007


2006Net income

$
3,511


$
4,991Foreign currency translation


618



478Pension and postretirement benefit
    adjustments, net of tax


78



-0-Total comprehensive income

$
4,207


$
5,469     March 31,


December 31,2007


2006Foreign currency translation
    adjustment

$
6,002


$
5,384Pension and postretirement benefit
    adjustments, net of tax


518



440$
6,520


$
5,824     NOTE H 
    Restructuring Activities
  Form 10-K
    Balance at December 31, 2006

$
284Cash payments


(124
)Balance at March 31, 2007

$
160   NOTE I 
    Accrued Warranty Costs
    Balance at January 1, 2007

$
3,557Claims paid during the quarter


(292
)Additional warranties issued
    during the quarter


679Balance at March 31, 2007

$
3,944  12




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  NOTE J 
    Income Taxes
                NOTE K 
    Supplemental Guarantor Information
     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
 March 31, 2007
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


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

$
(15,137
)

$
8,529


$
15,156


$
11,408


$
19,956Accounts receivable, net


(550
)


160,068



36,416



-0-



195,934Inventories


-0-



182,320



38,560



-0-



220,880Other current assets


2,190



12,538



9,419



5,545



29,692Deferred tax assets


-0-



-0-



-0-



34,142



34,142Total Current Assets


(13,497
)


363,455



99,551



51,095



500,604Investment in subsidiaries


379,958



28,636



(28,636
)


(379,958
)


-0-Inter-company advances


346,172



563,086



2,198



(911,456
)


-0-Property, Plant and Equipment, net


481



86,913



15,980



-0-



103,374Other Assets:Goodwill


-0-



91,316



6,930



-0-



98,246Other


47,115



41,971



1,432



2,716



93,234Total Other Assets


47,115



133,287



8,362



2,716



191,480Total Assets

$
760,229


$
1,175,377


$
97,455


$
(1,237,603
)

$
795,458LIABILITIES AND
    SHAREHOLDERS EQUITYCurrent Liabilities:Trade accounts payable

$
790


$
84,658


$
16,555


$
10,731


$
112,734Accrued expenses


5,466



49,582



16,670



12,867



84,585Current portion of long-term
    liabilities


-0-



552



5,169



2,562



8,283Total Current Liabilities


6,256



134,792



38,394



26,160



205,602Long-Term Liabilities, less
    current portion8.375% Senior Subordinated
    Notes due 2014


210,000



-0-



-0-



-0-



210,000Revolving credit maturing on
    December 31, 2010


171,800



-0-



-0-



-0-



171,800Other long-term debt


-0-



2,899



1,645



-0-



4,544Deferred tax liability


-0-



-0-



(14
)


32,103



32,089Other postretirement benefits and
    other long-term liabilities


11,447



56,304



2,734



(41,751
)


28,734Total Long-Term Liabilities


393,247



59,203



4,365



(9,648
)


447,167Inter-company advances


224,024



651,073



18,014



(893,111
)


-0-Shareholders Equity


136,702



330,309



36,682



(361,004
)


142,689Total Liabilities and
    Shareholders Equity

$
760,229


$
1,175,377


$
97,455


$
(1,237,603
)

$
795,458  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
 CONDENSED CONSOLIDATING BALANCE SHEET
 December 31, 2006
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


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

$
(15,770
)

$
570


$
12,382


$
23,690


$
20,872Accounts receivable, net


(1,043
)


147,834



35,102



-0-



181,893Inventories


-0-



187,649



36,287



-0-



223,936Other current assets


3,362



12,278



8,575



9,927



34,142Deferred tax assets


-0-



-0-



-0-



29,715



29,715Total Current Assets


(13,451
)


348,331



92,346



63,332



490,558Investment in subsidiaries


388,117



17,169



(17,169
)


(388,117
)


-0-Inter-company advances


338,471



531,453



4,427



(874,351
)


-0-Property, Plant and Equipment, net


448



86,978



15,052



-0-



102,478Other Assets:Goodwill


(5,514
)


96,830



6,864



-0-



98,180Other


52,312



37,099



719



2,714



92,844Total Other Assets


46,798



133,929



7,583



2,714



191,024Total Assets

$
760,383


$
1,117,860


$
102,239


$
(1,196,422
)

$
784,060LIABILITIES AND
    SHAREHOLDERS EQUITYCurrent Liabilities:Trade accounts payable

$
3,759


$
84,003


$
21,610


$
23,487


$
132,859Accrued expenses


1,579



51,638



12,138



12,870



78,225Current portion of long-term
    liabilities


-0-



552



2,758



2,563



5,873Total Current Liabilities


5,338



136,193



36,506



38,920



216,957Long-Term Liabilities, less
    current portion8.375% Senior Subordinated
    Notes due 2014


210,000



-0-



-0-



-0-



210,000Revolving credit maturing on
    December 31, 2010


156,700



-0-



-0-



-0-



156,700Other long-term debt


-0-



3,027



1,763



-0-



4,790Deferred tax liability


-0-



-0-



42



32,047



32,089Other postretirement benefits and
    other long-term liabilities


9,199



54,136



2,692



(41,593
)


24,434Total Long-Term Liabilities


375,899



57,163



4,497



(9,546
)


428,013Inter-company advances


242,672



594,730



17,423



(854,825
)


-0-Shareholders Equity


136,474



329,774



43,813



(370,971
)


139,090Total Liabilities and
    Shareholders Equity

$
760,383


$
1,117,860


$
102,239


$
(1,196,422
)

$
784,060  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 INCOME
 For the Three Months Ended March 31, 2007
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
226,666


$
41,220


$
-0-


$
267,886Cost of sales


-0-



197,790



30,687



800



229,277Gross profit


-0-



28,876



10,533



(800
)


