##### 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
    March 31,
    2011oro

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




---



##### 





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


Financial Statements


3Condensed consolidated balance sheets 
    March 31, 2011 and December 31, 2010


3Condensed consolidated statements of
    income  Three months ended March 31, 2011 and
    2010


4Condensed consolidated statement of
    shareholders equity  Three months ended
    March 31, 2011


5Condensed consolidated statements of cash
    flows  Three months ended March 31, 2011 and
    2010


6Notes to unaudited condensed consolidated
    financial statements  March 31, 2011


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


21Item 4.


Controls and Procedures


21PART II. OTHER INFORMATIONItem 1.


Legal Proceedings


22Item 1A.


Risk Factors


23Item 6.


Exhibits


23SIGNATURE


24EXHIBIT INDEX


25EX-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
  CONDENSED CONSOLIDATED BALANCE
    SHEETS
  (Unaudited)March 31,


December 31,2011


2010(Dollars in thousands)ASSETSCurrent AssetsCash and cash equivalents

$
26,021


$
35,075Accounts receivable, less allowances for doubtful accounts of
    $5,473 at March 31, 2011 and $6,011 at December 31,
    2010


146,470



126,409Inventories


200,707



192,542Deferred tax assets


10,496



10,496Unbilled contract revenue


13,774



12,751Other current assets


10,643



12,797Total Current Assets


408,111



390,070Property, Plant and Equipment


259,796



256,053Less accumulated depreciation


189,652



184,28470,144



71,769Other AssetsGoodwill


9,671



9,100Other


85,227



84,340$
573,153


$
555,279LIABILITIES AND SHAREHOLDERS EQUITYCurrent LiabilitiesTrade accounts payable

$
115,564


$
95,690Payable to affiliates


7,255



11,879Accrued expenses


65,913



59,200Current portion of long-term debt


7,792



13,756Current portion of other postretirement benefits


2,178



2,178Total Current Liabilities


198,702



182,703Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


183,835



183,835Revolving credit facility


103,800



113,300Other long-term debt


5,058



5,322Deferred tax liability


9,721



9,721Other postretirement benefits and other long-term liabilities


23,372



22,863325,786



335,041Shareholders EquityCommon Stock, par value $1 per share


-0-



-0-Additional paid-in capital


47,100



47,850Retained deficit


(3,570
)


(12,723
)Accumulated other comprehensive income


5,135



2,40848,665



37,535$
573,153


$
555,279   Note:
    The balance sheet at December 31, 2010 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 INCOME
    (UNAUDITED)
  Three Months EndedMarch 31,2011


2010(Amounts in thousands)Net sales

$
241,628


$
191,701Cost of products sold


199,693



162,363Gross profit


41,935



29,338Selling, general and administrative expenses


25,222



20,456Operating income


16,713



8,882Interest expense


5,882



5,455Income before income taxes


10,831



3,427Income taxes


1,678



868Net income

$
9,153


$
2,559    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


Total(Dollars in thousands)Balance at January 1, 2011

$
-0-


$
47,850


$
(12,723
)

$
2,408


$
37,535Comprehensive income:Net income










9,153







9,153Foreign currency translation adjustment














2,621



2,621Pension and post retirement benefit adjustments, net of tax














106



106Comprehensive income


















11,880Distribution of capital to shareholder






(750
)










(750
)Balance at March 31, 2011

$
-0-


$
47,100


$
(3,570
)

$
5,135


$
48,665    5




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
   Three Months EndedMarch 31,2011


2010(Dollars in thousands)OPERATING ACTIVITIESNet income

$
9,153


$
2,559Adjustments to reconcile net income to net cash provided by
    operating activities:Depreciation and amortization


3,957



4,168Changes in operating assets and liabilities:Accounts receivable


(20,061
)


(15,405
)Inventories and other current assets


(11,657
)


