Park-Ohio Holdings Corp. reported a net loss for the third quarter of 2009 totaling $3.2 million, or $0.29 per share, as the recession continued to impact the company's operations. This was an improvement over the net loss of $9.1 million, or $0.82 per share, reported in the same quarter in 2008.
Revenues were $186.1 million in the quarter, down sharply from the $266.1 million in the third quarter of 2008. "The most difficult period in the company's history has been addressed and we look forward to the next 18 months," said Edward Crawford, the CEO of Park-Ohio Holdings Corp.
Park-Ohio Holdings Corp. posted an operating profit in two of its three divisions. Supply Technologies and Manufactured Products reported an operating profit of $2.07 million and $3.4 million, respectively. Aluminum Products had an operating loss of $1.3 million in the period ending 9/30/2009.
The balance sheet of Park-Ohio Holdings Corp. improved slightly during the quarter. Cash and equivalents improved by $1.5 million from the end of 2008, and ended the quarter at $19.37 million. The company reduced its long-term debt to $188 million from $198 million, and the outstanding balance on its credit line to $147.8 million from $164.6 million over the same time frame.
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