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PARK-OHIO INDUSTRIES REPORTS RESULTS FOR 1992 SECOND QUARTER

 PARK-OHIO INDUSTRIES REPORTS
 RESULTS FOR 1992 SECOND QUARTER
 CLEVELAND, Aug. 14 /PRNewswire/ -- Park-Ohio Industries, Inc., (NASDAQ/NMS: PKOH) today reported a net loss of $5,019,000, or 90 cents per share, on sales of $29,110,000 for the second quarter of 1992.
 Results for the 1992 quarter were comprised of a loss from continuing operations of $3,567,000. More than one-half of this operating loss was the result of unusual general and administrative expenses associated with acquisitions, union negotiations, litigation and bank financing. In addition, Park-Ohio recorded $1,451,000 of one-time business restructuring costs in line with management's corporate recovery strategy.
 Edward F. Crawford, chief executive officer, stated, "We have made significant strides in addressing the problems that have plagued the Company for years. The future will speak for itself."
 He further indicated that Park-Ohio plans to take a one-time charge for the company's responsibility under FASB 106 of approximately $32,000,000 in the third quarter of 1992.
 Park-Ohio is a diversified manufacturer being reorganized into three business groups. The Container Products Group manufactures plastic and steel containers primarily for the food, coatings and building industries. The Park-Ohio Products Group includes forged and machined products, induction heating systems and industrial rubber products. The Consumer Products Group makes and distributes molded plastic and metal leisure products for the home and garden. The company's stock is traded on the national over-the-counter market.
 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
 (In Thousands -- Except Per Share Data)
 Three Months Ended Six Months Ended
 June 30 June 30
 1992 1991 1992 1991
 Net sales $ 29,110 $ 30,330 $ 56,567 $ 60,762
 Costs and expenses:
 Cost of products sold 25,830 25,462 49,130 51,322
 Selling, general and
 administrative 6,673 4,659 11,840 9,264
 expenses
 Business restructuring
 costs 1,451 800 1,451 800
 Interest expense 142 82 229 169
 34,096 31,003 62,650 61,555
 Loss from Continuing
 Operations before
 Federal Income Taxes (4,986) (673) (6,083) (793)
 Federal income taxes 33 51 63 90
 Loss from Continuing
 Operations (5,019) (724) (6,146) (883)
 Loss from discontinued
 operation - Note B 0 (5,758) 0 (6,216)
 Net Loss $ (5,019) $ (6,482) $ (6,146) $ (7,099)
 Net loss per common
 share:
 Continuing operations $ (.90) $ (.13) $ (1.10) $ (.16)
 Discontinued operations 0 (1.03) 0 (1.11)
 $ (.90) $ (1.16) $ (1.10) $ (1.27)
 Note A - On June 30, 1992, the company completed the acquisition of substantially all of the assets of Kay Home Products, Inc. The acquisition has been accounted for as a purchase and, accordingly, their results of operations for the three and six-month periods ended June 30, 1992 and 1991 are not included.
 Note B - Discontinued Abrasive Operation
 The company decided to discontinue its Metal Abrasives segment effective July 1, 1991. As a result a charge of $5,758,000 and $6,216,000 has been recorded in the three and six-month periods ended June 30, 1991, respectively.
 -0- 8/14/92
 /CONTACT: Harold A. Madorsky of Park-Ohio Industries, Inc., 216-991-9700/
 (PKOH) CO: Park-Ohio Industries ST: Ohio IN: MAC SU: ERN


BM -- CL022 -- 0175 08/14/92 16:42 EDT
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Date:Aug 14, 1992
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