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Park-Ohio Reports Loss for 2008

March 12, 2009
Company says sales rose slightly for the fourth quarter.

Park-Ohio Holdings Corp. on Mar 11 reported a loss of $119.9 million for the fourth quarter ended Dec. 31. The previous year's fourth-quarter results showed a profit of $3.9 million. The company reported that sales rose slightly, to $248.6 million from $247.8 million in the year-ago period.

For 2008, including restructuring and impairment charges of $108.6 million, the company showed a loss of $119.8 million, compared with a profit of $21.2 million, or $1.82 a share, during 2007.

Edward Crawford, chairman and chief executive officer, said in a written statement that "we are proactively addressing the challenges of the current economic downturn."

The company owns three businesses producing forgings: Kropp Forge, Cicero, IL; Ohio Crankshaft; Cleveland; and Southwest Steel Processing; Newport, AR. It also owns Ajax manufacturing, Wickliffe, OH; and Ajax Magnethermic Tocco, Warren, OH, which sell capital equipment to the forging and other manufacturing industries.