38,609Operating expenses:Selling, general and
    administrative expenses


(12,811
)


26,630



6,413



4,653



24,885Operating income


12,811



2,246



4,120



(5,453
)


13,724Interest expense


7,832



263



62



(150
)


8,007Income before income taxes


4,979



1,983



4,058



(5,303
)


5,717Income taxes


1,571



-0-



635



-0-



2,206Net income

$
3,408


$
1,983


$
3,423


$
(5,303
)

$
3,511   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF INCOME
 For the Three Months Ended March 31, 2006
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
227,991


$
32,230


$
-0-


$
260,221Cost of sales


-0-



197,565



25,769



-0-



223,334Gross profit


-0-



30,426



6,461



-0-



36,887Operating expenses:Selling, general and
    administrative expenses


511



17,282



3,510



150



21,453Operating income (loss)


(511
)


13,144



2,951



(150
)


15,434Interest expense


(1,456
)


8,596



380



(150
)


7,370Income (loss) before income taxes


945



4,548



2,571



-0-



8,064Income taxes


2,131



25



917



-0-



3,073Net income (loss)

$
(1,186
)

$
4,523


$
1,654


$
-0-


$
4,991  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 Three Months Ended March 31, 2007
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


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

$
(26,614
)

$
11,994


$
1,884


$
-0-


$
(12,736
)Cash flows from investing
    activities:Purchases of property, plant and
    equipment, net


(134
)


(3,907
)


(1,403
)


-0-



(5,444
)Net cash provided (used) in
    investing activities


(134
)


(3,907
)


(1,403
)


-0-



(5,444
)Cash flows from financing
    activities:Proceeds from bank arrangements


15,099



-0-



2,293



-0-



17,392Principal payments on revolving
    credit and long term debt


-0-



(128
)


-0-



-0-



(128
)Net cash provided (used) by
    financing activities


15,099



(128
)


2,293



-0-



17,264Increase (decrease) in cash and
    cash equivalents


(11,649
)


7,959



2,774



-0-



(916
)Cash and cash equivalents at
    beginning of period


7,920



570



12,382



-0-



20,872Cash and cash equivalents at end of
    period

$
(3,729
)

$
8,529


$
15,156


$
-0-


$
19,956   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 For the Three Months Ended March 31, 2006
   Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


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

$
(11,762
)

$
(8,051
)

$
(364
)

$
-0-


$
(20,177
)Cash flows from investing
    activities:Acquisitions net of cash acquired


-0-



-0-



(3,219
)


-0-



(3,219
)Purchases of property, plant and
    equipment, net


(135
)


(3,034
)


(201
)


-0-



(3,370
)Net cash provided (used) in
    investing activities


(135
)


(3,034
)


(3,420
)


-0-



(6,589
)Cash flows from financing
    activities:Proceeds from bank arrangements


22,600



-0-



-0-



-0-



22,600Principal payments on revolving
    credit and long-term debt


-0-



(128
)


(102
)


-0-



(230
)Net cash provided (used) by
    financing activities


22,600



(128
)


(102
)


-0-



22,370Increase (decrease) in cash and
    cash equivalents


10,703



(11,213
)


(3,886
)


-0-



(4,396
)Cash and cash equivalents at
    beginning of period


5,343



626



11,899







17,868Cash and cash equivalents at end of
    period

$
16,046


$
(10,587
)

$
8,013


$
-0-


$
13,472  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
  just-in-time sub-assemblers
       19




---



##### Table of Contents



Accounting
    Changes
  FAS 158 Form 10-K
  FIN 48
       20




---



##### Table of Contents



Results
    of Operations
  Three
    Months 2007 versus Three Months 2006
  Net
    Sales by Segment:
  Three MonthsEnded








Acquired/March 31,





Percent


(Divested)2007


2006


Change


Change


SalesILS

$
138.8


$
150.1


$
(11.3
)


(8
)%

$
9.4Aluminum products


42.1



42.7



(0.6
)


(1
)%


0.0Manufactured products


87.0



67.4



19.6



29
%


0.0Consolidated Net Sales

$
267.9


$
260.2


$
7.7



3
%

$
9.4   ramp-up
  Cost
    of Products Sold & Gross Profit:
  Three MonthsEndedMarch 31,





Percent2007


2006


Change


ChangeConsolidated cost of products sold

$
229.3


$
223.3


$
6.0



3
%Consolidated gross profit

$
38.6


$
36.9


$
1.7



5
%Gross Margin


14.4
%


14.2
%      21




---



##### Table of Contents



Selling,
    General & Administrative (SG&A)
    Expenses:
  Three MonthsEndedMarch 31,





Percent2007


2006


Change


ChangeConsolidated SG&A expenses

$
24.9


$
21.5


$
3.4



16
%SG&A percent


9.3
%


8.3
%     Interest
    Expense:
 Three MonthsEndedMarch 31,





Percent2007


2006


Change


ChangeInterest expense

$
8.0


$
7.4


$
0.6



8
%Average outstanding borrowings

$
387.4


$
358.1


$
29.3



8
%Average borrowing rate


8.26
%


8.27
%


(1
) basis points     Income
    Tax:
    Seasonality;
    Variability of Operating Results
      Forward-Looking
    Statements
  Form 10-Q
 22




---



##### Table of Contents



Review By
    Independent Registered Public Accounting Firm
    Item 3.
    Quantitative
    and Qualitative Disclosure About Market Risk        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/  Richard
    P. Elliott     26




---



##### Table of Contents



EXHIBIT INDEX  QUARTERLY
    REPORT ON
    FORM 10-Q
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
    FOR THE QUARTER ENDED MARCH 31, 2007
  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