18,196Accounts payable and accrued expenses


26,612



17,628Other


935



(4,922
)Net Cash Provided by Operating Activities


8,939



22,224INVESTING ACTIVITIESPurchases of property, plant and equipment, net


(1,515
)


(1,580
)Net Cash Used by Investing Activities


(1,515
)


(1,580
)FINANCING ACTIVITIESPayments on debt, net


(15,728
)


(4,450
)Distribution of capital to shareholder


(750
)


(750
)Capital contribution from parent


-0-



(6,762
)Debt issue costs


-0-



(3,806
)Net Cash Used by Financing Activities


(16,478
)


(15,768
)(Decrease) Increase in Cash and Cash Equivalents


(9,054
)


4,876Cash and Cash Equivalents at Beginning of Period


35,075



21,976Cash and Cash Equivalents at End of Period

$
26,021


$
26,852Taxes paid

$
463


$
573Interest paid


1,389



1,167   
 6




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED
    FINANCIAL STATEMENTS 
    March 31, 2011
    (Dollar amounts 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
 7




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
    Three Months EndedMarch 31,2011


2010Net sales:Supply Technologies

$
123,226


$
94,238Aluminum Products


39,041



36,588Manufactured Products


79,361



60,875$
241,628


$
191,701Income before income taxes:Supply Technologies

$
8,633


$
4,484Aluminum Products


3,314



1,936Manufactured Products


8,546



4,93320,493



11,353Corporate costs


(3,780
)


(2,471
)Interest expense


(5,882
)


(5,455
)$
10,831


$
3,427   March 31,


December 31,2011


2010Identifiable assets were as follows:Supply Technologies

$
234,397


$
217,915Aluminum Products


68,901



66,219Manufactured Products


201,909



188,017General corporate


67,946



83,128$
573,153


$
555,279   NOTE C 
    Inventories
    March 31,


December 31,2011


2010Finished goods

$
118,551


$
116,202Work in process


23,256



24,339Raw materials and supplies


58,900



52,001$
200,707


$
192,542  8




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  NOTE D 
    Pension Plans and Other Postretirement Benefits
    Three Months EndedMarch 31,PostretirementPension Benefits


Benefits2011


2010


2011


2010Service costs

$
109


$
81


$
12


$
9Interest costs


596



643



228



248Expected return on plan assets


(2,229
)


(1,984
)


-0-



-0-Transition obligation


(10
)


(10
)


-0-



-0-Amortization of prior service cost


11



15



(24
)


(24
)Recognized net actuarial loss


-0-



82



129



107Benefit (income) costs

$
(1,523
)

$
(1,173
)

$
345


$
340     NOTE E 
    Comprehensive Income
    Three Months EndedMarch 31,2011


2010Net income

$
9,153


$
2,559Foreign currency translation


2,621



(2,027
)Pension and post retirement benefit adjustments, net of tax


106



195Total comprehensive income

$
11,880


$
727     March 31,


December 31,2011


2010Foreign currency translation adjustment

$
8,830


$
6,209Pension and postretirement benefit adjustments, net of tax


(3,695
)


(3,801
)$
5,135


$
2,408    9




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
  NOTE F 
    Accrued Warranty Costs
    2011


2010Balance at January 1

$
4,046


$
2,760Claims paid during the quarter


(127
)


(246
)Additional warranties issued during the quarter


149



73Balance at March 31

$
4,068


$
2,587   NOTE G 
    Income Taxes
      NOTE H 
    Fair Value Measurements
    Level 1
  Level 2
  Level 3
    NOTE I 
    Financing Arrangements
   10




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
    STATEMENTS  (Continued)
      March 31,


December 31,2011


20108.375% senior subordinated notes due 2014

$
183,835


$
183,835Revolving credit


81,400



90,200Term loan A


25,200



25,900Term loan B


3,700



8,400Other


6,350



7,878300,485



316,213Less current maturities


7,792



13,756Total

$
292,693


$
302,457     NOTE J 
    Accounts Receivable
    NOTE K 
    Acquisition
     11




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##### Table of Contents



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

$
3,164Inventories


2,782Prepaid expenses and other current assets


178Property, plant and equipment


447Customer relationships


3,480Technological know how


1,890Trade name and other intangible assets


710Accounts payable


(1,202
)Accrued expenses


(2,133
)Goodwill


990Total purchase price

$
10,306       Three Months EndedMarch 31, 2010Pro forma revenues

$
212,754Pro forma net income

$
2,618   NOTE L 
    Supplemental Guarantor Information
     12




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING BALANCE SHEET
 March 31, 2011
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


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

$
(5,275
)

$
3,229


$
24,703


$
3,364


$
26,021Accounts receivable, net


(2,650
)


116,460



32,660



-0-



146,470Inventories


-0-



162,246



38,461



-0-



200,707Other current assets


18,282



10,006



13,880



(17,751
)


24,417Deferred tax assets


-0-



-0-



-0-



10,496



10,496Total Current Assets


10,357



291,941



109,704



(3,891
)


408,111Investment in subsidiaries


331,677



26,266



(26,266
)


(331,677
)


-0-Inter-company advances


7,219



39,683



27,656



(74,558
)


-0-Property, Plant and Equipment, net


5,435



66,885



5,525



(7,701
)


70,144Other Assets:Goodwill


-0-



6,908



2,763



-0-



9,671Other


64,748



21,949



14,919



(16,389
)


85,227Total Other Assets


64,748



28,857



17,682



(16,389
)


94,898Total Assets

$
419,436


$
453,632


$
134,301


$
(434,216
)

$
573,153LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Trade accounts payable

$
2,162


$
93,501


$
16,490


$
3,411


$
115,564Payable to affiliates


7,255



-0-



-0-



-0-



7,255Accrued expenses


9,543



40,669



15,703



(2
)


65,913Current portion of long-term liabilities


-0-



13



2



9,955



9,970Total Current Liabilities


18,960



134,183



32,195



13,364



198,702Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


210,000



-0-



-0-



(26,165
)


183,835Revolving credit


110,300



-0-



-0-



(6,500
)


103,800Other long-term debt


-0-



4,000



-0-



1,058



5,058Deferred tax liability


8,343



-0-



1,399



(21
)


9,721Other postretirement benefits and other long-term liabilities


23,215



3,942



707



(4,492
)


23,372Total Long-Term Liabilities


351,858



7,942



2,106



(36,120
)


325,786Inter-company advances


24,990



(1,723
)


40,640



(63,907
)


-0-Shareholders Equity


23,628



313,230



59,360



(347,553
)


48,665Total Liabilities and Shareholders Equity

$
419,436


$
453,632


$
134,301


$
(434,216
)

$
573,153  13




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING BALANCE SHEET
 December 31, 2010
  Combined


CombinedGuarantor


Non-Guarantor


Reclassifications/Parent


Subsidiaries


Subsidiaries


Eliminations


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

$
(4,983
)

$
2,286


$
33,736


$
4,036


$
35,075Accounts receivable, net


(2,650
)


100,754



25,141



3,164



126,409Inventories


-0-



157,180



32,580



2,782



192,542Other current assets


24,322



8,932



14,491



(22,197
)


25,548Deferred tax assets


-0-



-0-



-0-



10,496



10,496Total Current Assets


16,689



269,152



105,948



(1,719
)


390,070Investment in subsidiaries


311,612



26,234



(26,234
)


(311,612
)


-0-Inter-company advances


9,520



42,063



37,393



(88,976
)


-0-Property, Plant and Equipment, net


5,505



68,036



5,482



(7,254
)


71,769Other Assets:Goodwill


-0-



5,918



2,597



585



9,100Other


63,684



16,094



14,466



(9,904
)


84,340Total Other Assets


63,684



22,012



17,063



(9,319
)


93,440Total Assets

$
407,010


$
427,497


$
139,652


$
(418,880
)

$
555,279LIABILITIES AND SHAREHOLDERS EQUITYCurrent Liabilities:Trade accounts payable

$
3,371


$
70,191


$
16,856


$
5,272


$
95,690Payable to affiliates


11,879



-0-



-0-



-0-



11,879Accrued expenses


3,496



37,347



16,240



2,117



59,200Current portion of long-term liabilities


-0-



50



1,229



14,655



15,934Total Current Liabilities


18,746



107,588



34,325



22,044



182,703Long-Term Liabilities, less current portion8.375% Senior Subordinated Notes due 2014


210,000



-0-



-0-



(26,165
)


183,835Revolving credit


124,500



-0-



-0-



(11,200
)


113,300Other long-term debt


-0-



4,000



-0-



1,322



5,322Deferred tax liability


8,343



-0-



1,378



-0-



9,721Other postretirement benefits and other long-term liabilities


23,195



4,213



216



(4,761
)


22,863Total Long-Term Liabilities


366,038



8,213



1,594



(40,804
)


335,041Inter-company advances


6,646



22,689



49,908



(79,243
)


-0-Shareholders Equity


15,580



289,007



53,825



(320,877
)


37,535Total Liabilities and Shareholders Equity

$
407,010


$
427,497


$
139,652


$
418,880


$
555,279  14




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Three Months Ended March 31, 2011
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
203,026


$
38,602


$
-0-


$
241,628Cost of sales


-0-



169,465



30,228



-0-



199,693Gross profit


-0-



33,561



8,374



-0-



41,935Operating expenses:Selling, general and administrative expenses


(17,493
)


16,163



5,818



20,734



25,222Operating income


17,493



17,398



2,556



(20,734
)


16,713Interest expense


6,296



108



147



(669
)


5,882Income (loss) before income taxes


11,197



17,290



2,409



(20,065
)


10,831Income taxes


1,177



-0-



501



-0-



1,678Net income (loss)

$
10,020


$
17,290


$
1,908


$
(20,065
)

$
9,153   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONSOLIDATING STATEMENT OF OPERATIONS
 For the Three Months Ended March 31, 2010
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


Consolidated(In thousands)Net sales

$
-0-


$
157,944


$
33,757


$
-0-


$
191,701Cost of sales


-0-



136,661



25,702



-0-



162,363Gross profit


-0-



21,283



8,055



-0-



29,338Operating expenses:Selling, general and administrative expenses


(7,914
)


13,529



4,540



10,301



20,456Operating income


7,914



7,754



3,515



(10,301
)


8,882Interest expense


5,566



231



322



(664
)


5,455Income before income taxes


2,348



7,523



3,193



(9,637
)


3,427Income taxes


740



39



89



-0-



868Net income (loss)

$
1,608


$
7,484


$
3,104


$
(9,637
)

$
2,559  15




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##### Table of Contents



PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
  NOTES TO
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
    (UNAUDITED)  (Continued)
  PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 For the Three Months Ended March 31, 2011
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


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

$
14,000


$
2,456


$
(7,517
)

$
-0-


$
8,939Cash flows from investing activities:Purchases of property, plant and equipment, net


(14
)


(1,262
)


(239
)


-0-



(1,515
)Net cash provided (used) in investing activities


(14
)


(1,262
)


(239
)


-0-



(1,515
)Cash flows from financing activities:Distribution of capital to shareholder


(750
)


-0-



-0-



-0-



(750
)Principal payments on revolving credit and long term debt


(14,200
)


(251
)


(1,277
)


-0-



(15,728
)Net cash provided (used) by financing activities


(14,950
)


(251
)


(1,277
)


-0-



(16,478
)Increase (decrease) in cash and cash equivalents


(964
)


943



(9,033
)


-0-



(9,054
)Cash and cash equivalents at beginning of period


(947
)


2,286



33,736



-0-



35,075Cash and cash equivalents at end of period

$
(1,911
)

$
3,229


$
24,703


$
-0-


$
26,021   PARK-OHIO
    INDUSTRIES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 For the Three Months Ended March 31, 2010
  Combined


CombinedGuarantor


Non-GuarantorParent


Subsidiaries


Subsidiaries


Eliminations


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

$
16,942


$
7,133


$
(1,851
)

$
-0-


$
22,224Cash flows from investing activities:Purchases of property, plant and equipment, net


(26
)


(7,047
)


5,493



-0-



(1,580
)Net cash provided (used) in investing activities


(26
)


(7,047
)


5,493



-0-



(1,580
)Cash flows from financing activities:(Payments) Proceeds on debt


(4,200
)


(245
)


(5
)


-0-



(4,450
)Distribution of capital to shareholder


(750
)


-0-



-0-



-0-



(750
)Capital contributions from parent


(6,762
)


-0-



-0-



-0-



(6,762
)Debt issue costs


(3,806
)


-0-



-0-



-0-



(3,806
)Net cash provided (used) by financing activities


(15,518
)


(245
)


(5
)


-0-



(15,768
)Increase in cash and cash equivalents


1,398



(159
)


3,637



-0-



4,876Cash and cash equivalents at beginning of period


(1,476
)


1,613



21,839



-0-



21,976Cash and cash equivalents at end of period

$
(78
)

$
1,454


$
25,476


$
-0-


$
26,852  16




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##### Table of Contents



REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM             Ernst &
    Young LLP
    17




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##### 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
         18




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##### Table of Contents



Critical
    Accounting Policies
  Form 10-K. Form 10-Q.
  Results
    of Operations
  Three
    Months 2011 versus Three Months 2010
  Net
    Sales by Segment:
  Three MonthsEndedMarch 31,





Percent2011


2010


Change


Change(Dollars in millions)Supply Technologies

$
123.2


$
94.2


$
29.0



31
%Aluminum Products


39.0



36.6



2.4



7
%Manufactured Products


79.4



60.9



18.5



30
%Consolidated Net Sales

$
241.6


$
191.7


$
49.9



26
%     Cost of Products Sold & Gross Profit:
  Three MonthsEndedMarch 31,





Percent2011


2010


Change


Change(Dollars in millions)Consolidated cost of products sold

$
199.7


$
162.4


$
37.3



23
%Consolidated gross profit

$
41.9


$
29.3


$
12.6



43
%Gross margin


17.3
%


15.3
%    19




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##### Table of Contents



Selling,
    General & Administrative (SG&A)
    Expenses:
  Three Months EndedMarch 31,



Percent2011

2010

Change

Change(Dollars in millions)Consolidated SG&A expenses

$
25.2


$
20.5


$
4.7



23
%SG&A percent


10.4
%


10.7
%     Interest
    Expense:
  Three MonthsEndedMarch 31,



Percent2011

2010

Change

Change(Dollars in millions)Interest expense

$
5.9


$
5.5


$  .4


7
%Average outstanding borrowings

$
308.7


$
331.0


$(22.3)


(7
)%Average borrowing rate


7.64
%


6.64
%

100 basis points     Income
    Tax:
    Seasonality;
    Variability of Operating Results
    Forward-Looking
    Statements
  Form 10-Q
 20




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##### Table of Contents



Form 10-K
  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)
     21




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##### Table of Contents



PART II
  OTHER
    INFORMATION
  Item 1.
    Legal
    Proceedings             22




---



##### 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  23




---



##### Table of Contents



SIGNATURE
        By
    /s/  Jeffrey
    L. Rutherford   Title:
    Vice President and Chief Financial Officer    24




---



##### Table of Contents



EXHIBIT INDEX
    QUARTERLY REPORT ON
    FORM 10-Q
    PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
    FOR THE QUARTER ENDED MARCH 31, 2011 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